Bequests and Beneficiary Designations
Legacy Society
Many donors designate the White House Historical Association as a beneficiary in their estate plan. There are unique benefits to each type of gift.
Bequests
- Make a larger gift than during your lifetime
- Designate the gift for a specific purpose
- Deduct gift against estate and inheritance taxes
- Donate balance of estate after obligations are met (residuary bequest)
Gifts of Life Insurance
- Do not tie up current assets
- Provide immediate tax benefits
- Allow tax deduction at cash value
- Remove policy and its tax implications from estate
- Donor pays all premiums
Gifts from Retirement Plans
- Reduce tax on undistributed retirement assets
- Avoid additional tax sometimes as much as 75-80% on assets for estate heirs
- Reduce tax significantly on large taxable estates
- Designate the Association as the primary beneficiary
- May be deferred to a trust, which pays income to the donor, his/her family members, or other beneficiaries for a predetermined period of time before the asset is passed to the Association
- Gifts of real estate, art and personal property are subject to the approval of the Association’s Gift Acceptance Committee.
Gifts of Real Estate
- Given as an outright gift or as part of an estate plan
- Reduce income, capital gains, and estate taxes
- Create a trust with sale of property that pays lifetime income
Gifts of Art and Personal Property
- Given as an outright gift or as part of an estate plan
- Donor is responsible for establishing the value with an independent appraisal paid for by the donor