With each passing generation, more of America’s musical heritage is lost forever. Aware of our mission to reverse this trend, many individuals are including the American Banjo Museum in their long-term giving and estate planning. Estate planning may allow you to make a larger gift than may otherwise be possible while insuring that funds remain accessible to you until they are no longer needed.
Long-Term Giving and Estate Planning Options
A gift by will or living trust is easy to arrange. Your gift is private, does not affect cash flow during your lifetime and may be revoked at any time prior to your death. And an outright bequest to the museum is fully deductible for estate tax purposes. Bequests can take many forms and may include:
- Gifts of a specific dollar amount
- Specified assets including securities, real estate or other personal property
- Banjos and other tangible musical instruments
- Remaining retirement account assets
- A residual bequest, where the museum becomes a beneficiary after all other obligations are met.
2. Charitable Remainder Trusts
Individually created and managed trusts; one type provides a guaranteed fixed income, while another provides a fluctuating annual payment based on a percentage of the trust’s principal.
3. Life Insurance
Gifts through life insurance are a practical way to give a substantial gift at a moderate cost. With this option, the American Banjo Museum may either be named as the beneficiary or owner of the policy. Estate planning may require consulting a legal professional to help you prepare documents to insure your wishes are carried out. The American Banjo Museum can help you with suggested wording to bring with you when you meet with your legal professional.
For more information, or to discuss these options for gifting to the American Banjo Museum, please contact:
American Banjo Museum
9 E. Sheridan Ave.
Oklahoma City, OK 73104