The Minerva Society

There are two ways to make a bequest:
Specific: You can give a specific dollar amount or specific assets, such as securities, real estate, or tangible personal property.
Residuary: You can give the Academy all or a portion of your estate that remains after all your specific bequest provisions have been fulfilled.

The following language may be used when creating a bequest provision for the Academy:
“To the American Academy of Arts and Sciences in Cambridge, Massachusetts, I give (______ dollars or ______% of the residue of my estate) for its general purposes.”

When left to heirs, retirement plans may be subject to both estate and income taxes, which can amount to a substantial portion of the assets.
Many people elect to avoid these taxes by designating a charitable beneficiary of their retirement accounts.

Individuals utilizing a donor-advised fund for philanthropy may designate the Academy to receive either a fixed sum or a fixed percentage of a remaining account balance as a planned gift.

A charitable gift annuity allows an individual to make a charitable gift but retain a fixed income stream for life. An income tax deduction can be claimed for the present value of the Academy’s remainder interest.

With the passage of the SECURE Act 2.0 in 2022, you can now use a Qualified Charitable Distribution to establish a charitable gift annuity.

A charitable remainder trust allows you to make a charitable gift but retain a variable income stream (for yourself and/or others) for life or a fixed number of years. You can also claim an income tax deduction for the present value of the Academy’s remainder interest.