Legacy giving

photo by: Centrum / David Conklin

Legacy giving is for everybody.
It is a way to express one’s values and care for the Salish Sea for the long term.

Leaving a gift in your will has many benefits:

  • tax advantages
  • does not affect daily cash flow
  • allows for a larger gift
  • makes a lasting impact
  • leaves a legacy for the next generation
  • anyone can do it!

Read past issues of The Legacy Bulletin for stories of impact through legacy giving as well as legacy planning tips.


December 2023
September 2023
March 2024

Options for legacy giving

Bequests

A bequest in your will is a wonderful way to leave a legacy of marine conservation. Bequests can allow the Port Townsend Marine Science Center (PTMSC) to act strategically outside of its operating budget, such as purchasing the Flagship Landing building downtown.

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, PTMSC can be identified, in case individual beneficiaries die before they receive their bequest.

If you decide to name PTMSC in your will, please use this designation: “Port Townsend Marine Science Society” (the name under which we first incorporated) dba 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 PTMSC in your will. We want to thank you and will respect your wishes concerning either public acknowledgment or anonymity.

IRA contributions

If you are over 70½, you are eligible to make charitable gifts from traditional or ROTH Individual Retirement Accounts. By giving directly to PTMSC, 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. 

In general, making PTMSC 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.

Donor advised funds

Growing in popularity, donor advised funds (DAFs) allow you to make a lump sum contribution to reduce your tax burden in the year of the gift. You then direct the giving of those funds to charities of your choice in the future. Financial investment companies such as Vanguard and Fidelity offer DAFs, as well as the Jefferson Community Foundation which keeps the money local and can also provide guidance on community needs.

Gifts of stock

Giving appreciated stock to 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 lslabaugh@ptmsc.org 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 legacy giving options

If you are interested in exploring other methods of creating a gift for PTMSC, 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 above, please contact Liesl Slabaugh at lslabaugh@ptmsc.org or 360 385-5582, ext. 101.

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