Plan Your Legacy

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) 684-7753, 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.

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

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."

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.

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 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.

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.