Please note: Making an estate gift requires careful planning and thoughtful consideration; therefore, we advise donors to consult with their financial advisors as they explore these options.
The federal estate tax can take approximately 40% to 50% of one's estate at the time of death. That's a higher tax bite than the income tax. With some advance planning with their professional advisors, donors can include a charitable bequest to the KMA in their estate plans which will benefit that station while providing a tax savings to the donors' families at the same time.
The charitable bequest written into your Last Will and Testament is a simple yet effective way of providing for the KMA without giving up the asset until death. Bequests to the Museum are deductible from your gross estate and can therefore offer estate tax savings. There is no limit on the amount you can leave to the KMA or to other charitable organizations through your will.
When drafting a will, there are various types of bequests for different needs:
Specific Bequests: You can name the KMA the direct beneficiary of a stated amount of money, a particular piece of property, or a stated percentage of your estate.
Residuary Bequests: You can designate the KMA to receive all or a portion of the remainder of your estate once all specific bequests (to family and friends) have been satisfied.
Contingent Bequests: Often, individuals provide that assets should go to family members or friends. However, it is important to provide for a contingent beneficiary to receive assets in case your named individual beneficiaries do not survive you.
The Will should identify the KMA by its legal designation, which is as follows: Katonah Museum of Art, a nonprofit corporation, with principal offices currently located at 134 Jay Street, Katonah, NY 10536.
Use of Gifts: You may either restrict your bequest or leave it unrestricted. Unrestricted gifts offer the advantage of permitting the KMA to allocate resources in a manner consistent with changing priorities and strategies over time.
If you complete your will and include the KMA, we hope you will share this information with us. Please contact Terri Ochs at 914-232-9555 ext. 2972 or via letter at:
Katonah Museum of Art
134 Jay Street
Katonah, NY 10536
Donations of Appreciated Securities (Stocks)
Donors can avoid paying capital gains tax on the increased value of appreciated stock and receive an income tax charitable deduction for the full fair market value of the stock at the time of the gift. For example, a donation of $10,000 with no capital gains tax on the $9,000 of appreciation.
The quickest and easiest way to donate securities, such as stock, to the KMA, is to arrange for a wire transfer directly from your broker to ours. To obtain transfer information, please contact Terri Ochs at email@example.com or (914) 232-9555 ext. 2972. If you have previously received our transfer information, please contact us again before contacting your broker, as the delivery instructions are subject to change.
Special Note It is important to notify the KMA with the type of stock and number of shares when you have completed your request to your broker. The transfers don't come to us with names attached, so this is essential to help us acknowledge your gift properly. Please send a copy of your delivery instructions to Terri Ochs at firstname.lastname@example.org or (914) 232-9555 ext. 2972.