The Dane County Historical Society appreciates all gifts and donations to help support local history. Here are a few ways you can help out!
Stocks, Bonds, and Mutual Funds
Donating appreciated stocks, mutual funds, or bonds to charity this holiday season is an efficient way to contribute that can provide you with significant tax benefits. You can gift appreciated securities to the Dane County Historical Society while avoiding capital gains tax, expanding your portfolio, and/or obtaining a line of income.
Giving a gift of appreciated securities for Christmas can help the Dane County Historical Society continue its mission, support our programs, and allow you to leave a lasting impact
Giving with your IRA
Suppose you are over 70½ and have an Individual or Inherited Individual Retirement Account (IRA). In that case, a gift from your account directly to the Dane County Historical Society may provide significant tax savings.
While you are eligible to make this gift starting at 70 ½, when you turn 73, you must take a Required Minimum Distribution (RMD) from your IRA, and a Qualified Charitable Distribution will count towards that RMD. Ensure the transfer is made directly from your IRA to the Dane County Historical Society to avoid paying taxes on the withdrawal.
A donor-advised fund (DAF) is a type of giving vehicle administered by a third party that allows you to combine favorable tax benefits with the flexibility to support your favorite charities easily. An increasingly popular charitable vehicle, DAFs are an excellent way to both simplify your charitable giving and facilitate your strategic philanthropic goals. For more information on how DAFs work, click here.
Sample Bequest Language
Four Types of Bequests
A gift to your favorite charity in your will or revocable trust proclaims your confidence that they will continue to further their mission for generations to come and make a difference in the lives of others. A bequest:
- Is easy to arrange.
- Will not alter your current lifestyle.
- Can be easily modified to address your changing needs.
Specific Bequest Language
Naming your favorite charity as a beneficiary of a specific amount from your estate is easy:
I give and devise to Dane County Historical Society, located in Madison, Wisconsin, the sum of $___________ to be used for its general support and/ or a specific fund or program.
Residual Bequest Language
A residual bequest comes to the charity after your estate expenses and specific bequests are paid:
I give and devise to Dane County Historical Society, located in Madison, Wisconsin, all (or a percentage) of the rest, residue, and remainder of my estate, both real and personal, to be used for its general support (or for the support of a specific affiliate, fund or program).
Contingent Bequest Language
A nonprofit or its affiliates can be named as a contingent beneficiary in your will or personal trust if one or more of your specific bequests cannot be fulfilled:
If (insert name) is not living at the time of my demise, I give and devise to Dane County Historical Society, located in Madison, Wisconsin, the sum of $ _______ (or all or a percentage of the residue of my estate) to be used for its general support and/or for the support of a specific affiliate, fund or program.
Retirement Plan Beneficiary Language
You may name the Dane County Historical Society as a beneficiary of your IRA or other qualified retirement benefits. Donors should consult with their tax advisor regarding the tax benefits of your gift.
Naming a nonprofit organization as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh, or profit-sharing pension plan will accomplish a charitable goal while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming the charity as a beneficiary of a retirement plan, the donor maintains complete control over the asset while living. Still, at the donor’s death, the plan passes to support the charity free of estate and income taxes.
- Making a charitable gift from your retirement plan is easy and should not cost you attorney fees. Simply request a change of beneficiary form from your plan administrator. When you are done, please return the form to your plan administrator and notify the Dane County Historical Society of your support. DCHS can usually assist you with the proper language for your beneficiary designation.