Retirement plan assets, life insurance and real estate are great ways to support the work at Oklahoma Contemporary: They not only help support our mission, but they can also provide tax relief for your loved ones.
Money in an employee retirement plan or IRA has yet to be taxed. When a distribution is made from your retirement plan account to a beneficiary, that person will owe federal income tax. Consider leaving your loved ones less heavily taxed assets and leaving your retirement plan assets to Oklahoma Contemporary to support our work. As a nonprofit organization, we are tax exempt and will receive the full amount of what you designate.
Retirement assets
Retirement account assets, if left to anyone other than a spouse, may be subject to very high taxation. By designating Oklahoma Contemporary as the recipient of any benefits remaining in your retirement plan, you may effectively reduce the taxes on those assets.
Life insurance
You may wish to make the arts center the beneficiary of a policy.
Real estate
The gift of your home is a unique and meaningful way to support Oklahoma Contemporary. You can enjoy the satisfaction of making such a gift during your lifetime — without affecting your current lifestyle — by a special arrangement called a “retained life estate.” Real estate can also be a valuable asset when used to fund either a charitable remainder trust or a charitable lead trust.
Current giving opportunity
Donors aged 70 ½ or older may contribute up to $100,000 to charity from their individual retirement accounts (IRAs).
- The charitable distribution counts toward minimum required distributions.
- The transfer generates neither taxable income nor a tax deduction, so even those who do not itemize their tax returns receive the benefit.
- The transfer may be made in addition to other charitable giving you have planned.
- You may transfer any amount up to $100,000 per year directly from your IRA.
Contributing a planned gift in support of Oklahoma Contemporary’s future qualifies you for membership in the Ars Longa Planned Giving Society, inspired by the phrase “Ars longa vita brevis,” meaning “life is short, but art endures.” The Ars Longa Planned Giving Society celebrates donors who contribute a planned gift to Oklahoma Contemporary.
If you have already included Oklahoma Contemporary in a bequest or other planned gift, we hope you will let us know so you can be recognized as a member of this distinct group.
Oklahoma Contemporary always suggests you consult with your attorney or estate expert prior to making a donation.
Image:
Photo: Ann Sherman.
