A bequest is among the simplest and most popular ways to make a planned gift. Simple working for your will is, "I, [name], of [city, state, zip], give, bequeath, and devise to the Santa Barbara Museum of Natural History [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."
A trust can take several forms but is designated to benefit both you and the Museum. A Charitable Remainder Trust provides income to the donor and at the end of the trust's term, what remains is transferred to the Museum. A Charitable Lead Trust provides income to the Museum for a period of years, and after the trust's term is complete, the trust assets are transferred to your heirs.
A charitable gift annuity generates a guaranteed income for life. The Museum partners with the Santa Barbara Foundation to provide annuities. After the annuitant's lifetime, 90% of the remaining principal goes to the Museum and 10% goes to the Santa Barbara Foundation as a charitable gift.
IRAs, 401(k), 403(b), or other retirement plans provide a simple way to make a significant gift to the Museum. Simply designate the Museum as the beneficiary.
Pooled Income Funds
A gift to a Pooled Income Fund, which is similar to a mutual fund, is administered by a third party and enables you to receive income for life and obtain an immediate tax deduction.
A gift of life insurance allows you to contribute a previously acquired policy, that may no longer be needed for its original purpose, and realize tax benefits. The Museum may also be named as a beneficiary of a life insurance policy.
A Retained Life Estate allows you to donate your personal residence while retaining the right to live on and use the property for the rest of your life, a term of years, or a combination of the two. In exchange for your remainder interest gift, you receive an immediate income tax deduction.
A Charitable Bargain Sale involves the Museum purchasing your property for less than its fair market value. In such case, the difference between the fair market value and the sales price constitutes a charitable gift, for which you will receive a charitable income tax deduction.
The Mission Creek Society recognizes people of vision who contribute to the Museum's future through a planned gift or provision in their estate plan.