Legacy Circle

The Armory’s Legacy Circle is a group of individuals who support Park Avenue Armory through a vitally important source of future funding, a planned gift. These gifts will help support the Armory’s out-of-the-box artistic programming, Education Programs that reach over 5,000 underserved New York City public school students each year, and historic preservation of the landmark building.

Anyone who makes a planned gift (regardless of the amount) becomes a member of the Legacy Circle and will be acknowledged in printed programs for Armory productions. In addition, the Legacy Circle is invited to attend select private viewings, receptions, and conversations with artists throughout the season.

There are many ways to make a planned gift, such as including a provision for Park Avenue Armory in your Will, designating Park Avenue Armory as a beneficiary of a trust or retirement plan, or making a gift of an insurance policy. To join the Legacy Circle, or for more information about ways to make a planned gift, please contact the Planned Giving Office at (212)-616-3952 or members@armoryonpark.org.

Wills and Bequests

The most frequently used planned giving instrument is the Will. Through your Will, you may specify the assets you would like to leave to Park Avenue Armory by creating a bequest. Then, after your lifetime, your estate can take a charitable deduction for the full amount of your bequest. Depending on the size of your estate, this can result in substantial tax savings. Anyone who commits to a bequest will also receive membership in our Legacy Circle for this most significant gift.

Bequests

  • Are created in a will or revocable trust
  • Offer charitable estate tax deduction
  • Provide continued use of assets during your lifetime
  • Are flexible – you may increase or decrease amount at any time
  • No minimum amount
  • Can be added with a simple codicil to your will rather than rewriting of it

Suggested Language for Bequests

“I give [specify amount or property, percentage or residue] to Seventh Regiment Armory Conservancy, Inc. doing business as Park Avenue Armory, a not-for-profit corporation, chartered in the State of New York, located at 643 Park Avenue, New York, NY 10065, for its general purposes.”

Retirement Funds

Whether you participate in a company pension plan or a fund you have established yourself, such as an IRA or a 401(k), you may find you’ve accumulated funds beyond your needs for comfortable support of yourself and loved ones.

Benefits

  • You have the use of your retirement savings during your lifetime
  • This form of a gift is revocable and can be changed if your financial circumstances change
  • The ability to leave loved ones other assets that carry less tax liability

Life Insurance Policies

Consider gifting a life insurance policy to Park Avenue Armory. If you no longer need all the life insurance coverage you purchased years ago, you might think about it as an asset you could give to Park Avenue Armory. This is an easy way to make a large gift with little cost to yourself.

Benefits

  • Save taxes this year if you transfer ownership of a policy that has a cash surrender value
  • If you continue to pay the premiums, those payments are deductible as charitable gifts
  • Remove the value of the life insurance from your taxable estate

Or consider naming Park Avenue Armory as the beneficiary of your policy, while maintaining ownership. No income tax deduction is allowed, and you retain the right to change your mind during your lifetime.

This information is purely for illustrative purposes. Please consult your legal, financial, and tax advisors before making a gift.