Giving Opportunities at RMSC

Bequests

Through your will, you are able to leave a gift to the RMSC. It’s easier than you might think. You may make a bequest of a specific cash amount or a percentage of your estate to the RMSC. It is possible to list a specific designation or program for your bequest; however, we suggest that you designate your bequest for general operating support to be responsive to the RMSC’s priority needs, as they evolve over time. 

Sample Bequest Language

I give ( ___% of my estate, or $___ or specific property) to the Rochester Museum & Science Center, a not-for-profit museum located at 657 East Avenue, Rochester, NY 14607 to be used for general operating support (or insert specific designation or program).

Charitable Gift Annuity

A Charitable Gift Annuity (CGA) enables you to make a contribution of cash or securities and receive guaranteed fixed annual income for life. Annuity rates are determined by the age of the beneficiary or beneficiaries.

These rates are generally higher than prevailing CD rates and offer more stability than stocks. In addition to income, charitable gift annuities offer immediate and long-term tax benefits. When you contribute assets to create your CGA, a significant portion is tax-deductible immediately. For gifts of appreciated securities, you will also enjoy favorable capital gains tax treatment.

Charitable Remainder Trust

A Charitable Remainder Trust (CRT) is ideal for an individual with assets that have appreciated in value and would be subject to significant tax liability when liquidated. If you establish a CRT, you may contribute assets without incurring capital gains tax. You may receive an immediate tax deduction on a significant portion of your contribution, and you or your designee will receive payments from the trust for life or for a specified number of years. At the end of this period, the remaining balance in the trust will be given to the RMSC.

Retirement Funds

If you no longer depend on your retirement funds to assure your financial security, you may want to use these assets to make a legacy gift. Since IRAs and pensions are often the most heavily taxed assets in an estate, they are ideal for creating a planned gift. The procedure requires you to obtain a “Change of Beneficiary” form from your retirement administrator, and name the RMSC as the full or partial beneficiary.

Life Insurance

If you are over the age of 60 and no longer need a paid-up life insurance policy, it can be donated to the RMSC by naming the Museum as the irrevocable owner and beneficiary of the policy. Contact your insurance company for its change of beneficiary form for the life insurance policy. Decide what percentage of the policy’s value (1–100%) you would like us to receive and name us, along with the stated percentage, on the beneficiary form. Then, return the form to your insurance company. 

Gifts of Real Estate

You can make a gift of your home or secondary residence but retain the use of the property for as long as you and your spouse (if applicable) live. This makes it possible for you to give a larger gift than your resources might otherwise permit. You continue to take care of the property, pay the taxes, the insurance and other homeowner expenses. However, since you have made a gift of the property by deed, you will receive an income tax deduction for the present value of the remainder interest without an outlay of any cash. Contact your legal or tax advisor for an explanation of any restrictions. The administrative offices of the RMSC are housed in the Cunningham House, a generous gift from Kathleen Cunningham in 1969. This gift enabled the RMSC to preserve the historically significant Rochester home while using it on a daily basis.

When creating any estate gift for the RMSC, we encourage you to speak with your legal and financial advisors.