Give A Gift of Cash (via Cash, Check or Credit Card)
This is the easiest and most convenient way to support the Museum. Click here to go directly to making a cash donation.
Naming the Monterey Museum of Art Association, Tax ID#94-1534563, as a beneficiary in your will or living trust is the simplest way to leave a legacy gift. Your estate will receive a charitable deduction for the full amount of the bequest thereby lowering your estate tax liability and in some cases leaving more to your heirs.
Retirement Plan Assets
Retirement assets (such as an IRA, 401k or 403b plan) make tax-efficient charitable gifts. Few people realize that these assets remain subject to income tax on distributions payable to any non-charitable beneficiary (even your spouse) and are potentially subject to estate taxes as well. The combined effect of these taxes can reduce the value of these assets by as much as 65%. But, by making the Monterey Museum of Art Association the beneficiary of your retirement plan, these assets escape both estate and income taxation and benefit the Museum with the full pre-tax value of your plan’s assets.
Beneficiary designations can be made and wills can be drawn to avoid both income and estate taxes on retirement plan assets and to create an important charitable gift to the Monterey Museum of Art Association. As a not-for-profit organization, the Museum is not required to pay income taxes on retirement assets directed to us and your estate will receive an estate tax charitable deduction for the full value of your contribution. By directing retirement assets to the Museum and bequeathing other assets to family members, you can make a significant charitable contribution at a greatly reduced cost and benefitting your heirs.
Charitable Remainder Trusts
You can contribute assets to a charitable remainder trust and you, or someone you name, can receive a fixed annuity or a unitrust payout for your life, or for a term of years in accordance with IRS regulations. When the term is up, the “remainder gift” of the trust comes to the Monterey Museum of Art. When you make a gift to the trust, you receive an immediate income tax deduction. When you fund the trust with appreciated assets, then you pay no capital gains tax. Your estate will pay no estate taxes on the gift even though you are receiving income or fixed payouts during your lifetime.
Your life insurance policy can be used as a charitable gift, providing valuable income and estate tax savings. When you name the Monterey Museum of Art Association as both owner and beneficiary of an existing or new life insurance policy, you will receive an immediate income tax deduction. Additionally, the proceeds from the policy will not be included in your estate, thereby reducing your federal estate tax liability.
You may elect to bequeath your home or your interest in other real property to the Museum. Because of real estate values in this region, gifts of real estate can make a very significant difference to the Museum.
Works of Art
Donating works of art can greatly enhance the Museum’s permanent collection, while lowering the donor’s estate tax liability. Individual works or entire collections that are consistent with the Museum’s collecting areas are appreciated.
Donate an Automobile
The vehicle that you no longer use can provide vital funds to help the Museum. Donate your car, motorcycle, truck, van, RV or boat. Clean out that driveway and consider donating your vehicle (running or not!) to the Monterey Museum of Art. To donate, call 800.240.0160 or to fill out a donation form, Click here.
All of these assets may be contributed to the Museum outright or through a planned gift.
Before committing to any gift, donors are encouraged to consult their own legal and/or tax advisors for a full, accurate and independent explanation of all aspects of the proposed charitable gift.