We hope this Q&A section helps clarify the nuances of planned giving and inspires you to consider supporting the Claremont Lewis Museum of Art. Your legacy can make a lasting impact!
Q&A: Bequests and Planned Gifts
Q: What is a planned gift?
A: A planned gift is a contribution arranged in advance, often as part of a donor’s overall financial and estate planning. These gifts can take various forms, such as bequests, charitable trusts, or gifts of artwork.
Q: How can I include the Claremont Lewis Museum of Art in my will?
A: You can include the Museum in your will by specifying a bequest in the form of a percentage of your estate, a fixed amount, or specific assets. It’s advisable to consult with an estate planning attorney to ensure the language is correct.
Q: What types of planned gifts can I make?
A: Planned gifts can include cash, stocks, real estate, artwork, or life insurance policies. Each type of gift has unique benefits and implications for both the donor and the Museum.
Q: Can I donate artwork as part of my planned gift?
A: Yes! Gifting artwork can be a wonderful way to contribute to the Museum’s collection. CLMA has an Acquisitions Committee who reviews artwork to ensure that it aligns with the Museum’s mission and collection policies before adding to the Permanent Collection. Please contact the Museum at info@clmoa.org or (909-621-3200) for further information.
Q: Are there tax benefits associated with planned gifts?
A: Yes, many planned gifts can offer significant tax advantages. Depending on the type of gift, you may be eligible for income tax deductions or estate tax benefits. Consulting a tax advisor can help clarify potential benefits.
Q: What is the difference between a bequest and a living trust?
A: A bequest is a provision in a will directing that assets be distributed upon death. A living trust allows you to manage your assets during your lifetime and distribute them after your death, often avoiding probate.
Q: How do I ensure my gift is used as I intend?
A: Clearly outline your wishes in your estate planning documents. When making a restricted gift, specify any conditions attached to its use. Consult with Museum representatives to ensure mutual understanding.
Q: Can I change my planned gift after I’ve made it?
A: Yes, most types of planned giving agreements can be changed at any time. Life circumstances and values may change, and it is important to revisit your plans and update them as needed. Please consult with your financial advisor or estate planner to discuss your options.
Q: Who can I contact for more information about making a planned gift?
A: You can contact the Claremont Lewis Museum of Art (909-621-3200) to speak confidentially with a Museum Representative.
Q: Is there a minimum amount required for a planned gift?
A: There is no formal, minimum amount. Every contribution, regardless of size, can make a significant impact on the Museum’s ability to fulfill its mission and enhance the community.