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:
Chief Development Officer
194 Bellevue Avenue
Newport, RI 02840
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.
IRA and Other Retirement Plan Gifts
A retirement plan can be a tax-efficient and simple way of including the International Tennis Hall of Fame in your estate plan. The best method is to name the International Tennis Hall of Fame as a primary or secondary beneficiary on your plan’s beneficiary designation form. The tax advantage stems from the fact that most retirement plans (other than Roth IRAs) are subject to income taxes – and possibly estate taxes – if left to an individual beneficiary; however, a charity that is named as the beneficiary does not pay income or estate taxes on the distribution. Thus, the full value of what is distributed can be used by the International Tennis Hall of Fame as a gift from your estate, supporting the purpose you designate.
To name the International Tennis Hall of Fame as a beneficiary, you can obtain a beneficiary designation form from your retirement plan administrator. That form usually asks for the name of the beneficiary (International Tennis Hall of Fame), its address (194 Bellevue Avenue, Newport, RI 02840), and a tax identification number (13-6144356). This will provide an unrestricted gift to the International Tennis Hall of Fame. If you would like to direct your future gift to a specific purpose, contact the Development Office for appropriate documentation.
NOTE: IRA Charitable Rollover Not Yet Extended for 2014
Currently the tax provision that allowed donors to make charitable gifts from their IRA accounts without incurring income tax on the withdrawal has not yet been reauthorized for tax year 2014 or beyond. Legislation has been introduced in Congress to extend the tax code provision authorizing the IRA Charitable Rollover but there is no way of knowing whether it will be enacted for tax year 2014 or at all. Please contact the Development Office for updated information at 401-846-3990.
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.