Gifts of Art
In addition to outright gifts, the museum welcomes bequests and promised gifts of works of art. We ask that gifts be made in the areas in which we collect and that you notify LACMA of your intentions beforehand so that we may review and advise you as to whether your work is best suited for LACMA.
You may also choose to make a gift of a fractional interest in a work of art during your lifetime, which will allow for a current charitable gift deduction for the value of the percentage that is given to LACMA. Your remaining interest in the work of art would be promised to LACMA and would be given during your lifetime or later through your will or trust.
Gifts of real estate may include a house, condominium, vacation home, apartment building, commercial building, farm, or land. Real estate can be contributed now as an outright gift or later as a testamentary gift. It can be also used to fund a charitable remainder trust to provide income to you or others.
With a retained life estate arrangement, you may contribute your personal residence but continue to reside there for the remainder of your lifetime. This gift of a future interest in your home lets you continue to enjoy your home without diminishing your standard of living, and obtain an immediate charitable deduction for income tax purposes.
Charitable Lead Trust
A Charitable Lead Trust is an arrangement in which assets are transferred to a trust that pays an annual amount to LACMA for a set number of years, with the assets in the trust ultimately passing on to another beneficiary, such as your children. Primarily created by those in higher estate tax brackets, the trust can pass its assets on to younger generations with significantly reduced gift or estate taxes.
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 on planned giving, please contact Diana Veach in LACMA's Office of Gift Planning at 323 857-6207 or via email. All inquiries are confidential and without obligation.
LACMA Federal Tax ID: 95-2264067