Funding Your Bequest
When you’re ready to make a planned gift to VisArts, there are several different ways you can fund it.
Cash is most commonly distributed through a bequest provision in your will. When including a bequest provision, always include the organization’s full name and federal tax ID number. VisArts’ full name is the Visual Arts Center of Richmond, and our federal taxpayer identification number is 54-0721433.
Many people don’t realize that they can designate what happens to their savings and checking accounts at their passing. You can maintain control and use of the accounts during your lifetime but complete a Payable on Death (POD) form, designating that the Visual Arts Center of Richmond receives the accounts’ remaining balances upon your death.
It is possible to plan for the transfer of securities to the Visual Arts Center of Richmond upon your passing. Contact your broker or account custodian and ask to complete a Transfer on Death (TOD) form. For mutual funds and other investment accounts, the form is often referred to as a beneficiary designation form.
You can donate United States Savings Bonds to the Visual Arts Center of Richmond by designating us as a beneficiary of the bonds. At your death, VisArts will become the owner of the savings bond and can cash them in without paying any income tax.
Tangible Personal Property
When you give an item of tangible personal property to the Visual Arts Center of Richmond, the organization may opt to keep or sell it, depending on its needs and obligations. Because it is possible to incur expenses relating to the sale and disposal of personal property, VisArts must carefully consider gifts of this nature before accepting them.
A parcel of real estate may be sold by the organization or retained for the purposes of generating investment income.
Retirement Plan Assets
One way to leave a lasting gift is to name the Visual Arts Center of Richmond as the beneficiary of a tax-deferred retirement account, such as an IRA, 401(k), 403(b), SEP or ESOP. This is easily done by requesting a “change of beneficiary” form from your retirement account administrator.
Life Insurance Policies
If you no longer need to provide for dependents and would like to support the Visual Arts Center of Richmond, it can be advantageous to consider naming the organization as the beneficiary of an existing life insurance policy. You may also be able to irrevocably assign a whole life policy to VisArts, making the organization both the owner and beneficiary of the policy.
Charitable Gift Annuities
A charitable gift annuity may be right for you if you’d like to make a gift of at least $10,000 to the Visual Arts Center of Richmond but also want to ensure you receive an income stream for the remainder of your life.
Charitable Remainder Trusts
A charitable remainder trust is similar to a charitable gift annuity but may be a better fit if your gift will exceed $100,000 and you’d like to provide payments to three or more beneficiaries.
Charitable Lead Trusts
A charitable lead trust is often considered to be the inverse of a charitable remainder trust. A charitable lead trust is an irrevocable trust that provides a continuous income stream to the Visual Arts Center of Richmond, with the remaining assets eventually going to your family members or other beneficiaries after a set number of years or a term measured by one or more lifetimes.
You may wish to designate the Visual Arts Center of Richmond as the recipient of memorial gifts, following your departure or the loss of a loved one. It’s advantageous to communicate with VisArts’ director of development in advance of the publication of an obituary or other death announcement so that the organization knows how you wish the funds to be designated and to whom we should send gift acknowledgements.