Planned giving is an ideal way to help secure a strong future for the Muhammad Ali Center. Your gift can take many forms—from immediate stock transfers to future bequests—and we encourage you to discuss your ideas with us. Thank you for considering a gift that directs a part of your life’s legacy toward preserving and mobilizing Muhammad Ali’s humanitarian legacy. Together, we can inspire future social changemakers and create a better road ahead.
A charitable bequest made through your will is one of the most meaningful gifts you can make to the Muhammad Ali Center. You may write a new will or simply add a codicil to your existing will. Your charitable bequest is one hundred percent deductible for estate tax purposes.
There are a number of ways to structure your bequest so that your gift benefits you and the Center:
- Outright estate bequest: A gift by will of a specific sum of money or property, including works of art
- Residuary bequest: Provides the Center with a percentage or all of the remainder of a donor’s estate after specific bequests, debts, taxes, and estate expenses have been paid.
- Contingent bequest: A gift that benefits the Center only if other named beneficiaries predecease the person making the will.
When you name children or other non-charitable heirs (other than your spouse) as beneficiaries of your retirement plans, they receive only a small fraction of the plan’s face value, with inherited assets of retirement plans being subject to both estate taxes and income taxes. You may wish to designate the Muhammad Ali Center as the beneficiary of all or part of your retirement plan assets and set aside other assets for family and friends. As a tax-exempt organization, the Center will generally receive the full amount of the plan’s value.
Philanthropic taxpayers have embraced the IRA charitable rollover as an opportunity to transfer up to $100,000 each year to charity without it being treated as a taxable distribution.
Here are the requirements and restrictions for making an IRA charitable rollover gift:
- The donor must be 70 1/2 or older.
- The gift must be made directly from the IRA to an eligible charitable organization.
- Gifts to all charities combined cannot exceed a total of $100,000 per taxpayer for the year.
- The gifts must be outright, and no material benefits can be received in return for the gifts.
- The qualified distribution described above applies to a traditional IRA. Distributions from employer-sponsored retirement plans are not eligible for the tax-free rollover.
You may want to donate an old insurance policy to the Muhammad Ali Center. Depending on the type of policy donated, you may receive an immediate income tax deduction and be able to deduct any future premium payments on the policy.
Donations of appreciated stock help to preserve the legacy and ideals of Muhammad Ali, and often come with great tax benefits. Stock gifts allow you to avoid paying capital gains tax and take a charitable deduction for the full current value of your stock.
Charitable Remainder Trusts
When you establish a charitable remainder trust, you make an irrevocable gift which is placed in the trust. You can retain a certain payment that lasts for your lifetime (or includes a spouse or others). At the end of the trust term, the trust principal is turned over to the Center to be used as you set forth in the trust document. When you fund a trust gift, you not only receive a stream of payments, but you also qualify for an immediate income tax charitable deduction, defer capital gains tax on the transfer, and reduce your taxable estate. The recent passage of SECURE 2.0 Act permits up to $50,000 of the funding of a Charitable Remainder Trust to come from IRA assets.
Charitable Lead Trusts
With a lead trust, you donate assets to a trust that makes payments to the Muhammad Ali Center for the term of the trust. When the trust terminates, the assets are transferred back to you or directly to your heirs, as pre-designated by you. If the trust assets revert to you at the end of the trust term, your gift entitles you to an immediate income tax charitable deduction. If the trust assets are transferred to someone other than you at the end of the trust term, you may enjoy a substantial reduction in estate and gift taxes on the future transfer to your heirs.
Acquisitions and Collections
The Muhammad Ali Center Museum collects items relating to the legacy of Muhammad Ali. For all objects, books, photographs, and other paper materials, please fill out our Donation Inquiry Form.
Our curators will discuss your donation with you and our Collections Committee will decide if it is something that fits into the scope of the Museum’s collection.
The Muhammad Ali Center is a 501(c)(3) non-profit and does not purchase items for our collection.