SEE YOUR GENEROSITY IN ACTION – MAKE A GIFT THROUGH YOUR IRA
Your individual retirement account (IRA) offers a tax-efficient way to make a gift to the Museum. You can support exhibitions, sponsor your favorite programs, or contribute to the annual fund.
- Your gift will be put to use today and can be directed to support the areas you are most passionate about.
- Your gift can be counted toward your required minimum distribution.
- You pay no income taxes on the gift. Your gift must be transferred directly from the IRA to the Museum.
HOW IT WORKS
- You must be at least 70 ½ years old or older at the time of the gift.
- Gifts cannot exceed $100,000 per taxpayer per year.
- Make your gift any time during the year.
- Transfer the directly from your IRA to the Museum.
- Contact your IRA administrator to make the transfer, then notify the Museum to let us know how to direct your gift. Contact Robyn Orzel at 772-231-0707 ext.106.
ARE THERE OTHER WAYS TO SUPPORT THE MUSEUM THROUGH MY IRA?
Yes, you can name the Vero Beach Museum of Art as a beneficiary of your IRA and determine the percentage you would like us to receive. Contact your IRA administrator to complete a beneficiary designation form. Naming a charity, like the Museum, as the beneficiary of your IRA, is a great tax efficient option to ensure 100% of the amount you gift will go the beneficiary. If you were to leave your IRA to a family member, he/she would pay income taxes and only receive a portion of your gift.
My spouse and I would like to give more than $100,000. How can we do that?
If you have a spouse (as defined by the IRS) who is 70½ or older and has an IRA, he or she can also give up to $100,000 from his or her IRA.
The information on this website is not intended as legal or tax advice. This information is intended to provide general gift planning information. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Consult with your own legal and financial advisors regarding your specific circumstances before making any gift.
We want to help you achieve your philanthropic goals. Contact Robyn Orzel, Director of Development/Associate Executive Director at 772-231-0707, ext. 106.
HOW TO SAY IT?
Ask your estate planning attorney to include the following wording in your will or living trust:
“I, [name], of [city, state ZIP], give, devise and bequeath to The Vero Beach Museum of Art [written amount or percentage of the estate or description of property] for its unrestricted use and purpose [or for the specific program of your choosing].”
Legal Name: Vero Beach Museum of Art, Inc.
Address: 3001 Riverside Park Drive, Vero Beach, FL 32963
Federal Tax ID Number: 59-1867408
IS IRA GIVING RIGHT FOR ME?
- I’m 70 ½ or older
- I want to see the impact of my gift today
- I want support the Museum and save taxes