The most common type of planned gift is a charitable bequest. A bequest is simply a gift that someone includes in their will or living trust. It is also one of the easiest ways for a nonprofit to receive a planned gift.

When people create their will or trust—usually with the help of an estate planning attorney—they decide how their assets will be distributed after their lifetime. Many choose to include gifts to organizations they care about.

A bequest can be a specific dollar amount, a particular asset, or a percentage of the remaining estate after expenses and gifts to family members have been taken care of.

If you would like to include the Kitsap History Museum in your will or living trust, you may wish to share the following sample language with your attorney:

General Bequest (specific amount)
“I give and bequeath the sum of $______ to the Kitsap County Historical Society (DBA Kitsap History Museum), a nonprofit organization located in Bremerton, Washington, for its general purposes.”

Percentage Bequest
“I give and bequeath ____ percent (___%) of my estate to the Kitsap County Historical Society (DBA Kitsap History Museum), a nonprofit organization located in Bremerton, Washington, for its general purposes.”

Residual Bequest
“I give and bequeath all (or ____%) of the rest, residue, and remainder of my estate to the Kitsap County Historical Society (DBA Kitsap History Museum), Bremerton, Washington, for its general purposes.”

Donors may also choose to designate their gift for a specific purpose. If you are considering a restricted gift, we encourage you to contact the museum so we can ensure your wishes can be honored.

You can support the Kitsap History Museum by naming the museum as a beneficiary of your retirement account or pension plan.

Retirement accounts—such as IRAs, 401(k)s, and similar plans—can be heavily taxed when they are left to heirs other than a spouse. Because of this, many donors choose to leave these assets to a charity instead, which can help reduce taxes on the estate.

Naming a charity as a beneficiary is usually simple. You only need to update the beneficiary form with your retirement plan provider and include the museum’s legal name.

There are several ways retirement assets can be used to support the museum:

• Name the Kitsap History Museum as a full or partial beneficiary of your retirement account.

• Direct retirement assets to a charitable trust that provides income to family members before the remaining funds go to the museum.

• Use retirement assets to create a planned gift that provides income during your lifetime.

Because retirement plans and taxes can be complex, we recommend discussing these options with your financial or legal advisor.

Some assets can be given to a nonprofit simply by naming the organization as a beneficiary. This can be done with things like life insurance policies, retirement accounts, investment accounts, or bank accounts with a “payable on death” designation.

This type of gift is often one of the easiest ways to make a planned gift because it usually does not require changing your will or working with an attorney. You simply update the beneficiary form for the account.

When the time comes, these assets are paid directly to the named beneficiary and do not go through probate (the legal process of settling a person’s estate after they pass away). Because of this, they are often distributed more quickly.

To name a charity as a beneficiary, you typically need the organization’s legal name, tax ID number, and mailing address. Just let us know and we can provide you with that information.

Some donors choose to support the Kitsap History Museum through more structured charitable arrangements that can provide financial or tax benefits while also creating a lasting legacy. These gifts are typically arranged with the assistance of financial or legal advisors.

Charitable Gift Annuity
A charitable gift annuity allows you to make a gift to the museum while receiving fixed payments for life. After the annuity term ends, the remaining funds support the museum’s work.

Charitable Remainder Trust
A charitable remainder trust provides income to you or your beneficiaries for a set period of time or for life. After that period ends, the remaining assets in the trust are distributed to the museum.

Charitable Lead Trust
A charitable lead trust provides support to the museum for a specified number of years. After that period ends, the remaining assets are transferred to family members or other beneficiaries.

Because these arrangements involve financial planning and tax considerations, we encourage donors to discuss these options with their financial or legal advisor to determine what approach best fits their goals.

If you are age 70 1/2 or older, you can support the Museum and reduce your taxes by making a gift to the Kitsap History Museum directly from your IRA, commonly called the IRA charitable rollover or qualified charitable distribution (QCD). Beginning in the year you turn age 73, you can use your gift to satisfy all or part of your required minimum distribution (RMD).

Because tax rules can vary, we encourage donors to consult with their financial or tax advisor to determine what option is best for your situation.

If your company has a matching gift program, your donation or membership can go even further to support the Museum’s mission. Gifts from retirees and spouses of employees may also qualify for matching.

Contact your human resources department to obtain a matching gift form, fill out the form, and send it to:

The Kitsap History Museum

280 4th St.

Bremerton, WA  98337

*For your reference, The Kitsap History Museum’s tax id (EIN) is: 91-6049044. For more information, please call 360.479.6226, or email: [email protected].