Options for Planned Giving
A bequest in your will is a wonderful way to leave a legacy of marine conservation. A bequest can be specific (to the endowment fund or to any restricted or unrestricted fund). If you make an unrestricted bequest, the Port Townsend Marine Science Center will use it strategically to support educational and conservation goals.
Bequests can be an integral part of your estate planning. They are deductible from your gross estate and can, therefore, offer estate tax savings. Most of all, they are a way for you to support something you believe in, in perpetuity.
The Port Townsend Marine Science Center (PTMSC) can be named as a direct beneficiary of a stated amount of money, a particular piece of property, or a stated percentage of total estate value. In a residuary bequest, PTMSC can be designated to receive all or a percentage of the remainder of an estate once all specific bequests have been satisfied. Often, individuals direct that assets should go to family members or friends. In a contingent bequest, the Port Townsend Marine Science Center can be identified, in case individual beneficiaries die before they receive their bequest.
If you decide to name Port Townsend Marine Science Center in your will, please use this designation: “Port Townsend Marine Science Society” (the name under which we first incorporated) AKA the “Port Townsend Marine Science Center.” PTMSC is a 501(c)(3) organization as determined by the Internal Revenue Service. The EIN is: 91-1193699.
Please let us know if you decide to include the Port Townsend Marine Science Center in your will. We will want to thank you and will respect your wishes concerning either public acknowledgment of your bequest or anonymity.
If you are over 70½, you are eligible to make charitable gifts from traditional or ROTH Individual Retirement Accounts. By giving directly to the Port Townsend Marine Science Center, the money is not included in your income for tax purposes. Most importantly, the full amount is put to work inspiring conservation of the Salish Sea. The “IRA Charitable Rollover” has been extended each year since it was instituted but is never guaranteed to be renewed so speak to your accountant or financial planner to find out the most current information about the IRA Rollover donation option, and then get in touch with us.
In general, even without the “free” rollover, making the Port Townsend Marine Science Center the beneficiary of any retirement account (or life insurance policy) may offer estate planning benefits, so you can leave your heirs other assets with less of a tax burden. PTMSC can use ALL of the gift for any purpose you wish (such as school programs or endowment), as the Marine Science Center does not have to pay taxes on it.
Gifts of Stock
Giving appreciated stock to the Port Townsend Marine Science Center (PTMSC) can mean substantial tax savings on your capital gains. To do this, you will need to send a letter of instruction to your broker that includes PTMSC's brokerage name, account number, and DTC number. Please contact Liesl Slabaugh at email@example.com or 360 385-5582, ext. 101 for a sample letter that includes this information. Mutual funds can be a little more complicated to transfer as companies have various rules and instructions. Please talk with your stockbroker, financial planner or the mutual fund company representative to get more information.
Other Planned Giving Options
If you are interested in exploring other methods of creating a gift for Port Townsend Marine Science Center, such as charitable remainder trusts, gift annuities, and other vehicles (for providing income while you need it) we can connect you to professional advisors. We also encourage you to work with your family, your own attorney, estate planner and other professionals to make sure that your wishes are carried out as you would like them to be.
If you need a copy of the Port Townsend Marine Science Center’s official designation as a non-profit organization, bequest language or would like more information about the gift opportunities listed on our Web site, please contact Liesl Slabaugh at firstname.lastname@example.org or 360 385-5582, ext. 101.