A gift of cash, generally made by check, is the most common way to support the Nantucket Lightship Basket Museum. A gift of cash is tax deductible as allowed by law.
A gift of appreciated securities is especially advantageous if the stock has been held long term (at least one year and one day). Then the fair market value (based on the price on the date of the gift) is tax deductible at full fair market value. This is also true for gifts of closely held stock. Mutual funds and closely held stock require special transfer procedures that should be discussed in advance with the museum.
Real Estate and Personal Property
Personal residence or other real property, life insurance, retirement plans or other tangible property such as a lightship basket or basket collection may be considered. Each qualifies for an income tax deduction, but each has special rules for planning a value on the gift. If you are interested in making a gift using an asset of this type, please contact the museum first to determine if it can be accepted.
The most direct and simple way to make a gift of the life insurance is to name the Nantucket Lightship Basket Museum as owner and beneficiary of an existing policy. If there are premiums to be paid, the donor will receive a current income tax deduction approximately equal to the cash surrender value of the policy. Any future premium payments paid by the donor may be deductible as a charitable gift. If the policy is paid up, the charitable income tax deduction is equal to the replacement value of the policy, subject to tax basis limitations.
Retirement Plan Assets
Assets held in qualified retirement plans and IRA accounts can be attractive assets to contribute to the Nantucket Lightship Basket Museum. When left to friends and family members other than a spouse, these gifts can be subject to as such as 70% in taxes, including estate tax and federal and state income taxes. If a non-profit such as the Nantucket Lightship Basket Museum is named as the beneficiary of all or a percentage of your plan, you avoid substantial estate and income taxes that would come due on the unused portion. Your other less heavily taxed assets are then available to pass on to loved ones.Our staff is available to work with your professional advisors to explore your best option for giving. Please contact the museum at 508.228.1177 or firstname.lastname@example.org.