Bequests and Beneficiary Designations

Many donors designate the White House Historical Association as a beneficiary in their estate plan. There are unique benefits to each type of gift.

Bequests

• Make a larger gift than during your lifetime
• Designate the gift for a specific purpose
• Deduct gift against estate and inheritance taxes
• Donate balance of estate after obligations are met (residuary bequest)

Gifts of Life Insurance

• Do not tie up current assets
• Provide immediate tax benefits
• Allow tax deduction at cash value
• Remove policy and its tax implications from estate
• Donor pays all premiums

Gifts from Retirement Plans

• Reduce tax on undistributed retirement assets
• Avoid additional tax sometimes as much as 75-80% on assets for estate heirs
• Reduce tax significantly on large taxable estates
• Designate the Association as the primary beneficiary
• May be deferred to a trust, which pays income to the donor, his/her family members, or other beneficiaries for a predetermined period of time before the asset is passed to the Association
• Gifts of real estate, art and personal property are subject to the approval of the Association’s Gift Acceptance Committee.

Gifts of Real Estate

• Given as an outright gift or as part of an estate plan
• Reduce income, capital gains, and estate taxes
• Create a trust with sale of property that pays lifetime income

Gifts of Art and Personal Property

• Given as an outright gift or as part of an estate plan
• Donor is responsible for establishing the value with an independent appraisal paid for by the donor