Most Common Gifting Options

Outright gifts made during the donor’s lifetime: the donor receives a current deduction on his/her personal income taxes, subject to IRS limits.

Jewelry, coins, antiques, artwork, stamp collections, real estate, etc.:  special treatment for the donor may apply.

Cash, checks, money orders, pledges over an extended period of time:

Stocks, bonds or mutual funds: ownership of the share/par value would be transferred to the History Museum. The donor would receive credit for the current market value of the securities transferred and not incur capital gains.

Life Insurance Policies: the donor names the Marquette County History Museum as the beneficiary of his/her life insurance policy. Consult with a tax advisor regarding deductibility of premium payments.

Specific Bequests: the donor includes the History Museum as a beneficiary in his/her will or personal trust and specifies a dollar amount or specific asset(s). The donor’s personal representative carries out these instructions after the donor’s death. The donor’s taxable estate is reduced by the fair market value of the specific bequest.

Residual Bequest: the donor includes the History Museum as a residual beneficiary in his/her will or personal trust. The donor’s personal representative or trustee carries out these instructions after the donor’s death. The History Museum receives a percentage of the donor’s estate or trust assets remaining after all specific bequests and final expenses have been paid. The donor can provide for the direct distribution of the asset the History Museum or direct the assets to be held in trust for the History Museum’s benefit. The donor’s taxable estate is reduced by the fair market value of the residual bequest.

Charitable Remainder Trust: the donor creates an irrevocable trust.

Please remember to consult with your financial representative regarding gifts and tax deductions.

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