You can support the museum in several simple and savvy ways without reducing your income or diminishing your savings.
Think about using assets that can be transferred to the museum without legal expense. You may have bank investments, retirement, insurance, stock, or mutual-fund accounts that you can use to accomplish your charitable goals. All of these assets can be transferred by completing a POD (Payable on Death) or TOD (Transfer on Death) form. Some companies also call these beneficiary designation forms. This completed form tells the account custodian what to do with the account after your passing.
You can name the museum in your long term plans today without a negative impact on cash flow or lifestyle. Keep it simple and savvy. Ask your bank for a POD form. Ask your retirement plan, investment account or insurance company for a TOD form. Designate and donate with any of these assets. It takes less than five minutes of your time.
Benefits of Naming the museum In Your Long-Term Plans
You can make a gift that costs you nothing during your lifetime.
You can make a gift and leave your cash flow and current financial planning unchanged.
You can make a gift with appreciated assets and save taxes.
You can use your retirement plan for charitable giving (give your heirs assets with lower tax burden).