The benefits of leaving a legacy
A planned gift to the Burchfield Penney Art Center allows you to make a difference and support the home for Western New York art, while also enjoying significant tax advantages. Whether you choose to include a gift in your will, establish an endowment, or set up a trust, your support will help support the Burchfield Penney for generations to come. We encourage you to plan your gift today.
Following is an overview of the most common planned gifts. To learn more about which option is best for you, please contact the Jennifer Merlette, director of developemnt, by phone at 716-878-3739 or by email.
If you have already included the Burchfield Penney as a part of your estate planning, we thank you for your generous gift.
When you include the Burchfield Penney in your will, you have the flexibility to specify a dollar amount, a percentage, specific assets, or an amount based on a formula. Your bequest can be designated for a specific program, or may be given as a general gift. Simply write in your will, "I give to the Burchfield Penney Art Center, of Buffalo, New York, the following: ___________."
Charitable Remainder Trusts
This type of gift allows you to receive guaranteed income to a beneficiary (including yourself), while providing an immediate income tax deduction for a portion of the gift for up to five years. A charitable remainder trust (which can include highly appreciated stock) also provides advantages regarding capital gains taxes, estate taxes and supplemental needs trusts.
Retirement plans, including 401(k) accounts
If your estate is taxable, your heirs could pay nearly 80% tax on your retirement plans – which is why many donors choose to give part or all of their retirement plans to the Burchfield Penney. Given the tax rate, a $50,000 gift would only cost your heirs $10,000. You can also use your retirement plans to fund other gifts to the Burchfield Penney. Gifts may be made upon death, or during your lifetime.
Charitable Lead Trusts
With a charitable lead trust, you can reduce gift and estate taxes by providing the Burchfield Penney with a guaranteed source of income for a designated time period. When this time ends, the assets of the trust are distributed based on your stated intentions.
Charitable Gift Annuities
A charitable gift annuity allows you to claim an immediate income tax deduction, and enjoy guaranteed, fixed payments to you (or anyone you choose) for life. We welcome gifts of cash or securities as part of a charitable gift annuity.
When you give securities, no capital gains tax is due on the increase over your cost – which is one reason why many Burchfield Penney donors choose securities for large gifts. Another advantage is that a gift of appreciated securities allows you to take an income tax deduction for the full market value.
For more information on all giving options (including gifts of stock) – or to let us know that you have plans to support the Burchfield Penney – please contact the Development Office at 716-878-3739.
Please note that we encourage you to talk with your tax advisor and your legal representative about your wishes and your financial and legal situation. The Burchfield Penney Art Center does not provide tax advice or legal advice. We look forward to working together with you and your advisors.