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Reduce Estate Taxes

One of the simplest ways to make a gift to the Museum is through your Will. You can make a gift to the Museum of a dollar amount, specific property, a percentage of your estate, or what is left after your loved ones have been taken care of. Bequests to the Museum are entirely free from federal estate tax, and there is no limit on the amount you can leave to the Museum or any other charitable organization through your Will.

Here is some sample bequest language:

"I irrevocably give, devise and bequeath to the American Museum of Natural History, Tax ID # 13-6162659, Central Park West at 79th Street, New York, NY 10024, the sum of $_____ (or a description of a specific asset), for the benefit of the American Museum of Natural History to be used for general purposes (or state a specific purpose). If at any time in the judgment of the trustees of the American Museum of Natural History it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose."

Retirement assets can be subject to multiple levels of taxation, and the combination of federal income, and estate taxes can significantly diminish the value of a retirement account. When you name the Museum as a beneficiary of your Individual Retirement Account, Keogh plan, 401(k), 403(b) or other qualified pension plan, your estate receives a charitable deduction for the full amount of these funds. Because the tax burden on your estate may thus be reduced, your heirs may receive increased amounts from other assets directed to them under your Will.

A large cash value resulting from a relatively small premium makes a Life Insurance Policy an attractive planned gift. With a charity as beneficiary, the policy is not included in the donor's taxable estate.

A Retained Life Estate allows a donor to make a gift of his or her primary residence or vacation home to the Museum, yet continue to live there for life. A donor giving a Retained Life Estate to the Museum enjoys an immediate income tax deduction. In addition, because the property has been given to the Museum, it is not included in the donor's probate estate.

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