Leaving a Legacy
Vernon Summer, Routt County native and rancher, and Legacy Donor of the Tread of Pioneers Museum.
Planned gifts allow you to make contributions to secure the future of the Tread of Pioneers Museum and preserve the history of the Yampa Valley while at the same time offering a variety of tax benefits. These options also allow you to change your mind at a later date without affecting your current financial situation. This partial list below provides an overview of some ways you can help establish a legacy with the Tread of Pioneers Museum. The information below does not constitute tax or legal advice. Please consult your attorney, financial advisor or estate planner to determine the right approach for your situation. For additional information on making a planned gift to the Tread of Pioneers Museum, please contact our Executive Director, Candice Bannister here
These options can be performed in a few minutes with easy-to-complete forms obtained from the company that administers your plan, policy or account. They are the easiest options for making a legacy gift to the Tread of Pioneers Museum.
WILLS, TRUSTS & ESTATE PLANS
- Retirement Plan Beneficiary Designation
Consider listing the Tread of Pioneers Museum as a percentage beneficiary of an Individual Retirement Account (IRA), workplace-sponsored retirement plan or other retirement accounts. Even a small designation for charity (1%-5%) can result in a substantial legacy gift. Due to estate taxes, the balance of your retirement account may be worth much more to the museum than to your heirs.
- Life Insurance Policy Beneficiary Designation
Consider making the Tread of Pioneers Museum a percentage beneficiary of a life insurance policy, or make the museum a contingent beneficiary that will only be paid out if all of your primary beneficiaries are no longer living. Some companies provide employees with a small life insurance policy.
- Payment/Transfer on Death Beneficiary Forms
Non-retirement investments (eg. stocks, bonds, securities) and bank accounts can in some states be transferred directly to charities upon death using a “payable-on-death” (POD) or “transfer on death” (TOD) form.
Wills and trust documents are among the most common tools utilized to leave money to charitable causes. Preparing these documents generally involves your attorney, estate planner, or other financial planner. There are several bequest types that can be utilized to donate assets to the Tread of Pioneers Museum through your will, or revocable trust. Options include giving the Tread of Pioneers Museum a set dollar amount, a specific percentage of your estate, the residual amount remaining after other bequests have been paid, or only if your primary dependents do not survive you. When filling out your legacy gift forms and documents, please reference: “The Tread of Pioneers Museum, located in Routt County, Colorado.” Our federal tax identification number is 84-0378270. It is helpful if you share your bequest plans with the museum’s Executive Director to ensure that the language used will reflect your wishes.
MORE COMPLEX STRATEGIES
There are a number of more complicated estate planning tools, including Charitable Remainder Trusts (CRT), Charitable Gift Annuities (CGA), Charitable Lead Trusts (CLT) and many others. Your attorney or estate planner can contact the museum’s Executive Director here
if you are interested in setting up one of these giving vehicles.
You can also give to the museum’s endowment at the Yampa Valley Community Foundation
FAQ (Click titles to learn more)
If you have realized you can change people's lives through your charitable giving, you are a philanthropist and can leave your legacy in the Yampa Valley. Making a legacy gift reflects your ongoing commitment to the community and the causes you value most. The Yampa Valley Community Foundation is here to help philanthropists like you give back to our community-now and forever.
Legacy gifts come in all different sizes and forms and no amount is too small.
Together, with your financial professional, begin collecting information to determine the best approach for leaving your legacy. Making bequests or other testamentary gifts is actually quite simple. It can be as easy as including a bequest in your will or changing the name of the beneficiary on your life insurance policy or an IRA. It is important, however, that you always consult your financial professional when making decisions to leave a charitable gift through your will or from your estate.
Many donors worry that by leaving a legacy, they will not have enough assets to see them through the rest of their lives or through the "hard times," such as a health and/or financial crises. They may also be concerned that family members or children will not benefit from receiving the full sum of their estate. Professional financial advisors can show you how a legacy gift can generate tax savings and/or an income stream for yourself, a spouse or children.
Gifts may come in the form of money, property, life insurance, an investment or percentage of an estate. Tax benefits often accompany a gift from a will or estate.
An estate is simply a word used to describe any property, money or personal belongings that you may have at the time of your death. Most people leave an estate at the time your death, even though they may not have a great deal of wealth. Anyone can arrange to leave a charitable gift from their estate.
It is critical to seek the advice of your attorney and other advisers including accountants, insurance agents, investments planners, professional trust officers and financial planners.
- Talk to a variety of specialists, including your attorney, financial advisors and the professionals at the Yampa Valley Community Foundation. Learn as much as you can about various charitable gift options and the kinds of gifts that make the most sense for both you and the Yampa Valley.
Engage an attorney and/or advisor who will best represent you and your interests. Always make sure that there is a backup attorney and/or advisor in case your attorney/advisor is unavailable at a critical time.
Seek an attorney and/or profession financial advisor who shares your commitment to charitable giving.
For legal work, enlist an attorney who practices estate planning on a full-time or nearly full-time basis.
Make sure the attorney and/or advisor has experience within your specific finance range.
- As you narrow your choice, seek references and follow your instincts. Find someone you are comfortable with and trust.
(None of this information should be construed as legal advice. In making a charitable gift, it is always important to seek the advice of your attorney and profession financial advisors)