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Estelle Saltzman Is Making a Cultural Impact Through Estate Planning

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Estelle Saltzman

When news of the Crocker's upcoming expansion reached local resident, business owner and Museum Board member Estelle Saltzman, she knew she had to play a role. "The Capital Campaign really got me thinking about making a contribution through estate planning. I think the expansion is so important to the Sacramento area," explains Saltzman, whose public relations and advertising firm, Runyon Saltzman & Einhorn, is blocks from the Museum. "It's my neighborhood and I hold it very dear." Knowing limited information about making a fiscal contribution on such a large scale, Saltzman sought counsel, and recommends it to others who have never donated before. "I hired a lawyer and a financial planner. But you can always call the Museum and get the guidance you need."

The amount of Saltzman's charitable remainder trust is $330,000. These funds will benefit the Capital Campaign through the creation and naming of the Rare Book Collection Room and will create the Estelle G. Saltzman Endowment Fund. Saltzman's gift reflects a love of art and books, which stems from her upbringing in Humboldt County. Her mother's influence also played a large role in her continuing support of the Morris Graves Art Center in Eureka.

Furthermore, Saltzman urges others to become familiar with the financial incentives of donating. "With a charitable remainder trust, you still have the current income and at the same time, the charitable tax-deduction advantages. I want the IRS to like me," she jokes.

Despite the financial benefits and recognition she will inevitably garner, Saltzman has always been more concerned with the art itself. "I just love art. We have art all over our office, and not everybody likes every piece. And I tell them, how would you feel if we took it out? It adds so much to the quality of life whether you like the art or not. That is what people should think about. What if the Crocker were gone?"

For more information regarding estate plans that include the Crocker, contact the Development Office at (916) 808-7843 or development@crockerart.org.

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

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A charitable bequest is one or two sentences in your will or living trust that leave to the Crocker Art Museum a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

 Bequest Language

The official bequest language for the Crocker Art Museum is "I,(name), of (city, state, ZIP), give, devise and bequeath to the Crocker Art Museum Association (written amount or percentage of the estate or description of property) for its unrestricted use and purpose."

Tax ID: 94-2552486

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the Crocker Art Museum or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the Crocker Art Museum as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the Crocker Art Museum as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the Crocker Art Museum where you agree to make a gift to the Crocker Art Museum and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
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