Planned Giving

Bequests & Wills

One of the most popular and easiest planned gifts is the bequest. Many donors choose to make their ultimate gift through their will. If you already have a will, it is not necessary to rewrite your entire will to make a bequest to the International Tennis Hall of Fame. You can simply instruct your attorney to prepare a codicil - an amendment - to your current will. A bequest can specify how the gift is to be used, such as for general purposes, for the collections or for a specific area of the property. Below are several examples of bequests and their appropriate language. 

For a specific amount of your estate: "I give ___________ dollars to the International Tennis Hall of Fame, a charitable corporation established by law in Newport, Rhode Island." 

For a percentage of your estate: "I give ____________% of the rest, residue and remainder of my estate to the International Tennis Hall of Fame, a charitable corporation established by law in Newport Rhode Island."

For a contingent bequest: "If (Name) is not living on the ninetieth day after the day of my death, I give all the rest of the property I own at my death to the International Tennis Hall of Fame, a charitable corporation established by law in Rhode Island."

To make an unrestricted bequest: "I give _________ dollars to be used at the discretion of the Board." 

To designate a specific use: "(Describe purpose). Should it not be possible to use these funds as devised, they may be expended at the discretion of the Board.” 

For more information, contact:

Christine Frost
Chief Development Officer
194 Bellevue Avenue
Newport, RI 02840
Phone:  401-619-4366
cfrost@tennisfame.com
 

Charitable Trusts

Charitable Remainder Trusts

A Charitable Remainder Trust is a gift plan that provides a life income to the donor or other beneficiary. Under this arrangement, a donor irrevocably transfers assets to a trust for a designated period of time, during which payments are made to the donor or to a designated beneficiary. At the end of the trust period, the remaining assets are transferred to the International Tennis Hall of Fame & Museum to be used for whatever purposes the donor determined. Tax advantages to the donor are substantial, including the avoidance of any capital gains tax in the appreciated property and the generation of a substantial charitable deduction. Donors may choose to have either a fixed payment (Charity Annuity Trust) or a percentage of the trust assets, re-valued annually (Charitable Unitrust).

The Charitable Lead Trust 

The Charitable Lead Trust is often used by the family that wishes to pass family assets, such as a business or real property, intact to the next generation at substantially reduced estate taxes. Often described as being the opposite of a charitable remainder trust, a lead trust provides the International Tennis Hall of Fame & Museum with income for a stated period of time, after which the assets are distributed to family members as stated in the trust agreement.

Retirement Plan Gifts

You may designate the International Tennis Hall of Fame as the first or second (after your spouse) beneficiary of your retirement plan, including ant individual retirement accounts you may own. This enable you to avoid the taxes imposed upon retirement accounts. These taxes can be considerable.

Gifts from an IRA

Congress reinstates the ability to make gift transfers from Individual Retirement Accounts for people over age 70½.

Charitably-inclined older Americans can take advantage of a new law reinstated by Congress last year that restores the ability to make charitable gift transfers from IRA accounts. The individual must be 70½ to do this.

There are a number of benefits in making a charitable gift transfer from an IRA to the International Tennis Hall of Fame:

  • Amounts charitably transferred will be excluded from your gross income subject to federal tax
  • It provides an extra “wallet” with which to make charitable gifts in 2009.

A few simple rules apply. The transfer must be made directly from the IRA to the International Tennis Hall of Fame.  A charitable transfer is made from a traditional IRA (assets in non-IRA retirement accounts can easily be rolled into a new or existing IRA). Such transfers can not be used to fund a International Tennis Hall of Fame charitable gift annuity agreement or for a named endowed fund. The maximum amount of all IRS charitable transfers is $100,000 per individual per year. Since the assets in an IRA have not been taxed, a charitable deduction is not allowed but neither is the amount considered as taxable income.

Life Insurance

You may designate the International Tennis Hall of Fame as the first or second (after your spouse) beneficiary of your retirement plan, including ant individual retirement accounts you may own. This enable you to avoid the taxes imposed upon retirement accounts. These taxes can be considerable.

If you own a life insurance policy and no longer require its protection, you may wish to consider transferring ownership of the policy to the Hall of Fame. You could also purchase a new policy and transfer ownership to the Hall of Fame. Either gift will generate a charitable income tax deduction roughly equal to the cash surrender value of the policy on the date of the gift. You may take additional charitable income tax deductions for the amount on premium payments you subsequently make on the Hall of Fame’s behalf.


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