Create a lasting legacy by making a planned gift to the Maui Arts & Cultural Center. We invite you to become a member of our Kalo Club, a group of special donors that have included the MACC in their planned giving. Your gift makes a significant difference and ensures the MACC is thriving now and in the future.
If the MACC is in your will or trust please let us know. The MACC would be honored to acknowledge you as part of our Kalo Club. If you are interested in considering or making a planned gift please contact Nicole HUmphrey at 808-243-4237 or click to email Nicole. Your inquiry will be confidential.
There are numerous ways to make a difference and support the MACC through a planned gift. The examples below are a few options to consider. You are encouraged to consult your own legal, accounting and other professional advisors to determine the best possible way to achieve your philanthropic goals.
You may make a bequest to MACC by preparing a new will or adding a codicil amending an existing one. A bequest is not subject to federal or state estate or inheritance taxes and is, in fact, deductible in calculating the taxable estate. There is no limit to the amount of that deduction. The following language is appropriate for making an unrestricted bequest: “I give (the sum of ____ dollars), (all or _____percent of the residuary of my estate), to the Maui Arts & Cultural Center, Kahului, Hawaii, for its general corporate purposes.”
You can name MACC as a beneficiary of all or part of the proceeds from a life insurance policy. Or, you can give a paid-up policy, a new policy, or a policy on which you are still paying naming MACC as sole owner and beneficiary and take a deduction for the “present value” of the policy (approximately the cash surrender value or the cost basis, whichever is less). In these instances, you diminish your estate and inheritance taxes by distributing part of your net worth during your lifetime.
If you continue to pay the premiums to maintain the life insurance policy, you will also be able to deduct the premium payments as charitable contributions.
You can also use life insurance as a “replacement” asset. You give appreciated property to MACC either outright or to fund a life income arrangement, then replace the dollar value of the property with life insurance for your family. The tax saving from your gift is often sufficient to cover the cost of the replacement insurance. And the insurance proceeds can be paid outside of your estate.
Charitable lead trusts are an attractive method that allows you to leave property to your heirs, reduce gift and estate tax costs, and provide income to MACC. To create a charitable lead trust, you contribute assets to a trust and set an amount or a fixed percentage, which is then paid to MACC for a designated period of time. At the end of this time period, the trust is dissolved and the property is either returned to you or distributed to named beneficiaries, thereby removing these assets from your estate.
Charitable remainder trusts enable you to contribute to the future of MACC, retain lifetime annual payments, and generate significant tax benefits. You make an irrevocable gift to MACC and set an amount or fixed percentage that is then paid to you, providing life income for yourself and a survivor. For an annuity trust , the amount is set when the trust is created, either as a fixed percentage or a set dollar amount of the then fair market value of the trust assets. For a unitrust , the amount is a fixed percentage of the fair market value of the trust assets as determined annually.
Gifts of tangible personal property that are useful to MACC, including real estate, can offer an immediate tax deduction and, if qualified as a long-term capital asset (held for a year and a day), offer avoidance of capital gains tax, removal of the asset from your estate, and, if appropriate, elimination of maintenance costs of the property. Valuation for income tax purposes may require that you obtain an independent appraisal. The deduction is limited to 30% of adjusted gross income. Excess beyond 30% can be carried forward for five additional years.