One of the easiest ways to make a legacy gift to the Museum of Science is by designating the Museum as a beneficiary of certain assets or accounts you own. It’s literally as easy as filling out a form and does not require a change to your will.

You can name the Museum as the sole beneficiary of your assets or as one of several beneficiaries. For example, you can use some of your assets to make a legacy gift and use the rest to provide for family members or other loved ones.

Accounts and other financial assets you may consider designating to the Museum include: 

Retirement accounts: These include IRAs and most other “qualified retirement plans” such as 401(k) and 403(b) plans. Your plan administrator can provide you with a form to designate the Museum of Science as a recipient of either a percentage of your retirement account or specific dollar amount at the end of your lifetime.

Giving the remaining assets in your retirement account to the Museum is tax smart choice. 

When retirement accounts are passed down to heirs, they can trigger high taxes, as most retirement account distributions are subject to income taxes and possibly estate taxes. By leaving your retirement account to the Museum, you completely avoid these taxes.

Life insurance policies: Designate the Museum as a recipient of all or a portion of the death benefit from your life insurance policy by completing a simple form from your insurance company.

Financial accounts: Designate the Museum as a recipient of all or a portion of what remains in your checking and savings accounts at the end of your lifetime. Simply ask your bank to provide you with the appropriate forms.