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Gift Planning |
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Bequest A gift to the Art Institute of Chicago in your will or revocable trust proclaims your confidence that we will continue to pursue our mission and make a difference in the lives of future generations. A bequest is:
You may have planned your estate through a revocable trust instead of a will. A transfer to the Art Institute of Chicago from your trust will bring you the same tax and planning benefits as a bequest from a will. Your bequest or trust distribution to us will reduce the value of your estate for federal estate-tax purposes and will also be exempt from state inheritance taxes. You Can Make Your Bequest in Several Ways A bequest can deliver a specific dollar amount or asset to the Art Institute of Chicago, or it can give us a percentage of the balance remaining in your estate after taxes and specific bequests have been paid. It can also be payable if an individual beneficiary is not able to inherit. The following language is suggested for use in making an unrestricted bequest:
"I give (the sum of _____ dollars), or (all or ____percent) of the residuary of my estate to the Art Institute of Chicago, 111 South Michigan Avenue, Chicago, Illinois, for its general museum purposes." The following language is suggested for use in making a restricted bequest: "I give (the sum of _____ dollars), or (all or ____percent) of the residuary of my estate to the Art Institute of Chicago, 111 South Michigan Avenue, Chicago, Illinois for the museum for (state the purpose: ie. Curatorial Department, Museum Education, Conservation, etc.)". The following language is suggested for use in establishing an endowment for a specific purpose: "I give (the sum of _____ dollars), or (all or ____percent) of the residuary of my estate to the Art Institute of Chicago, 111 South Michigan Avenue, Chicago, Illinois, to create an endowed fund, the earnings from which, subject to the Institute's then current spending policy, are to be used for the following museum purpose: (state the purpose: ie. Curatorial Department, Museum Education, Conservation, general museum purposes, etc.)." Inclusion of the following language will assure that your restricted bequest or endowment bequest will always remain productive: "If at any time in the judgment of the Trustees of the Art Institute of Chicago the designated use of this bequest is no longer practicable or appropriate, then the trustees shall use the bequest to further the general purposes of the museum, giving consideration, where possible, to my special interest as described above." Your Bequest Can Be Used by Us in Two Ways: A bequest can be directed to a specific program or purpose at the Art Institute of Chicago, or you can tell us to apply it to our general resources or use it for the need that we believe is most pressing at the time it is received. So that it can be most useful, we prefer that the terms of a bequest be as general as possible and ask that you consult us if you are considering a bequest for a specific purpose. More
To learn more about bequests, e-mail us, complete the information request form, or call us at (312) 499-4110 so that we can assist you. The Art Institute of Chicago Planned Giving content ©2008 VirtualGiving | Disclaimer & Privacy Notice |
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