Bequeathing part of your estate to the Asian Art Museum can be an emotionally satisfying gift. Often, donors are surprised by how wonderful the giving experience is. In addition, donating may be a tax-efficient strategy for your estate.
Why bequeath?Leaving part of your estate to the museum has a number of advantages:
- You can increase your impact. Bequests often allow for much larger gifts than can be made in a lifetime.
- You can honor or memorialize a loved one.
- You maximize your control over your estate. Bequeathing your assets may allow you to reduce your estate tax burden, giving you more power over how your estate is distributed. Consult legal counsel to determine what tax benefits a bequest may have for you.
- You determine your legacy. You can earmark your bequest for scholarships, programs, equipment, facilities, or simply for use where most needed. Your children and heirs will immediately understand what's important to you and what you value.
How do I make a bequest?Before considering a bequest, you should consult an attorney. The following examples are for illustration only.
When including a bequest provision in your will, always use the full legal name and provide the federal taxpayer identification number. Our full, legal name is: "The Asian Art Museum - Chong-Moon Lee Center for Asian Art and Culture." Our federal taxpayer identification number is: 94-1704765.
You can download our sample endowment bequest form as a reference.
Bequests for Unrestricted PurposesA general unrestricted bequest is particularly valuable, as it can be used to address the greatest need.
For a bequest of securities, the possible language is: "I give the Asian Art Museum - Chong-Moon Lee Center for Asian Art and Culture all of my shares of XYZ stock or mutual fund to be used for the benefit of the Asian Art Museum."
For a bequest of cash, the possible language is: "I give to the Asian Art Museum - Chong-Moon Lee Center for Asian Art and Culture the sum of (Amount) to be used for the benefit of the Asian Art Museum."
If you cannot or do not want to specify the exact amount or nature of the intended gift, a proportional bequest is often the best way to accomplish your goals. We would receive a percentage of the estate or the residue of the estate, after all other provisions have been met. Possible language is: "I give to the Asian Art Museum - Chong-Moon Lee Center for Asian Art and Culture (percent) of my estate, or (percent) of the rest, residue and remainder of my estate to be used for the benefit of the Asian Art Museum."
Contingent BequestsA contingent bequest takes effect only if the primary intention cannot be met (e.g. if the primary beneficiary does not survive the donor). This ensures that property will not be distributed to unintended beneficiaries.
Possible language is: "If (name of primary beneficiary) does not survive me, or shall die during the administration of my estate, or as a result of a common disaster, then I give to the Asian Art Museum - Chong-Moon Lee Center for Asian Art and Culture all of the rest, residue, and remainder of my estate, to be used for the benefit of the Asian Art Museum."