| Gifts of Appreciated Securities |
Another tax-wise way of giving to the Farnsworth is through stocks, bonds, or mutual funds which have increased in value. By giving a gift of appreciated securities you will receive an income-tax deduction for the full-market value and avoid tax on capital gains.
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Gifts of Art
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A gift of art can be donated during your lifetime or bequeathed through your will. Most gifts of value will be gratefully accepted. Especially appreciated are those in keeping with the Farnsworth's mission of celebrating Maine’s role in American art.
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| Wills and Bequests |
One of the simplest ways to make a gift to the Farnsworth's future is through your will. Contact your attorney to discuss what form of bequest fits you. You can name the Farnsworth the direct beneficiary of specific assets; of a portion of your estate; or of your residual estate after payment of bequests, known as a residual bequest. When you name the Farnsworth in your will, you will be honored with membership in the Lucy Copeland Farnsworth Legacy Society.
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| Lucy Copeland Farnsworth Legacy Society Membership |
The Lucy Copeland Farnsworth Legacy Society honors those who have named the Farnsworth Art Museum in their wills. Lucy C. Farnsworth left an extraordinary bequest of $1.3 million in 1935 to establish the William A. Farnsworth Library and Art Museum in honor of her late father. Her example supplies the impetus for the Lucy Copeland Farnsworth Legacy Society, which provides for the museum's ongoing legacy. If you have named the Farnsworth in your will, call the Development Office at 207-596-6457 ext. 117 for details.
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Gifts of Cash
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Simply write a check to the Farnsworth Art Museum. If you itemize, a cash gift may be deductible up to 50 percent of your adjusted gross income.
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Charitable Gift Annuities
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In exchange for a gift of cash or securities of at least $10,000, you can establish a Charitable Gift Annuity with the Farnsworth Art Museum and receive income tax deduction and partially tax-free fixed-income payments for the rest of your life. Charitable gift annuities are especially attractive to donors because the annuity rate and the value of your gift increase with your age (and therefore the size of your tax-deduction). Current annuity rates for Farnsworth Charitable Gift Annuity program can yield up to 12 percent. After your lifetime, the Farnsworth Art Museum receives the annuity assets.
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Charitable Trusts
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Charitable Trust Funds—lead trusts and remainder trusts—are some of the most attractive methods of giving today. If you would like to establish a charitable trust, we will be pleased to assist you and your attorney. Please contact the Farnsworth's Development Office at 207-596-6457 ext 117.
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Pooled Income Fund
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The Farnsworth Art Museum has established a pooled income fund that operates like a mutual fund. By giving appreciated securities to this fund, you can avoid capital gains tax and receive an income tax deduction in the year of your gift. Our pooled income fund provides an easy method of contributing to the museum while maintaining income during your lifetime through quarterly dividends.
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Gifts of Real Estate
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A gift of real estate that has appreciated in value yields the same tax benefits as gifts of appreciated securities. By making a gift of appreciated real estate—a residence, vacation home, farm or undeveloped parcel of land—you can avoid capital gains tax and receive a charitable tax deduction for the full market value of the property.
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