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 at the Rehoboth Art League
PLANNED GIVING OPPORTUNITIES
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.
- 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.”
Life Insurance: You can name the Rehoboth Art League as the primary beneficiary of your life insurance policy or as contingent beneficiary should your other beneficiaries not survive you. With little paperwork, you can leave a legacy, continue ownership of your policy, remove a taxable asset from your estate, and maintain the flexibility to adjust beneficiaries in the future.
To make a gift of insurance, simply contact your insurance company and complete a Change of Beneficiary/Ownership Form.
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. 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.
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.
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.
Donors will be welcomed into the Corkran Society, named for Rehoboth Art League founder Louise C. Corkran. In thanks for your generosity, you 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