Planned Giving

Discover the benefits of giving wisely

Did you know there are creative ways to support the National Coast Guard Museum Project.? Ways in which you, the Museum, and your loved ones all benefit at the same time?

Such giving techniques are called “planned gifts,” because with thoughtful planning, you create win-win solutions for you and the National Coast Guard Museum Association, Inc. (NCGMA), a Section 501(c)3 tax-exempt organization organized to build the first national museum to honor the men and women of the U.S. Coast Guard past, present, and future. For example:

  • You can make a gift that costs nothing during your lifetime.
  • You can give stock or other securities and realize larger tax savings.
  • You can donate your house, continue to live there, and get a tax break all at the same time.

Designate and Donate

Gifts Anyone Can Make

There are several simple and savvy ways that you can support the NCGMA without reducing your income or diminishing your savings.

Think about using assets that can be transferred to the NCGMA without legal expense. You may have bank investments (i.e. bank accounts or savings bonds), retirement plans, life insurance, stock, or mutual-fund accounts that you can use to accomplish your charitable goals. All of these assets can be transferred by completing a POD (Pay on Death) or TOD (Transfer on Death) form. Some companies also call these beneficiary designation forms. This completed form tells the account custodian what to do with the account upon the schedule you select or after your passing.

This is known as “Designate and Donate” gift planning. You can designate and donate today without a negative impact on cash flow or lifestyle. Keep it simple and savvy. Ask your bank for a POD form. Ask your retirement plan, investment account or insurance company for a TOD form. Designate and donate with any of these assets. It takes less than five minutes of your time. Please be sure to speak with your bank, insurance broker or retirement plan provider for more information.


Bequest Language

The most popular form for a deferred gift to charity is a bequest under your will or trust.  The popularity stems from the fact that you give nothing now.  You continue to enjoy your assets during your lifetime, and they are available should you ever need them.  By directing in your will that a portion of your estate be paid to one or more charities, you can leave an enduring legacy – possibly a larger one than you could have created during your life.

This is one reason why it is extremely important that you have a will.  Should you pass away without a will (i.e., “intestate”), state laws direct who will receive your estate.  There is no state in the U.S. that provides for a portion of an intestate estate to go to charity.  The only way that you can benefit your favorite charities from your estate is by having a valid will.

It is vital that you use the correct name of each charity, and it could be helpful to also include the charity’s city and state. Bequests to charity can take one of the following forms:

  1. Specific Bequests:  you direct that a designated asset. percentage, or sum of money be paid to one or more charitable organizations.

“I give, devise and bequeath to the National Coast Guard Museum Association, Inc., or its successor, the sum of $10,000 to be used at the discretion of the Board of Directors for the construction and operation of the National Coast Guard Museum.”

Or

“I give, devise and bequeath to the National Coast Guard Museum Association, Inc., or its successor, 500 shares of Acme common stock to be used at the discretion of the Board of Directors for the construction and operation of the National Coast Guard Museum.”

  1. Residual Bequests:  you direct that the remainder of your estate – after specific bequests to other certain persons – goes to one or more charitable organizations.

“I give, devise and bequeath to the National Coast Guard Museum Association, Inc., or its successor, all the rest, residue and remainder of my estate, to be used at the discretion of the Board of Directors for the construction and operation of the National Coast Guard Museum.”

  1. Contingent Bequests:  you direct that a portion or all of your estate passes to one or more charitable organizations only in the instance that the person (or persons) you name as first choice does not survive you.

“If my spouse does not survive me, then I give, devise and bequeath to the National Coast Guard Museum Association, Inc., or its successor, the sum of $25,000 to be used at the discretion of the Board of Directors for the construction and operation of the National Coast Guard Museum).”

A charitable bequest will not save you any income taxes during your life, but it may save estate taxes.  Every dollar left to charity could reduce the tax value of your estate.  If you have a taxable estate, each dollar that goes to charity could save you as much as 45 cents! Of course, the precise treatment will depend on your specific circumstances. The NCGMA cannot provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. We will work with your advisors to help achieve the desired result.

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