Bequest in Will or Trust
Making a bequest is a simple way to extend your commitment in support of The Museum of Russian Art (TMORA).
Bequests may be unrestricted or may be designated for endowment.
There are several ways to leave a bequest to TMORA:
- A percentage bequest allocating TMORA a fixed percentage of your estate;
- A specific bequest for a stated dollar amount, securities, or real estate in the form of home, land, or other property;
- A residuary bequest granting the remainder or portion of your estate to TMORA after all debts, taxes, expenses and other bequests have been paid.
Suggested bequest language
To include TMORA in a will or revocable trust, the following language is suggested:
Residual Estate (after other bequests or designations are named):
I give to The Museum of Russian Art, a non-profit corporation in the State of Minnesota located at 5500 Stevens Avenue, Minneapolis, MN 55419, the rest and residue of my estate to be used by The Museum of Russian Art for its unrestricted use.
Portion of the Estate:
I give to The Museum of Russian Art, a non-profit corporation in the State of Minnesota located at 5500 Stevens Avenue, Minneapolis, MN 55419, _______% of my estate to be used by The Museum of Russian Art for its unrestricted use.
(Designating a percentage for TMORA will allow your gift to grow as your estate grows.)
Specific Amount:
I give to The Museum of Russian Art, a non-profit corporation in the State of Minnesota located at 5500 Stevens Avenue, Minneapolis, MN 55419, the sum of $_____ to be used by The Museum of Russian Art for its unrestricted use.
Specific Property:
I give to The Museum of Russian Art, a non-profit corporation in the State of Minnesota located at 5500 Stevens Avenue, Minneapolis, MN 55419, all of my right, title and interest in the following described real estate (or other types of property) [insert legal description of property] to be used by The Museum of Russian Art for its unrestricted use.
Bequests to The Museum of Russian Art may also be designated to its endowment.
We recommend that you have your attorney help you prepare your will or trust.
Retirement Accounts
An easy, tax-efficient way to leave a gift is to name TMORA as the beneficiary of a retirement plan. The Museum is not required to pay income taxes on the amount received upon death. Most plan sponsors require completion of a simple form to designate the Museum as a beneficiary of the donor’s account, so minimal paperwork is involved to establish this form of planned gift.
Life Insurance Policies
Gifts of life insurance to TMORA can be done either by naming the Museum as beneficiary of the policy, with proceeds to be received upon the donor’s death, or by transferring ownership of the policy to the Museum during the donor’s lifetime.
Life Income Gifts
Life income gifts, such as charitable remainder trusts and charitable gift annuities, are ways to make a gift to TMORA while retaining an income stream during your lifetime. This is a great option to consider if you have highly appreciated assets that you do not wish to sell during your lifetime, desire a predictable stream of income, and want an immediate tax deduction for the charitable gift.
We would be glad to discuss any of these opportunities with you. Please contact Allison Simms, 612-767-9989, [email protected].
The Museum of Russian Art is a 501(c)(3) non-profit organization. Federal tax identification number 75-3044344.