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Plan Your Legacy

Legacy gifts strengthen the Museum’s endowment, provide much-needed annual income, and support its extraordinary collection and acclaimed educational programs. By including the Museum in your long-term plans, you can achieve the goals that are important to you—to benefit yourself, your family, and an institution that you value and believe in.

In addition to a bequest in your will, there are other ways you may make a legacy gift. You can name the Museum as a beneficiary of your retirement plan, or life insurance policy. If you are looking for a way to supplement your income, you can establish a charitable gift annuity, or a charitable remainder trust, which are gifts that will support the Museum and pay you, and/or other designated beneficiaries, income for life.

The Museum’s easy-to use Planned Giving Calculator can provide you with an illustration of the income and tax benefits to which you may be entitled if you make a planned gift to the Museum.

All those who have established a planned gift are recognized with membership in the Fiske Kimball Society.

Bequests

One of the easiest and most popular ways to make a planned gift is to include the Philadelphia Museum of Art in your will or revocable living trust.

Dr. Alvin O. Bellak
works that together teach about history and about beauty — Dr. Alvin O. Bellak

Making a bequest is a way of demonstrating your commitment to the future of the Museum that doesn't affect your current asset balance or cash flow.

If you already have a will, it is not necessary to rewrite it to make a bequest to the Museum. You can simply instruct your attorney to prepare a codicil—an amendment—to your current will or living trust. If you choose to make an outright bequest, the provision in your will or codicil can be very straightforward. For example:

"I hereby give, devise and bequeath to the Philadelphia Museum of Art, a nonprofit corporation organized and operating under the laws of the Commonwealth of Pennsylvania, the sum of $_______(or ___ percent of the rest, residue and remainder of my estate) to be used for the general purposes of the Museum (or for a particular program of your choosing)."

If you have already remembered the Museum in your will and would like to become a member of the Fiske Kimball Society, please contact the Office of Planned Giving by phone at 215-684-7351, or by e-mail at

Supporting the future of the Museum through your will offers:
  • Simplicity – Add a codicil to an already existing will.
  • Flexibility – Change your gift if you wish to do so.
  • Control – Retain control of your assets should you need them in the future.
If you wish to protect a loved one as well as make a contribution to the Museum, charitable trusts of various types may be established in your will that will first provide financial benefits for a spouse, other family member or a friend. Then, at the termination of the trust, the remainder will pass to the Museum.

Charitable Gift Annuities

A Charitable Gift Annuity provides you with regular fixed payments annually (an annuity) for life in exchange for transferring assets to the Museum.

George and Gene Rochberg
For us, the absence of art would be dreadful. We wanted to do something significant ... — The Rochbergs
A Charitable Gift Annuity is a simple contract between you and the Philadelphia Museum of Art. In exchange for your gift of cash or securities, the Museum will provide you with a lifelong annuity, a portion of which is tax-free. The rate that determines your annuity payment currently ranges from 4.4 to 9.0 percent, depending upon your age (and/or the age of your other designated beneficiary). A Deferred Charitable Gift Annuity offers you the opportunity to claim a charitable deduction in the year of your gift, but receive payments at later time designated by you.

In addition to a lifelong annuity and an immediate tax deduction, other benefits of funding a charitable annuity include:
  • The fixed annuity payment is sheltered from stock market volatility.
  • Your contributed assets are removed from your taxable estate.
  • You can become a member of the Fiske Kimball Society.

Gift Annuity Rates - Single Life

AGE 60 65 70 75 80 85 90+
RATES (%) 4.4 4.7 5.1 5.8 6.8 7.8 9.0
Rates are effective as of January 1, 2012 and are recommended by the American Council on Gift Annuities.

Use our Planned Giving Calculator. The calculator is designed to provide you with an illustration of the income and tax benefits to which you may be entitled if you establish a charitable gift annuity. When using the calculator, please select charitable gift annuity when asked for "gift type."

