Estate Planning

 

With each passing generation, more of America’s musical heritage is lost forever.  Aware of our mission to reverse this trend, many individuals are including the American Banjo Museum in their long-term giving and estate planning. 

Long-Term Giving and Estate Planning Options

1. Bequests

A gift by will or living trust is easy to arrange.  Your gift is private, does not affect cash flow during your lifetime and may be revoked at any time prior to your death.  And an outright bequest to the museum is fully deductible for estate tax purposes.  Bequests can take many forms and may include:

  • Gifts of a specific dollar amount
  • Specified assets including securities, real estate or other personal property
  • Banjos and other tangible musical instruments
  • Remaining retirement account assets
  • A residual bequest, where the museum becomes a beneficiary after all other obligations are met.

Below is a sample wording for a simple bequest:

"I give to the American Banjo Museum, 9 E. Sheridan Avenue, Oklahoma City, Oklahoma the sum of _______ (dollar amount) or percentage of ___% residue of my estate to be used at the discretion of its governing board."

OR

"I give to the American Banjo Museum, 9 E. Sheridan Avenue, Oklahoma City, Oklahoma the sum of _______ (dollar amount) or percentage of ___% residue of my estate to be used for the following purpose [state the purpose]."

OR

"I give to the American Banjo Museum, 9 E. Sheridan Avenue, Oklahoma City, Oklahoma the following items ________________ (describe the real estate, securities or personal property) from my estate to be used at the discretion of its governing board.”

2. Charitable Remainder Trusts

Individually created and managed trusts;  one type provides a guaranteed fixed income, while another provides a fluctuating annual payment based on a percentage of the trust's principal.

3. Life Insurance

Gifts through life insurance are a practical way to give a substantial gift at a moderate cost.  With this option, the Museum may either be named as the beneficiary or owner of the policy.

For more information or to discuss these giving options, please contact:

Johnny Baier, Executive Director
American Banjo Museum
9 E. Sheridan Avenue
Oklahoma City, OK   73104
405-604-2793
email: banjomuseum@sbcglobal.net