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planned giving

Ways of Giving

Providing for the Chrysler in your estate plan can be a simple process. In conjunction with your attorney, accountant, or financial advisor, it is possible to craft a gift that meets the financial goals of you and your family, while making a significant investment in the Museum. Planned gifts are a personal endeavor that may be designated to a specific area which is of special interest to you or your family. We encourage you to discuss your gift with us to ensure your wishes are accommodated. Below, you will find a variety of the planned giving opportunities that you may wish to explore.

Louis Comfort Tiffany (American, 1848-1933) Wisteria Lamp, ca. 1910 Gift of Walter P. Chrysler, Jr.

BEQUESTS

A bequest is the simplest and most common form of planned giving. A testamentary gift, made by will or trust, allows you to make a substantial contribution to the Museum without diminishing the assets available to you during your lifetime. Since charitable bequests are deductible from the overall size of your estate, significant estate tax savings are possible. There are several ways for you to make a bequest to the Chrysler Museum of Art:

• Name the Chrysler as a specific beneficiary, stating a fixed dollar amount or a percentage of your estate that you wish to donate to the Museum.

• Name the Chrysler as a remainder beneficiary, providing for the Museum to receive assets from your estate after all your specific beneficiaries have received their legacies.

• Name the Chrysler as a contingent beneficiary, transferring the assets to the Museum only if someone named as a beneficiary does not survive you.

If you have already prepared a will, your attorney can add the Chrysler Museum of Art as a beneficiary through a simple amendment called a “codicil.”

In addition to cash, you may make your bequest in the form of securities, real estate or other forms of personal property.

GIVING FOR INCOME

Charitable Gift Annuity

To create a charitable gift annuity you transfer assets to the Museum and in return, the Chrysler will make regular, fixed payments to you for the rest of your life on a monthly, quarterly, or annual basis. Rates of return for charitable gift annuities depend on your age at the time of the initial gift and are generally higher than those available from a traditional savings or money market account; the older you are, the higher the rate of return. Charitable gift annuities are attractive because every year you are guaranteed the same amount of income regardless of the state of the stock market. In addition, you will receive a charitable tax deduction immediately upon making your gift and a portion of each annuity payment is also treated as tax-free income. A personalized illustration will be provided to you that will explore in greater detail the expected return and tax benefits of this option.

Charitable Remainder Trusts

Acharitable remainder trust provides you and/or other beneficiaries with a fixed income for life or for a specified period of time (up to 20 years). After this period, remaining assets pass to the Museum. An immediate charitable tax deduction is available upon creation of the trust. Charitable remainder trusts give you the flexibility to design a trust to meet your individual goals. You can select the beneficiaries, the trustees, and the distribution rate.

Charitable Remainder Unitrusts

Charitable remainder unitrusts operate in the same manner as charitable remainder trusts, except that instead of providing a fixed payout, payments from a unitrust vary annually depending on the value of the trust’s assets. You may also make provisions for additional transfers of cash, securities, or property after the unitrust is established.

Retirement Plans

Aqualified retirement plan is an effective way to save for retirement, but is usually not a good way to pass assets to your heirs. If left to an individual other than a spouse, tax-deferred retirement plan assets such as an IRA or 401(k) can be subject to multiple layers of taxation. Naming the Chrysler Museum as the beneficiary or contingent beneficiary for all or a portion of your retirement plan, allows you to leave other, less taxed assets to your heirs.

OTHER WAYS TO GIVE

Pierre Auguste Renoir (French, 1841-1919) The Daughters of Durand-Ruel, 1882 Oil on canvas, 32" x 25 3/4" Gift of Walter P. Chrysler, Jr. in memory of Thelma Chrysler Foy

Real Estate

Gifts of real estate can include a house, vacation home, apartment building, commercial building, farm, or land. Real estate can be contributed during your lifetime as an outright gift or as a bequest. It can also be used to fund a charitable remainder trust to provide income to you or others.

Life Insurance

Life insurance offers an attractive way to make a major gift to the Museum. For example, if you have a policy that is no longer needed, you may name the Chrysler Museum of Art as a beneficiary or contingent beneficiary. Any benefit the Museum receives from your insurance is excluded from your taxable estate.

By taking the additional step of naming the Museum the irrevocable beneficiary and owner of your life insurance policy, you obtain an immediate charitable tax deduction equivalent to either the policy’s cash surrender value or replacement value. If additional premiums are due, you also may deduct those payments as charitable contributions each year.

If you would like to discuss any of the options above with someone in the Office of Planned Giving, please email torchbearers@chrysler.org or call (757) 965-2032. We would be happy to assist you.