Charitable Remainder Trusts

A Charitable Remainder Trust is an agreement between you and a trustee that can provide fixed or variable income to meet your specific financial needs, at the termination of which the remaining assets are passed to the Museum.

Vincent and Marlyn Sabatino
You don’t need vast wealth to make a difference—a lot of people can be part of something important. — The Sabatinos
A Charitable Remainder Trust provides you and/or another beneficiary(s) with fixed or variable income for life or for a specific period of time and thereafter distributes the remaining assets in the trust to the Museum. A Charitable Remainder Trust is individually tailored to meet your needs: you can select the beneficiaries, the trustees (including the Museum), your income rate, and type of trust.

Annual distributions from a Charitable Remainder Unitrust are variable and are based on the value of the principal, re-valued annually. A Charitable Remainder Annuity Trust pays a fixed annual distribution based upon the value of the principal at the time of the gift. Since each trust is individually tailored, there is more flexibility in the type of property that can be donated, including real estate or tax-free municipal bonds.

Use our Planned Giving Calculator. The calculator is designed to provide you with an illustration of the income and tax benefits to which you may be entitled if you establish a charitable remainder trust. Select either Charitable Remainder Annuity Trust or Charitable Remainder Unitrust (as defined on the calculator page) when indicating "gift type." For proper results, please indicate under "term type" either the birth date(s) of the income beneficiary(ies) or the number of years (up to 20) you wish the trust to last.

Charitable Lead Trusts

A Charitable Lead Trust enables you to preserve a portion of your estate and pass assets tax-free to your heirs.

This arrangement provides income to the Museum for a period of years, after which the trust property typically passes to the donor's heirs. Income-producing assets that are expected to gain in value such as stock or real estate are irrevocably transferred to a trust. The Museum receives income from the trust for a specified number of years, after which the property in the trust is transferred to the heirs without the imposition of any additional taxes.

An immediate charitable deduction on your gift tax return is available for the present value of the total income stream the Museum will receive during the trust term. This gift can reduce or effectively eliminate the gift and/or estate tax that would normally be payable on the transfer of these assets to your heirs.

Use our Planned Giving Calculator. The calculator is designed to provide you with an illustration of the income and tax benefits to which you may be entitled if you establish a charitable lead trust to benefit the Museum.

Gifts of Plans and Policies

IRAs and qualified retirement plans like 401(k)s are some of the best assets to leave to charity. You may also designate the Museum as owner and/or beneficiary of a life insurance policy.

Gifts of Tax-Deferred Retirement Plans

People are often surprised to learn that the assets they thought would pass to their heirs are among the most heavily taxed in their estates. The combination of federal income, estate and excise taxes can seriously erode the value of retirement savings when received by an heir.

Designating the Philadelphia Museum of Art as a beneficiary or contingent beneficiary of all or a specified percentage of your 401K or other retirement plan assets can save your estate both income and federal estate taxes. The process is easy. You can leave a percentage of your retirement assets or a specific dollar amount. Just notify your plan’s administrator of your intention and complete a “change of beneficiary” form.

Gifts of Life Insurance Policies

You may also designate the Museum as owner and/or the beneficiary of a life insurance policy—either a new policy or an existing one that you and your family no longer need. Simply contact your retirement plan administrator or insurance agent and ask for the appropriate forms.

Gifts of Real Estate

The gift of your primary residence or a vacation home is a unique and meaningful way to support the Museum.

You may leave your home to the Museum as a bequest in your will, or you may consider donating it now, but retaining the right to live in your home for your lifetime.

Real estate is also an attractive asset when used to establish a Charitable Remainder or Charitable Lead Trust.

 

The purpose of this web page is to provide information of a general character only. The Philadelphia Museum of Art is not engaged in rendering legal or tax advisory service. Advice from legal and tax counsel should be sought when considering these types of gifts.

 

For more information, please contact Development by phone at 215-684-7750, by fax at 215-236-0796, or by e-mail at .

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