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Your Gift to Support the Work of NMHS by Thomas F. Daly, Trustee, National Maritime Historical Society

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ost of our members support our work because they want to continue and strengthen our ability to preserve and promote our maritime heritage. They recognize the value in preserving the historic ships that have played vital roles in our history, from the big events to the more everyday work on the water-from the Barde of Trafalgar to the great clippers, to the plain oyster barges that formed the backdrop of the waterfront up and down the East Coast. NMHS members know that the education of the next generation is critical to carrying the memory of our maritime story forward and will provide the future with criti cal thinkers who understand the role cou•rnsy JAM Es KIRK

m aritime heritage has played in the history of our nation and of the wo rld. These pursuits are just some of the work the National Maritime Historical Society, your Society, performs throughout the year. Our members understand how important their support is to NMHS. While the tax consequence of their generosity may not be their first consideration, it is worth knowing about the many ways to give which maximize their tax savings. Gifts of cash are most commo n and immensely appreciated, but a gift of securities or other assets that have increased in value can support NMHS and also be beneficial to the tax savings of the donor. Gifts in a will, living trust, or a plan that provides funds to the Society are all sound ways to give wisely. Your tax-deductible contributions to the National Maritime Historical Society help us preserve America's maritime heritage. Your generosity helps insure that future generations will learn about o ur nation's seafaring past. In your name or the name of a loved one, please consider one of these giving vehicles. -Burchenal Green, NMHS President

IRA Gifts New legislation enables persons 70.5 years or older to make donations up to $100,000 in 2007 from a traditional- or Roth IRA without incurring a tax on the withdrawal. This method of giving is also exempt from the percentage of adj usted gross income limitations imposed on other types of charitable gifts. The donation will pass directly from the donor's IRA ro the Society, so it is nor, for tax purposes, included when calculating the donor's income. This provision is effective only until 31 December 2007, so all gifts must be completed by that dare. Two of our generous members have taken advantage of this Pension Protection Act of 2006. Both highly recommend to others who do not need the additional taxable income that they take advantage of this provision to support our important work and have the money sent directly to the Society, avoiding the tax liability. 38

Outright Gifts Outright contributions, often consisting of cash or appreciated securities, are the most direct way of assisting NMHS. Appreciated Securities: A gift of long-term appreciated securities, either publicly traded or from a private company, may provide greater tax advantages than gifts of cash. The donor can deduct the current fair market value as a charitable gift and avoid any capital gains tax on the appreciation. The deduction can be used to offset the donor's adjusted gross income in the year of the gift, and any unused excess may be carried over to offset income in succeeding years. Gifts to a Community Fund: A donor may cons ider making a gift to a community fund, whereby he can direct that annual contributions from the fund be paid to the National Maritime Historical Society. This gift would be tax deductible for federal income tax purposes. SEA HIST<ORY 12 1, WINTER 2007-08

Sea History 121 - Winter 2007-2008  

Sea History 121 - Winter 2007-2008  

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