Planned Giving at the Fine Arts Museums of San Francisco

Contact Information

Our planned giving specialist would be happy to meet with you and your legal advisor to discuss these options. For more information, please contact Renay Conlin, Director of Development, at rconlin@famsf.org or by calling 415.750.3671.

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The Renaissance Society of the Fine Arts Museums of San Francisco honors individuals who believe that the de Young and the Legion of Honor museums have a vital place in our cultural life, and have expressed their support through a bequest or other planned gift. These gifts can offer significant tax benefits to you or to your estate, while also providing critical support to the Fine Arts Museums. You may designate your planned gift to our general operating expenses, for special projects, or for long-term endowment support.

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Planned Giving Options

Bequests

The simplest and most common way to make a planned gift to the Fine Arts Museums of San Francisco is through your will.

You may choose to leave a specific dollar amount, a percentage of your estate, or specific assets such as stock or real estate. It is also possible to make a gift of all or part of your property after all other bequests have been paid, or a gift that takes effect only if your beneficiaries do not survive you. Any charitable bequest to the Fine Arts Museums is removed from your taxable estate and is not subject to estate taxes.

How to Make a Bequest: Suggested Language

The most useful bequest is an unrestricted bequest for the general purposes of the Museums. This permits the Museums to use your gift wherever it is most needed at the time.

Suggested language for making an unrestricted bequest: "I give, devise and bequeath [the sum of ____ dollars], [all or ____ percent of the rest, remainder and residue of my estate of every kind and description (including lapsed legacies and devises)] to the Corporation of the Fine Arts Museums of San Francisco, 50 Hagiwara Tea Garden Drive, San Francisco, California 94118, for its general corporate purposes."

Suggested language for a specific purpose: "I give, devise and bequeath [the sum of ____ dollars], [all or ____ percent of the rest, remainder and residue of my estate of every kind and description (including lapsed legacies and devises)] to the Fine Arts Museums of San Francisco, 50 Hagiwara Tea Garden Drive, San Francisco, California 94118 to create an endowment fund which, subject to the Museum's endowment spending rule, is to be used for the following purpose: [state the purpose]."

Important Note: If you do specify a use for your bequest, the following language will ensure that your gift will always remain productive: "If at any time in the judgment of the Trustees of the Fine Arts Museums of San Francisco 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 Museums, giving consideration, where possible, to my special interest as described above."

A Charitable Gift Annuity

A Charitable Gift Annuity allows you to contribute cash or marketable securities to the Fine Arts Museums in exchange for a promise that you (and one successor beneficiary, if you wish) will receive a specific amount of money each year for life.

You may choose an Immediate Gift Annuity, with payments beginning within one year from the date of gift, or a Deferred Payment Gift Annuity, with payments commencing at a later date. There are federal (and possibly state) tax benefits to the contributor.

A Charitable Lead Trust

If you have substantial assets which you would like to transfer to your children, grandchildren or others, a Charitable Lead Trust is an excellent means of making a gift to the Fine Arts Museums while reducing gift or estate taxes.

The Museums receive income from the trust for a specified number of years, and, at the end of the term, your named beneficiary receives the trust’s remaining principal. A Charitable Lead Trust may be established during your lifetime or through your will through the following process:

Income-producing assets that are expected to gain in value, such as stock or income-producing real estate, are irrevocably transferred to a trust. A minimum gift of $100,000 is recommended.
The Museums receive 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 Museums 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.

A Charitable Remainder Trust

A Charitable Remainder Trust enables you to make a gift which provides you, or someone you designate, with income for life or for a period of years.

You benefit by receiving a charitable deduction in the year you make the gift, by receiving income for the term of the trust, and by reducing the size of your taxable estate. You may select a Charitable Remainder Annuity Trust, which pays you a fixed dollar amount each year, or a Charitable Remainder Unitrust, which pays you a percentage of the value of the trust’s assets each year. the Fine Arts Museums benefit by receiving the amount remaining when the trust’s term ends. A Charitable Remainder Trust is particularly well suited for gifts of appreciated securities or real estate because it may avoid or defer potential capital gains taxes. It can be established during your lifetime or through your will.

Retirement Assets, Life Insurance and Real Estate

Retirement, life Insurance policies and real estate assets may all be donated to the Museums.

Your Life Insurance Policy

If you or your family no longer requires protection from your life insurance coverage, your life insurance policy provides an easy way to make a gift to the Fine Arts Museums. You can irrevocably name the Museums as owner of the policy and receive an income tax charitable deduction, or you can designate the Fine Arts Museums as beneficiary of your policy and receive an estate tax deduction.

Your Retirement Plan

The assets in your Individual Retirement Account, or any qualified retirement plan, can be the basis of a future gift to the Fine Arts Museums if you or your family has no need of these funds. This gift has the unusual advantage of avoiding potential future income taxes as well as estate tax.

A Gift of Real Estate

A gift of marketable property to the Fine Arts Museums qualifies as a charitable deduction and is exempt from capital gains taxes on the appreciated value. Alternately, you may transfer a residence to the Museums irrevocably, while retaining the right to live in your home for life or for a specified number of years.

Planned gifts, if properly structured, offer important tax savings: income tax, estate tax, gifts tax, capital gains tax, or, in some instances, a combination of these taxes.