A charitable bequest allows you to include the Friends of the North Carolina Maritime Museum in Beaufort in your will or living trust. A bequest may consist of a specific dollar amount, a percentage of your estate, particular property or the remainder of your estate after other distributions have been made.

Potential benefits may include:

• Retaining control of your assets throughout your lifetime.
• Updating or revising your plans as your circumstances change.
• Creating a meaningful legacy without making a current gift.
• Potential estate or charitable tax benefits, depending on your circumstances and applicable law.

You may be able to name the Friends as a full or partial beneficiary of an IRA, 401(k), 403(b) or other eligible retirement account. Beneficiary designations are generally completed through the financial institution or plan administrator holding the account.

Potential benefits may include:

• Maintaining access to and control of the account during your lifetime.
• Changing beneficiary designations when your plans change.
• Directing all or a percentage of the remaining account to the Friends.
• Potentially reducing the tax burden associated with inherited retirement assets.

Some donors who meet applicable age and account requirements may also be eligible to make a qualified charitable distribution directly from an IRA. Please consult your IRA administrator and tax advisor for current requirements.

A life insurance policy may provide a way to create a future charitable gift. Depending on the policy and your goals, you may be able to name the Friends as a beneficiary or transfer ownership of an eligible policy.

Potential benefits may include:

• Creating a future gift that may be larger than current premium payments.
• Naming the Friends for all or a percentage of the policy proceeds.
• Updating a revocable beneficiary designation as circumstances change.
• Potential charitable tax benefits when ownership of an eligible policy is transferred.

Policy ownership, beneficiary designations and premium payments can have different legal and tax consequences. Please consult your insurance professional and financial advisor.

A donor-advised fund is a charitable account administered by a sponsoring organization. Donors may recommend grants from the fund to eligible nonprofit organizations, including the Friends of the North Carolina Maritime Museum in Beaufort.

Potential benefits may include:

• Centralizing charitable giving through one account.
• Receiving professional administration and investment management.
• Recommending grants to the Friends during your lifetime.
• Naming the Friends as a successor charitable beneficiary of the fund, when permitted by the sponsoring organization.

Once contributed, assets are legally controlled by the sponsoring organization, although the donor generally retains advisory privileges over recommended distributions.

In some circumstances, donors may wish to contribute securities, real estate, maritime artifacts or other tangible or intangible property. The Friends must review proposed noncash gifts before acceptance to ensure they support the organization’s mission and do not create unexpected costs or obligations.

Important considerations include:

• The type, condition and marketability of the asset.
• Ownership, appraisal and transfer requirements.
• Restrictions placed on the use or sale of the gift.
• Storage, insurance, environmental, maintenance or other ongoing costs.

Please contact the Friends before beginning the transfer of any noncash asset.