By including the Albright-Knox in your will through a charitable bequest, you can ensure your role in making the museum a dynamic, vibrant resource for generations to come, all without impacting the assets available to you during your lifetime.

Advantages

• It’s easy. You can make a gift by simply including a line or two in your will leaving an item, specific amount, or percentage to the museum. The proper wording for a bequest is as simple as, "I give to the Albright-Knox Art Gallery, of Buffalo, New York, the following."
• It’s accessible. You can support the museum in any amount.
• It’s flexible. Your bequest can be directed to a program of your choosing or left undesignated, allowing the museum to use your gift wherever it is most needed.
• It’s a sound investment entitling your estate to a tax deduction.

The culmination of a lifetime of saving, retirement assets can be especially vulnerable to taxation when inherited by someone other than your spouse. By leaving them to the museum, these assets can instead further your philanthropic goals.

Advantages

• It is extremely tax efficient. Retirement assets, when received by an individual beneficiary other than your spouse, can be subject to both income and estate taxation—often in excess of 70%.
• A gift can be as simple as requesting the plan’s beneficiary designation form and specifying “The Buffalo Fine Arts Academy” as the beneficiary of a dollar amount, a percentage, or the entire account.
• Retirement assets can be used to fund other charitable vehicles such as Charitable Remainder Trusts.
• Due to new legislation, you can make gifts from your retirement assets during your lifetime. If you are at least 70½ years old, you may make gifts directly to the museum to satisfy your minimum distribution requirements without adding to your taxable income.

Ideal for gifts of highly appreciated stock, a Charitable Remainder Trust provides you with income during your lifetime and immediate income tax deduction for part of the gift’s value. With your passing, the remainder of the gift is transferred to the museum to sustain its mission and vitality well into the future.

Advantages

• It guarantees an income stream for you, or the beneficiary of your choosing.
• It provides you with an income tax deduction. Depending on the size of the gift and your income, any unused portion may be carried forward for up to five years.
• It provides a way to diversify appreciated assets without reducing their value by capital gains tax.

Ideal for assets which will likely increase in value, a Charitable Lead Trust allows you to support the museum with a guaranteed income stream for a period of time, while keeping wealth within your family. When the trust ends, the assets are distributed according to your wishes.

Advantages

• You are able to enjoy the satisfaction of your philanthropy within your lifetime.
• You are able to claim a tax deduction at the time of the gift for the income the museum will receive over the life of the trust.
• Your heirs receive these assets at the end of the trust while avoiding the tax consequences typical of inherited assets.

Are you at least 70 1/2 years old, or approaching that milestone? Do you have a traditional IRA? Do you believe in the power of art to transform communities? 

At age 70 1/2, you must begin taking an annual minimum distribution. This distribution becomes taxable income for you—whether or not you need the additional income. Making a gift to a qualified charity like the Albright-Knox enables you to reduce your taxable income while also supporting the museum’s mission to inspire people with great art. 

• The recipient must be a qualified charitable organization 
• The IRA owner must be 70 1/2 or older 
• The plan administrator must transfer the funds directly to the museum 
• Gifts of up to $100,000 per person may be made from an IRA each year 

IRA charitable rollover gifts are an easy and tax-wise way to make an impact: 

1. Request the gift from your plan administrator using the template below 
2. Notify the museum of your gift using the template below
3. Your plan administrator will send the gift directly to the museum on your behalf. After receiving the check, we will send you an acknowledgement for tax purposes. 

Please contact your plan administrator or Erin Sheets, Manager of Major Gifts, at 716.270.8385 or esheets@albrightknox.org with any questions.