ELIZA LAUGHLIN SOCIETY (ELS)
The Eliza Laughlin Society honors supporters who make planned gifts, both large and small, to The Phillips Collection through a bequest or other estate plan provision. Whatever your estate planning objectives, the Phillips can share with you gift planning ideas that will benefit you, while providing a lasting legacy for the museum.
Planned Giving Options
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 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.
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. Works enter the collection at the Phillips after careful review by a committee of the museum's curators and board members. All accepted new works reflect the aesthetic values at the core of The Phillips Collection.
All inquiries are confidential and without obligation.
For more information about planned giving and the Eliza Laughlin Society, contact: