Bequest to The B&O Railroad Museum:
One of the most popular and oldest forms of planned giving is the bequest (a gift made through a Will of assets or other property to a beneficiary). This provision in your Will names the B&O Railroad Museum as a beneficiary of all or a portion of the estate.
There are several ways to include the B&O in your Will and the one you choose depends on family considerations, your charitable interests, the assets that make up your estate and your goals. Bequests can be made using a variety of assets including cash, securities, real estate, or insurance policies. If you already have a Will, you can add a bequest with a codicil (a change to an existing Will). Please click here for a sample codicil to use for the B&O. There is no limit on how much you can contribute through your Will. It's always good to involve an attorney or professional that is experienced in estate planning when making any changes to your Will.
Gifts of Appreciated Securities & Closely Held Stock:
A gift made with appreciated securities provides you with a charitable income tax deduction based on the securities' fair market value. You must have owned the securities for more than one year. In addition, you avoid the capital gains tax that would have been due to the government had you sold the securities yourself.
It is generally not advisable to donate securities that have decreased in value. It is more to your advantage to sell the securities to establish a tax-deductible loss and then contribute the proceeds to the B&O Railroad Museum.
In addition to gifts of publicly traded, appreciated stocks and bonds, it is possible to make gifts of appreciated shares of privately held securities. A gift made with closely held securities will provide you with the same charitable deduction and capital gains tax avoidance benefits as will a gift of publicly traded securities. The B&O can elect to sell the donated shares back to the corporation and use the proceeds for the museum.
Getting good advice no matter which method you choose is important. It's always good to involve an attorney or professional that is experienced in estate planning. The proper name for the B&O Railroad Museum is important for documents and should always be provided as shown in sample codicil document above.
We can provide you with easy to follow instructions on any of the transactions below. Please complete the following form and a member of our development staff will contact you within two business days. If you have any questions, please contact Dana Kirn at 410.752.2462 x 221. Thank you for thinking of us!
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