Impact the Future—Join the Legacy Society Today
You can help ensure that the Springfield Museums will forever flourish and serve visitors with relevant, impact-filled opportunities. Support the future by joining our Legacy Society today! In grateful recognition of your generosity and dedication to the Museums, members of The Legacy Society receive an invitation to an annual exclusive gathering, as well as “first looks” at gallery and exhibition openings.
A simple way to make that impact
There are many ways in which you can show your support by being members of the Legacy Society. One of the easiest ways is through a charitable bequest, simply naming the Museums as a beneficiary in your will. It’s simple, flexible, and entirely revocable!
A few lines in your will can set up a gift to the Springfield Museums. If you already have a will or living trust, you can add a bequest to the Springfield Museums by preparing a simple codicil to your will or amendment to your trust. Your bequest could be a dollar amount, a specific asset such as artwork, or a percentage of your estate. A bequest could also be made from the residue of your estate or what is left after gifts have been made to your heirs. A bequest does not take effect until your death, though if you let us know what you intend to give, we can celebrate your gift now! It is a gift that does not affect your current assets or cash flow. You can give us a specific asset, or a share of what is left after your gifts to your family and friends. Your bequest can support any of the initiatives you feel most passionate about at the Museums. And, if your circumstances change, you can easily change your will.
Sample Bequest Language
The Springfield Museums can provide your attorney sample language when drafting a bequest. Please contact our Development Office for more information.
Development
Other Giving Options
Life Insurance
Another easy way to leave your legacy with the Springfield Museums is to name the Museums as a beneficiary of a life insurance policy. If you have a life insurance policy that is no longer needed to fulfill the purpose for which it was originally intended (for example, your children are now grown), you can designate the Museums as a policy beneficiary at whatever amount you feel is appropriate, or you can designate the Museums as the primary (and only) beneficiary. This is done simply by completing a new beneficiary change form. The proceeds that are payable to the Museums will not be subject to estate tax.
Retirement Plan
Designating a charity as the beneficiary of a retirement plan is often the most tax-wise use of retirement plan assets in your estate. Retirement plan assets are subject to income tax in the hands of an individual beneficiary, and, depending on the size of your estate, they could be subject to estate tax as well. However, any amounts distributed to a non-profit will be distributed tax-free. If you plan to provide support to the Springfield Museums through your estate, retirement assets may be your best choice. As with an insurance policy, you create the gift simply by naming the Museums as a beneficiary of your retirement account.
Charitable Gift Annuity
A charitable gift annuity is a simple contract between you and the Springfield Museums. In exchange for your irrevocable gift of cash, securities, or other assets, the Springfield Museums agrees to pay you (the annuitant) a fixed sum each year for the remainder of your lifetime. You also have the option to have the payments extend through the lifetime of your spouse.
The two factors that determine the amount of yearly annuity payment are the amount of the gift itself, and the age(s) of the annuitants, in particular the age of the younger annuitant. The larger the gift, the larger the annuity payment. The older the younger annuitant is, the larger the annuity payment.