Planned Giving

Are you interested in learning more about legacy giving and making the Montgomery Museum one of your beneficiaries? Contact our Executive Director, Sherry Wyatt, at director@montgomerymuseum.org to discuss this opportunity further.

Plan ahead to make a gift that will sustain the Montgomery Museum of Art & History for the future. A planned gift can benefit you, or your estate, financially while ensuring your legacy of community support.

Legal Name: Montgomery Museum and Lewis Miller Regional Art Center (doing business as Montgomery Museum of Art & History)

Address: 4 E. Main St., Christiansburg, VA  24073

Tax ID Number: 52-1302515

  • By designating the Montgomery Museum as a beneficiary of retirement plan assets, you can receive a range of tax benefits. The typical retirement assets suitable for planned charitable giving include IRAs, Keoghs, SEPs, 401(k)s, 403(b)s, and ESOPs.

    At age 73, anyone with such a retirement plan is subject to an annual Required Minimum Distribution. The RMD is based on your age, subsequent life expectancy, and the value of the account. All assets in your retirement accounts were tax free.  When you take your RMD, your distribution is taxed, as ordinary income by the IRS and by the state where you file taxes. Failure to take a RMD (the year that you are required) will result in a significant tax penalty. If you donate all or part of your RMD to a 501c3 charity, your gift is not taxable income for you and not taxable for the organization receiving the gift.

    For those who wish to donate more than your RMD, you can donate up to $108,000 for individuals or $216,000 for a couple (annually) from your retirement account directly to the Montgomery Museum of Art & History and that gift is not taxable income for the donor. This is called a Qualified Charitable Distribution (QCD). As the Museum is a 501(c)(3) non-profit organization, it is exempt from income tax. Even if you are not the age where RMDs begin, if you are 70.5 years old, you qualify to donate through a QCD.

    If you have directed your financial advisor to make a distribution to the Museum, please notify us here.

    Please note: This is not legal advice. Consult your financial advisor when making decisions regarding planned giving.

  • Remember the Montgomery Museum of Art & History in your will. This simple step will sustain the Museum in its effort to engage the community through the arts and history for generations to come. Please notify us if you have added the Museum as a beneficiary to your will.

    Personal property items, such as objects, books, documents, furniture, and artwork can be donated to the Museum during your lifetime or via your will. By donating an item during the donor’s lifetime, which serves the Montgomery Museum’s tax exempt mission and is accepted into our collection, the donor is generally entitled to claim an income-tax charitable deduction for the full fair market value of the property.

    Please note: This is not legal advice. Consult your financial advisor when making decisions regarding planned giving.