Partnering with the Ohio Historical Society gives you the opportunity to create a legacy for yourself and your family while also making a significant impact on Ohio History.
Consider a planned gift for Ohio History if you want to:
- Involve your family in protecting, teaching, and celebrating Ohio History
- Provide ongoing support after your lifetime
- Receive a dependable income for life
- Reduce your estate taxes
- Partner with a trusted organization that has protected Ohio History for over 100 years
- Feel great about the impact you will have on your history, your community, and your state
How Can I Create My Legacy?
Planned gifts come in all shapes and sizes and below is a list of the most common gift options. Our development staff are only a phone call or e-mail away from helping you find the best gift options that fit your needs and goals.
A bequest is the simplest way to leave a gift to Ohio History and has no impact on your current income. Through a simple designation in your will or trust, you can leave behind such gifts as specific sums or assets, a percentage of your estate or trust, or the remainder of your estate while first taking care of your loved ones. You can create a bequest simply by asking your attorney to add a paragraph to your will in the form of a codicil. In addition to helping your favorite charity, your estate will receive an estate tax charitable deduction for the value of your bequest.
Memorialize your Annual Contribution*
|If your annual gift is: |
|You can memorialize it with a bequest of: |
| $100 || $2,000 |
| $250 || $5,000 |
| $500 || $10,000 |
| $750 || $15,000 |
| $1,000 || $20,000 |
| $2,000 || $40,000 |
| $5,000 || $100,000 |
*A 5% annual return on your bequest would ensure that your thoughtful annual gift will continue.
A bequest to establish a permanent endowment fund allows you to provide the Ohio Historical Society with a steady stream of income. A named endowment fund can be created with a gift of $15,000 or more and will provide you with the opportunity to create a lasting memorial in honor of your loved ones. It is strongly recommended that you speak with the Ohio Historical Society’s Institutional Advancement staff to draft an endowment description to guide the use of the endowment once it is established.
Charitable Gift Annuity (CGA)
A charitable gift annuity is a simple contract between you and the Ohio Historical Society that gives you the opportunity to make a charitable gift and receive a fixed income for life. You will have the option of receiving your fixed income quarterly, semiannually, or annually. A deferred CGA is also an option and is especially good for young donors who want an immediate tax reduction but do not need their fixed income benefit right away. The deferral of annuity payments results in a higher payment rate and a significantly larger income tax deduction. Once the gift annuity is terminated, the remaining assets are then contributed to your designated Ohio Historical Society fund.
Charitable Remainder Trust (CRT)
A charitable remainder trust allows you to make a gift, receive a fixed or variable income for you or a loved one, and benefit from a substantial charitable income tax deduction. You will have the choice of a charitable remainder trust with a fixed income or a charitable remainder unitrust with an income that varies with the market. Once the remainder trust expires, the remainder is then contributed to your designated Ohio Historical Society fund.
Charitable Lead Trust (CLT)
A charitable lead trust allows you to support Ohio History by providing the Ohio Historical Society with an income from certain assets for a term of years while ensuring that those assets will eventually be returned to you or your loved ones. Lead trusts allow you to benefit from significant savings in gift and estate taxes.
A gift of a remainder interest in your estate is ideal for you if you do not plan on leaving your property to family members and prefer to gift your property to support Ohio History. By deeding the property of your home, you and your spouse can enjoy retained use of your home for your lifetime(s) and receive an immediate, sizeable current income tax deduction. In a life estate agreement, the Ohio Historical Society becomes the owner of the 'remainder interest' of the estate or property and can use the property or proceeds from the sale of the property for the purpose you designate. While living on the property, you have legal interest in the estate and will continue to be responsible for routine expenses such as maintenance, insurance, and property taxes.
A contribution of a life insurance policy or its proceeds is an excellent option for you if are looking for a way to leave a large gift without gifting your estate or other assets. You can name the Ohio Historical Society as both a beneficiary and owner of an existing life insurance policy and receive an income tax deduction. You will also have the opportunity to deduct up to 50% of your adjusted gross income in the year the gift is made and can carry the deduction forward for up to an additional five years.
Another life insurance gift option is to name the Ohio Historical Society as beneficiary or contingent beneficiary. While income tax deductions are not applied to premiums paid, the proceeds will be free of estate taxes.