The Louise Corkran Society
Including the Rehoboth Art League in your estate plans will support the Art League’s mission of inspiring our diverse community to embrace the lifelong value of art, while also helping you to meet your estate planning goals.
Planned giving donors may enjoy the following advantages:
- Assets are retained during donor’s lifetime
- Gifts can reduce a donor’s taxable estate
- Gifts can be modified during the donor’s lifetime
- Donor specifies how their money will be spent
- Creates a lasting legacy
PLANNED GIVING–A WEALTH OF CHOICES
Bequests: An outright bequest of cash, securities, real estate, or tangible personal property in your will or living trust is the simplest way to provide for the Rehoboth Art League. Just a few words are all that is needed. You can select a specific purpose, or make your gift unrestricted, giving the Rehoboth Art League the maximum flexibility to use your gift where it will have the most impact.
- Fixed Amount or Percentage Bequest: A sum of money, usually cash
“I hereby give, devise and bequeath the sum of $__________ [or state a percentage of the estate] to the Rehoboth Art League, Tax ID# 51-0097839, 12 Dodds Lane, Rehoboth Beach, DE, 19971, a 501(c)(3) tax exempt nonprofit organization.”
- Residual Bequest: Insures that loved ones receive their distribution before any charitable distributions are made
“I hereby give, devise and bequeath the residue of my estate, after the satisfaction of all specific bequests and the payment of all taxes and other costs attending my death, to the Rehoboth Art League, Tax ID# 51-0097839, 12 Dodds Lane, Rehoboth Beach, DE, 19971, a 501(c)(3) tax exempt nonprofit organization.”
- Contingent Bequest: In the event you outlive any of your beneficiaries, you may designate the Rehoboth Art League to receive that portion of your estate
“In the event that (name/s of the beneficiary) does not survive me, I designate the Rehoboth Art League, Tax ID# 51-0097839, 12 Dodds Lane, Rehoboth Beach, DE, 19971, a 501(c)(3) tax exempt nonprofit organization, as the devisee of this bequest.”
- Endowment Bequest: Endowed funds are perpetual funds from which only the income is distributed. Bequests may be designated for the Rehoboth Art League’s general endowment or for the establishment of an endowed fund named after one or more persons or an entity. Named endowed funds can be unrestricted or restricted. Minimum gift amounts apply.
Life Insurance: Over time, relatively small insurance premiums build up large cash values.
- Gift a fully paid-up policy, naming the Rehoboth Art League as the owner and beneficiary. The charitable deduction is equal to the cash surrender value of the policy.
- Donate a policy on which you continue to pay premiums, naming the Rehoboth Art League as owner and beneficiary. The immediate deduction is the cash value. Additional deductions will be generated as the donor makes further premium payments.
- Purchase a new policy, naming the Rehoboth Art League as irrevocable owner and beneficiary. The donor will receive a charitable deduction for each premium s/he pays.
Retirement Accounts: One of the easiest ways to make a planned gift is by making the Rehoboth Art League a partial or full beneficiary of your retirement account, such as an IRA, SEP, 401(k) or other qualified plan. You can continue to withdraw and use these funds as needed during your lifetime. This can be accomplished by completing a beneficiary designation form from your plan administrator.
IRA Qualified Charitable Distribution: An IRA qualified charitable distribution (IRA charitable rollover) is an otherwise taxable distribution from an IRA owned by an individual who is age 70½ or over that is paid directly from the IRA to a qualified charity. A qualified charitable distribution can satisfy all or part the amount of your required minimum distribution (RMD) from your IRA. As you plan your RMD for the year, consider using your distribution to support the Rehoboth Art League. Learn more here.
Gifts of Land and Real Estate: Gifts of real property may be accepted subject to certain restrictions. You will receive a charitable deduction for the full fair market value of the gift, as determined by an independent appraisal, thereby avoiding the capital gains tax which would have been owed if the asset were sold.
Gifts of Art: The Rehoboth Art League accepts gifts of artwork. We are a collecting organization and seek to add to our collection of artwork and historical artifacts. The Collections Committee of the Art League reviews all art donation interests to recommend accession into the Art League’s collections. Works not added to the collection will be sold to benefit the Art League’s mission. All donation requests should include an appraisal. Our staff can assist with coordinating appraisals.
This information is not intended to provide any legal or tax advice. Please consult with your legal, tax or financial/estate planner to determine which planned giving opportunity is best for your situation. Then, contact us to explore ways in which your gift can support the Art League’s mission of inspiring our diverse community to embrace the lifelong value of art. A copy of the Art League’s Gift Acceptance Policy is available upon request.
Have you included the Rehoboth Art League in your estate plans? Please let us know your intentions by sharing a non-binding statement of intent. We look forward to welcoming you into the Louise C. Corkran Society.
THE LOUISE C. CORKRAN SOCIETY
In 1938, Louise C. Corkran’s vision established the Rehoboth Art League with the mission to teach, inspire and preserve the creative spirit in children and adults. Throughout the ensuing years, the Art League has carried on Mrs. Corkran’s mission of inspiring, educating and engaging the community, while becoming one of the most important arts centers in the region.
The Louise C. Corkran Society recognizes people who have provided for the Art League through a planned gift or lifetime contributions of $25,000 or more. In thanks for their generosity, this select group of donors will receive invitations to special events and recognition in Art League publications. All requests to remain anonymous will of course be honored.
For more information, please contact our Development Department or call 302-227-8408. Written inquiries may be directed to:
Rehoboth Art League
12 Dodds Lane
Rehoboth Beach, DE 19971
Tax ID# 51-0097839