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Legacy Planning

The Frick Pittsburgh is an exceptional example of a planned gift at its most generous—Helen Clay Frick left provisions in her will for Clayton, her childhood family home, to be restored and opened to the public along with The Frick Art Museum and the family’s car and carriage collection. That foresight has enabled The Frick Pittsburgh to evolve into the unique museum we have today.
 
You, too, have the opportunity to create a legacy that will help ensure that the Frick continues to serve students and families well into the future. In addition to making a difference in the lives of others, a planned gift can provide tax savings or income benefits for you and your family.  There are many ways to make such a gift—simple methods include gifts in your will or living trust, gifts of life insurance, gifts of retirement assets, and more.

Consult your attorney or accountant to discuss your tax situation and the advantages of making a planned gift to The Frick Pittsburgh. For more information on legacy giving options at the Frick, contact Maddy Fisher, Manager of Individual Support, at mfisher@TheFrickPittsburgh.org or 412-342-4098.

Invest in your community’s future! A legacy gift can:

  •  Allow you to make a significant impact by making a gift that is considerably larger than what you may be able to make in your lifetime.
  • Help you lower certain federal and state estate taxes. Retirement accounts can also be used fund your gift in your will and impact your and your heirs’ tax burden.
  • Provide an opportunity to honor a loved one by designating your gift in your will as a memorial.
  • Enable you to decide the type of impact you make—designate your gift for programs, facilities, conservation, or to be used where it is needed most.

Legacy Planning

Naming the Frick in a will or living trust enables you to pass any amount to the Frick free of federal estate tax. You have the option to give a specific dollar amount, a particular percentage, or all or part of the remainder. This allows you to retain complete control over your assets, and you reserve the right to make any changes you wish.

By including the Frick in your will, you play an important part in ensuring the continuation of the museum’s mission long into the future. Some suggestions for wording are listed below:

Dollar Amount: I give, devise, and bequeath to the Frick Art & Historical Center of Pittsburgh, Pennsylvania (Federal Tax ID #25-1596285) the sum of $___dollars.

Specific assets: I give, devise, and bequeath to the Frick Art & Historical Center of Pittsburgh, Pennsylvania (Federal Tax ID #25-1596285 ___ shares of XXX Corporation common stock (or the following described property).

Percentage: I give, devise, and bequeath ___% (or all the rest, residue and remainder) of my estate to the Frick Art & Historical Center of Pittsburgh, Pennsylvania (Federal Tax ID #25-1596285).

Contingent Bequest: If any of the above beneficiaries should predecease me, then I give the Property, real or personal, that each such beneficiary would have received had he (or she) survived me, to the Frick Art & Historical Center of Pittsburgh, Pennsylvania (Federal Tax ID #25-1596285).

Remember, as with all estate planning, consult legal counsel to be sure you get the greatest possible benefit. For more information on gifts in your will or other planned giving options at the Frick contact Maddy Fisher, manager of individual support, at MFisher@TheFrickPittsburgh.org or 412-342-4098.

One of the big advantages of this type of giving is that you maintain lifetime ownership of the policy, including the right to cash it in, borrow against it and change the beneficiary. Because you own the policy during your lifetime, an income tax charitable deduction for this future gift (or for the premium payments you made during your lifetime) is not applicable. However, and for some perhaps more important, your estate can take an estate tax charitable deduction. Alternatively, you may also choose to transfer ownership of a policy to the Frick, or purchase a new policy with the Frick as owner and beneficiary. If you choose this method, you are entitled to certain tax advantages. 

Remember, as with all estate planning, consult legal counsel to be sure you get the greatest possible benefit. For more information on bequests or other planned giving options at the Frick contact Maddy Fisher, manager of individual support, at MFisher@TheFrickPittsburgh.org or 412-342-4098.

You can name the Frick as the primary, secondary, or contingent beneficiary of your retirement assets (such as your IRA, 401(k), 403(b), or other tax-deferred plan). This option allows you to designate a certain dollar amount or percentage of the assets. Changing the beneficiary designations on your retirement assets is easy to accomplish, and this gift allows your heirs to avoid two-fold taxation (income and estate tax).

For more information on gifts of retirement assets or other legacy giving options at the Frick contact Maddy Fisher, manager of individual support, at MFisher@TheFrickPittsburgh.org or 412-342-4098.

Charitable trusts can be funded with highly appreciated assets, such as stocks, mutual funds and even real estate, and can be custom-designed to positively affect you and your estate. Two types of charitable trusts predominate. Charitable Remainder Trusts provide income to meet your specific financial needs, at the termination of which the remaining assets pass to the Frick. Charitable Lead Trusts generate income for the Frick for a period of years, at the end of which the trust property passes back to you or an heir. Since the details of every estate are different, consult with your financial planner or an attorney skilled in charitable trusts.

For more information on charitable trusts or other planned giving options at the Frick contact Maddy Fisher, manager of individual support, at MFisher@TheFrickPittsburgh.org or 412-342-4098.

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