One of the most popular and easiest ways to make a planned gift is to include LACMA in your will or revocable living trust. If you have already drafted a will, your attorney may add LACMA as a beneficiary through a simple amendment called a codicil. Similarly, a gift provision for LACMA may be added to a revocable trust agreement.
There are several ways for you remember LACMA in your will or trust:
You may name the museum as a specific beneficiary, stating a fixed dollar amount or a percentage of your estate that you wish to leave LACMA.
You may name LACMA as a remainder beneficiary, providing for the museum to receive assets from your estate after all your specific beneficiaries have received their assets.
Your gift may also be contingent, so that assets go to the museum if someone named as a beneficiary does not survive you.
In addition to cash, you can bequeath securities, real estate, art, and other forms of personal property. A bequest can be made for the general benefit of LACMA or for the benefit of a particular department or program. If you decide to designate your gift for anything other than general use, we strongly encourage you to contact the Office of Planned Giving in advance. This will enable us to work with you to ensure that we are able to accommodate your wishes.
How to Make a Bequest: Useful Language
The appropriate way of naming the museum as a beneficiary is: Museum Associates, dba Los Angeles County Museum of Art. The provisions in your will or trust for making a gift to LACMA will depend on the type of gift and your personal circumstances. We hope that the following language will be helpful to you and your attorney.
I give (the sum of ___ dollars), (all or ____ percent of the residue of my estate), to Museum Associates, dba Los Angeles County Museum of Art, 5905 Wilshire Boulevard, Los Angeles, CA, 90036, for its general purposes.
I give (the sum of ___ dollars), (all or ____ percent of the residue of my estate), to Museum Associates, dba Los Angeles County Museum of Art, 5905 Wilshire Boulevard, Los Angeles, CA, 90036, in support of (your choice of program). At any time, in the judgment of the Trustees of the Los Angeles County Museum of Art, 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.
The purpose of this web page is to provide information of a general nature only. Advice from your own legal and tax counsel should be sought when considering any gift arrangement.
For additional information to discuss a potential planned gift, please contact Diana Veach | 323 857-6207 | email@example.com
All inquiries are confidential and without obligation.
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LACMA Federal Tax ID: 95-2264067