What will your legacy be?
In 1948, Lucy Farnsworth gave the people of Rockland an incredible gift. That year, the Farnsworth Art Museum opened its doors, through her bequest, to honor her father. Today, the Farnsworth is home to one of the nation’s most important American art collections, delights visitors from across town and around the world, and has a huge impact on our growing local and regional economy.
With your legacy gift, you can achieve financial and charitable goals while making a significant contribution to the Farnsworth Art Museum. Discover a range of legacy giving options here. For more information, please contact Ann Holton, Director of Leadership Giving, at 207-596-6256 or by email.
When you make a legacy gift to the Farnsworth Art Museum, we’ll recognize your generosity through the Lucy Farnsworth Circle. You’ll enjoy special invitations to events and programs at the museum throughout the year, be listed in our annual report to donors and on the donor honor wall in our museum lobby. You’ll join 107 other very special supporters who have or will leave a legacy at the Farnsworth.
Perhaps you’ve already included the Farnsworth in your will or estate plans? Let us know so we can honor you as a member of the Lucy Farnsworth Circle.
Did you know that you can name the museum a beneficiary for your donor-advised fund so we continue to receive annual charitable contributions or the balance of your charitable funds? Check with your plan advisor to understand your options.
A bequest made through one’s will or trust is the simplest and most common way to make a legacy gift to the Farnsworth. You may specify that the Farnsworth is to receive a specific amount, a percentage of your estate, or a particular piece of property.
You may also specify the purpose of your contribution. Would you like to support education programs or curatorial and exhibition planning, or would you prefer to leave your bequest to the museum to wherever the need is greatest? We suggest the latter option as the museum’s needs may change over time and this provides our board with maximum flexibility in the use of your bequest.
Suggested language for your will:
“I give and bequeath to the Farnsworth Art Museum, a Maine nonprofit corporation, 16 Museum Street, Rockland, Maine, the sum of $ ___________ (or specific described property such as proceeds from a life insurance policy) to be used wherever the need is greatest as determined by the board of directors or for the specific purpose of (endowment, education, exhibitions, art acquisition, etc.).”
Life Insurance & IRAs
Designating the Farnsworth as a beneficiary of your life insurance, 401k, 403b, or other retirement plan can greatly reduce your taxable estate and save thousands of dollars in estate taxes while providing a windfall to the Farnsworth. In addition to tax savings, gifting life insurance is easy. All you have to do is notify your plan administrator that you wish for the Farnsworth to receive all or a portion of your fund.
Have a life insurance policy that you no longer need? You may be able to gift whole life insurance policies now to the Farnsworth to help fund critical museum projects and enjoy a tax advantage.
IRA Rollover. If you are 70 ½ years old or older, you may be able to transfer your IRA to the Farnsworth. You won’t pay early withdrawal penalties and you may qualify for an immediate tax deduction.
Other Ways to Give
- A Charitable Remainder Trust allows you to place assets in a trust for the benefit of the Farnsworth, your heirs, and other beneficiaries. The trust provides annual income to you, your designees, or the museum. At the end of the trust, the principal is turned over to the Farnsworth to be used as you set forth. When you fund a trust gift, you receive an income stream for the life of the trust and qualify for an immediate income tax charitable deduction, avoid any capital gains tax on the transfer, and reduce your taxable estate.
- A Charitable Lead Trust provides immediate, tax-deductible income to the Farnsworth. When the trust ends, the assets are transferred back to you or to your heirs.
- Gifts of Real Estate such as a residence, vacation home, or investment property may produce tax benefits for you while providing meaningful support for the Farnsworth.
- Gifts of Art and Personal Property. Click here for more information.
If you are considering a bequest to the Farnsworth, we encourage you to consult with your attorney or tax advisor. We are pleased to work with you to determine the best way for you to create your legacy at the Farnsworth.
Please note: The Farnsworth Art Museum does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and it is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transactions.