Options for Planned Giving
Options for Planned Giving
The following planned giving ideas suggest some of the ways you may prefer to give. Thank you again for your support.Outright Bequest
One of the simplest ways to support The Phillips Collection, a bequest provides a gift for the museum in your will. If you already have a will, simply instruct your attorney to prepare a codicil to your current will or living trust.Charitable Gift Annuity
A charitable gift annuity is an agreement between you and the Phillips that provides you with regular fixed payments annually for life in exchange for transferring assets to the museum. You will get a charitable deduction in the year of your gift, and for a certain number of years a portion of your income will be tax-free.Charitable Remainder Trust
A charitable remainder trust, or CRT, is a type of charitable trust that provides you with income for life or for a specific period of time and thereafter distributes the remaining assets to the Phillips, while at the same time qualifying for a charitable income tax deduction. A CRT may also reduce your federal estate taxes and may qualify for the elimination of capital gains tax on gifts of appreciated property.Charitable Lead Trust
A charitable lead trust provides income to the Phillips for a period of years, at the end of which the trust property typically passes to an heir.Life Insurance or Retirement Plan Assets
When the Phillips is named a beneficiary of a life insurance policy, any premiums paid qualify for charitable income tax deductions. Naming the Phillips as beneficiary of all or part of your retirement plan proceeds is one of the most cost-effective ways of making a gift and will protect those assets from both income and estate taxes.Real Estate
The Finance and Development Committee of the Board of Trustees reviews all proposed gifts of real estate. The Committee will consider proposed gifts of real estate for outright gifts, Plan 2 Charitable Remainder Trusts, or Life Estate Agreements. In reviewing proposed gifts, the Committee considers the amount the Phillips would receive after liquidation and payment of expenses, the prospect for immediate sale, the property’s location, and consistency with the museum’s mission. Donors must provide an appraisal conducted within the past 60 days, a title search, and a level one environmental survey. Ordinarily, the Phillips will not accept property subject to a mortgage or other indebtedness.Promised Gift of Art
Phillips staff and curators will be happy to discuss with you the process of making a promised gift of art to the museum. For more information, please see Donating Works of Art.
For more information about planned giving, please contact:
Allison Chance, Director of Individual Giving
achance@phillipscollection.org
202-387-2151 x314
All inquiries are confidential and without obligation.
Franz Marc, Deer in the Forest I, 1913.
Paul Klee, Tree Nursery, 1929. © 2009 Artists Rights Society (ARS), New York/VG Bild-Kunst, Bonn.
©2012 The Phillips Collection.
1600 21st Street, NW | Washington, DC 20009 | 202-387-2151