Seven ways to contribute and make a difference for generations to come.
1) Endow a Memorial Fund or a Specific Staff Position e.g. VA Director
Make a charitable gift to the Westport Arts Center (WAC) in honor of an important person in your life or to establish a family tradition of giving over the years. Donors may elect to support the Westport Arts Center’s general mission with an unrestricted gift or to sponsor specific elements of the mission in the areas of visual arts, arts education, chamber or jazz music, and film.
2) Establish a Charitable Lead Trust
Select a period of years for WAC to receive payments from the trust, after which the trust corpus can be transferred to your heirs or other beneficiaries. Lead trusts can be particularly tax-efficient ways to transfer private wealth to the next generation.
3) Set up a Charitable Remainder Trust
Secure an income stream for you and your spouse, or your heirs, or provide for future payments to fund a grandchild’s college education, and get an income tax deduction now. At the termination of the income payout, the charitable remainder would be contributed to the WAC endowment.
4) Include a Bequest to WAC in your Will
Specify either a fixed amount or a percentage of your estate to go to the Westport Arts Center. You can also include WAC as a contingent beneficiary in your will and in your retirement and life insurance programs.
5) List WAC as the Beneficiary in your Tax-Vulnerable Qualified Plans
Because tax-deferred retirement arrangements like IRAs or 401(k) plans may be subject to estate and income taxes, consider making a bequest to WAC from these accounts by naming WAC as beneficiary for a charitable designation from these accounts.
6) Invest in a Donor Advised Fund
Ask your investment advisor or contact the Westport Arts Center for information on how to establish a donor advised fund from which you can make investments which grow tax-free, as long as the funds are used for charitable contributions. Establish annual contributions and a portion at death to be given to WAC.
7) Contribute to WAC Through a Gift of Cash or Other Items of Value
Appreciated Stock, paid-up life insurance policies, land, buildings, art, book collections or other property, even stock options are viable contributions to the endowment. You may avoid having to pay capital gains taxes on appreciated assets, while you realize an income tax deduction for your contributions.