Planned Giving: Join the Legacy Society

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MAKE AN ESTATE GIFT TO BAINBRIDGE ISLAND MUSEUM OF ART

As part of your estate plans, consider a future gift to Bainbridge Island Museum of Art and carry on your commitment to the art museum. Including the art museum in your estate plans will allow us to plan for the future. 

Making an estate gift to BIMA enables us to plan for the future and offers the following benefits to you:

  • Flexibility. Because you are not actually making a gift until after your lifetime, you can change your mind at any time.
  • Versatility. You can structure the bequest to leave a specific item or amount of money, make the gift contingent on certain events, or leave a percentage of your estate to us.
  • Tax Relief. If your estate is subject to estate tax, your gift is entitled to an estate tax charitable deduction for the gift's full value. Please contact your tax advisor for more information.

Federal Tax ID# 27-0183255

Thank you in advance for considering a long-term gift as part of your legacy.


 

Ways to give:


BEQUESTS

The simplest way to make a planned gift is through a bequest (gift) in your will. Your gift allows the art museum to continue its important role as a vibrant cultural institution into the future by helping us continue to offer compelling exhibitions and programs. You may direct a bequest to support a specific acquisition fund for art, to endow a specific program, the museum's collection or the museum's general endowment fund. Bequests without a designation will allow the art museum to use the funds where they are most needed.  


MAKE BIMA A BENEFICIARY

Bainbridge Island Museum of Art can be designated as a beneficiary by simply adding the information to any of the following assets:

  • Life insurance
  • 401(k) or 403(b) employer retirement plans
  • Commercial annuities
  • Checking and savings accounts
  • Brokerage accounts


REAL ESTATE

Gifts of real estate can include homes, condominiums, apartments, undeveloped land, farmland, and rental property. A gift of this kind can alleviate capital gains taxes, income taxes, and brokers’ fees as well as management costs and responsibilities.


GIFTS OF ART

We are acquiring works of art to enhance the permanent collection. Because gifts of art require careful preparation, please contact Greg Robinson at the BIMA office 206.842.4451 or greg@biartmuseum.org to ensure that the museum can accept your gift. We will guide you through the process and provide answers to all of your questions.


PROCEEDS FROM YOUR IRA

If you do not need to use the required minimum distribution from your IRA, you can designate BIMA as the recipient for these funds. Donating the proceeds from your IRA (partial or full required minimum distribution) will enable you to take a tax deduction on the donated funds.

With all estate gifts we recommend you meet with your attorney, professional estate planner or financial advisor to determine what is best for your personal needs.  BIMA cannot provide direct guidance about which methods are best for your situation.

For more information contact Karen Molinari, Development Director at 206-451-4002 or karen@biartmuseum.org