Join the IAMLA Heritage Society

Join the IAMLA Heritage Society

The community has benefitted from your dedication for decades. How can you ensure that your legacy is known to future generations?

Join the Italian American Museum of Los Angeles Heritage Society.

Consult with your financial, tax, and legal advisors for more information on planned giving as it pertains to your particular situation and needs. If you would like to include the IAMLA in your estate, please contact the Museum at (213) 485-8432.

Regardless of the size of your estate, you can make a difference to the Italian American Museum of Los Angeles and the lives of the people it serves. The Italian American Museum of Los Angeles (IAMLA) is a non-profit organization that relies on the generosity and goodwill of the community for a significant portion of its funding. Members and friends may support the IAMLA in a number of ways. The Heritage Society is comprised of individuals and families who have made planned gifts as a lasting commitment to the IAMLA.

What is Planned Giving?

The term “planned giving” refers to any gift that involves financial or estate planning. Today planned gifts are more important than ever to the IAMLA’s stability and success. Such gifts can provide valuable benefits to you, your heirs and to the Museum. The different types of planned gifts include bequests, charitable trusts, gifts of life insurance policies, gifts of retirement plan assets, and gifts of personal property. We would be pleased to work with you and your advisors to structure a gift that best fulfills your charitable goals.

Meet Our Heritage Society Families

The Di Loreto Family

The Di Loreto Family

The Gerola Family

The Gerola Family

The Ferrante Family

The Ferrante Family

Cash and Securities

Donations of cash, made in your name, to memorialize a loved one or honor a friend or family member are the most popular method of supporting the IAMLA. Another easy and popular method of giving is the donation of securities. When you donate appreciated securities, you may be eligible to receive a charitable deduction for the securities’ market value. Because a gift of appreciated securities generally avoids capital gains taxes, this type of gift may have a lower after-tax cost to you than an equivalent gift of cash. You may also donate bonds and mutual fund shares to the IAMLA.
Bequests

Bequests

A bequest provides a gift for the IAMLA in your will. Whether you wish to provide general support for the Museum or sustain a specific department or program such as education or the preservation of our collection, a bequest expresses your enduring commitment to the IAMLA and may help you meet your estate-planning goals since a deduction for the entire amount of the gift is allowed.

Charitable Remainder Trusts

Charitable remainder trusts allow you to make a gift to the IAMLA while retaining a benefit from the assets you give. To establish a remainder trust, you make a contribution of cash, securities, or other property, which is placed in trust. The trust pays an income stream to one or more beneficiaries (which can include you) for life or for a set term of years, and the Museum receives the right to principal as a remainder interest. Because charitable remainder trusts are tax-exempt, this deferral feature can make them a useful retirement planning tool and can be tailored to meet your financial goals.

Charitable Lead Trusts

A charitable lead trust can be an effective estate-planning tool that provides significant tax advantages while making a meaningful gift to the IAMLA. A charitable lead trust is the reverse of a charitable remainder trust; the lead trust that will make income payments to the Museum for a pre-determined term of years. After the trust term, the assets are distributed to You or your heirs.

Retirement Plan Assets

Retirement assets, if left to anyone other than a spouse, may be subject to very high taxation. However, by designating the IAMLA as the beneficiary, you may reduce the taxes on those assets, as the portion of the plan payable to the Museum will generally escape estate taxes. If you intend to make both non-charitable and charitable gifts, consider using your retirement plan assets for charity and other assets for heirs. Retirement assets generally considered suitable for charitable gifts include such plans as IRAs, Keoghs, SEPs, 401(k)s, 403(b)s, and ESOPs.

Life Insurance Policies

Naming the Museum the beneficiary of an existing life insurance policy is another way to support the IAMLA. The value of the policy will be included in your estate but a deduction will generally be allowed. You may also be able to assign an existing whole life policy to the IAMLA. Lastly, you may be able to purchase a new policy naming the IAMLA as owner and beneficiary, pay the annual premiums, and claim the premium amount as a charitable contribution.

Real Estate and Other Tangible Personal Property

Real estate and other tangible property, such as vehicles, artwork, jewelry, and antiques, may be donated to IAMLA during your lifetime or by bequest. The Museum must give special consideration to such gifts before it can accept them. Please contact the IAMLA if you are contemplating donating personal property to the Museum. A donation of tangible personal property accepted by the Museum is potentially entitled to claim a charitable deduction and avoid capital gains taxes. The extent of the income-tax deduction for such a gift, however, would depend on whether the Museum uses the property in a manner related to its tax-exempt mission.

The gift of your home or other real estate is a unique and meaningful way to support the IAMLA. You can enjoy the satisfaction of making such a gift during your lifetime—without affecting your current lifestyle—by a special arrangement called a retained life estate. Real estate can also be a valuable asset when used to fund either a charitable remainder trust or a charitable lead trust.

Consult with your financial, tax, and legal advisors for more information on planned giving as it pertains to your particular situation and needs. If you would like to include the IAMLA in your estate, please contact the Museum at (213) 485-8432.