Join the Nellie L. Taft Legacy Society
Nellie L. Taft Legacy Society
Visionary planned gift donors have enabled CMCA to become the leading institution in contemporary art in Maine today. Thanks to their foresight and generosity, CMCA has grown from a seasonal artists’ collective to a world-class exhibition and educational venue, serving visitors from throughout Maine and beyond.
We are forever grateful to artist Nellie L. Taft (1937-2012) for her extraordinary bequest that launched the campaign for our new home in Rockland. By making your own planned gift to CMCA in any amount, you will join the Nellie L. Taft Legacy Society and contribute to CMCA’s dynamic future as a cultural and economic engine serving all of Maine.
Explore the different ways to make planned gifts to achieve your personal financial planning goals while contributing to CMCA:
Ways to give
A bequest made under one’s will is often the simplest way to make a meaningful gift to the Center for Maine Contemporary Art. You may write a new will or simply add a codicil to your existing will. Bequests may come in any form—cash, securities, and other personal property, including works of art. Your charitable bequest is 100% deductible for estate tax purposes.
There are a number of ways to structure your bequest so that your gift benefits you and CMCA.
A gift by will of a specific sum of money or property, including works of art. Inasmuch as CMCA is a non-collecting museum, any non-cash gifts of property will be sold by CMCA to generate cash for its operation or for the benefit of any of its programs, which you may designate. CMCA has long-standing relationships with appraisers and auction houses, which assist in the disposition of such assets.
Provides CMCA with a percentage or all of the remainder of a donor’s estate after specific bequests, debts, taxes, and estate expenses have been paid.
A gift that benefits CMCA only if other named beneficiaries predecease the person making the will.
With a lead trust, you donate assets to a trust that makes payments to CMCA for the term of the trust. When the trust terminates, the assets are transferred back to you or directly to your heirs, as pre-designated by you. If the trust assets revert to you at the end of the trust term, your gift entitles you to an immediate income tax charitable deduction. If the trust assets are transferred to someone other than you at the end of the trust term, you enjoy a substantial reduction in estate and gift taxes on the future transfer to your heirs.
When you name children or other non-charitable heirs (other than your spouse) as beneficiaries of your retirement plans, they receive only a small fraction of the plan’s face value, since inherited assets of retirement plans are subject to both estate taxes and income taxes. You may wish to designate CMCA as the beneficiary of all or part of your retirement plan assets and set aside other assets for family and friends. As a tax-exempt organization, CMCA will generally receive the full amount of the plan’s value.
You may name CMCA as a beneficiary of all or part of a new or existing life insurance policy. Depending on the type of policy donated, you may receive an immediate income tax deduction and be able to deduct any future premium payments on the policy.
Header image: Nellie L. Taft, Untitled (detail), oil on canvas, collection of Lloyd and James Mitchell.