Cleo Redd Fisher
The CRF Museum was established thanks to the generosity of Cleo Redd Fisher, who bequeathed the bulk of her estate to the Mohican Historical Society in 1969. The museum was built in 1972 on the site of her home, and has since continued to preserve and promote the rich cultural heritage of the Mohican area. The CRF Museum continues to rely on the generosity of others who embody the spirit of Ms. Fisher.
The Legacy Club is set up to honor those, like Ms. Fisher, who leave a gift behind after their passing. By making bequests and other “planned gifts,” you can continue to help organizations like ours that are making an important difference in your community. Can you think of a better way to thank the people or organizations that have had an impact on your life than to make a contribution from your estate through a bequest? If you’re considering leaving a donation, you should talk to your lawyer or financial advisor. Usually a bequest can be as simple adding a note to your legal will.
Ways to Give
- First, outright gifts that use appreciated assets as a substitute for cash;
- Second, gifts that return income or other financial benefits to the donor in return for the contribution;
- Third, gifts payable upon the donor’s death.
Tax Benefits of Planned Gifts
- Donors can contribute appreciated property, like securities or real estate, receive a charitable deduction for the full market value of the asset, and pay no capital gains tax on the transfer.
- Donors who establish a life-income gift receive a tax deduction for the full, fair market value of the assets contributed, minus the present value of the income interest retained; if they fund their gift with appreciated property they pay no upfront capital gains tax on the transfer.
- Gifts payable to charity upon the donor’s death, like a bequest or a beneficiary designation in a life insurance policy or retirement account, do not generate a lifetime income tax deduction for the donor, but they are exempt from estate tax.