Will Wording and Beneficiary Designations
Sample language to help you define and execute your charitable intentions for making gifts by will, trust, or beneficiary designation to the Grand Rapids Arts Museum is provided below. Share this information with your estate planning attorney.
The Federal Identification Number for Grand Rapids Art Museum is 38-1387136.
General Bequest
I give and devise to the Grand Rapids Art Museum, Grand Rapids, Michigan, (EIN 38-1387136), a nonprofit corporation organized under the laws of the State of Michigan, all (or the percentage of ______%), of the rest, residue and remainder of my estate, both real and personal, to be used at the discretion of its governing board.
I instruct that all my charitable gifts shall be made, to the extent possible, from property that constitutes “income in respect of a decedent” as that term is defined in the Internal Revenue Code.
Contingent Bequest
If (insert name) does not survive me, then and in that event, I give and bequeath to the Grand Rapids Art Museum, Grand Rapids, Michigan, (EIN 38-1387136), a nonprofit corporation organized under the laws of the State of Michigan, all of the rest, residue and remainder of my estate, both real and personal, to be used at the discretion of its governing board.
I instruct that all my charitable gifts shall be made, to the extent possible, from property that constitutes “income in respect of a decedent” as that term is defined in the Internal Revenue Code.
Specific Bequest – Money
I give and bequeath to the Grand Rapids Art Museum, Grand Rapids, Michigan, (EIN 38-1387136), a nonprofit corporation organized under the laws of the State of Michigan, the sum of $_______ (or specified percentage of ____%), to be used at the discretion of its governing board (or according to the Memo of Understanding on file with said organization).
I instruct that all my charitable gifts shall be made, to the extent possible, from property that constitutes “income in respect of a decedent” as that term is defined in the Internal Revenue Code.
Specific Bequest - Securities
I give and bequeath to the Grand Rapids Art Museum, Grand Rapids, Michigan, (EIN 38-1387136), a nonprofit corporation organized under the laws of the State of Michigan, the following described securities or other personal property ______________, to be used at the discretion of its governing board (or according to the Memo of Understanding on file with said organization).
Specific Bequest – Real Estate
I give and bequeath to the Grand Rapids Art Museum, Grand Rapids, Michigan, (EIN 38-1387136), a nonprofit corporation organized under the laws of the State of Michigan, the following described real property ______________, situated in ______________ County, State of ______________, to use said property and the rents, income or proceeds arising therefrom or the proceeds of the sale thereof, to be used at the discretion of its governing board (or according to the Memo of Understanding on file with said organization).
Beneficiary Designation – Retirement Plan Assets
It may be easier than you realize to donate your retirement plan assets to charity and an effective way to reduce income and/or estate taxes. Options available to provide significant financial support to Grand Rapids Art Museum with your retirement plan assets (401k, 403b, IRAs) include:
• Name Grand Rapids Art Museum, Grand Rapids, Michigan (EIN 38-1387136) as the primary beneficiary of all (or part) of the plan assets remaining after your lifetime;
• Name Grand Rapids Art Museum, Grand Rapids, Michigan (EIN 38-1387136) at the death of your spouse; or
• Name Grand Rapids Art Museum, Grand Rapids, Michigan (EIN 38-1387136) as the contingent beneficiary;
Request a change of beneficiary form at your place of employment or the financial institution managing your account. Update the beneficiary designation form with the new beneficiary or beneficiaries; return the form to your plan sponsor and notify Grand Rapids Art Museum of your intent.
Beneficiary Designation - Life Insurance
Grand Rapids Art Museum, Grand Rapids, Michigan, (EIN 38-1387136), may be designated as the beneficiary on life insurance and annuity contracts.
Endowment Language
For endowments of $50,000 - $249,999:
I give and devise to the Grand Rapids Art Museum, Grand Rapids, Michigan, (EIN 38-1387136), a nonprofit corporation organized under the laws of the State of Michigan, the sum of $_________ (minimum charitable bequest must be $50,000), for the establishment of an endowed fund, to be held, administered, and used by its governing board to support museum education programs, scholarships and internships for students at Grand Rapids Art Museum. The earnings from the fund are to be disbursed per the terms of the completed endowed fund agreement on record at Grand Rapids Art Museum.
For endowments of $250,000 and above:
I give and devise to the Grand Rapids Art Museum, Grand Rapids, Michigan, (EIN 38-1387136), a nonprofit corporation organized under the laws of the State of Michigan, the sum of $_________ (minimum charitable bequest must be $250,000 and above), for the establishment of an endowed fund, to be held, administered, and used by its governing board for operations (or exhibitions or publications or art acquisitions and art conservation or education and performance programs or __specify____) at Grand Rapids Art Museum. The earnings from the fund are to be disbursed per the terms of the completed endowed fund agreement on record at Grand Rapids Art Museum. The endowed fund shall be named the ______________.
I instruct that all my charitable gifts shall be made, to the extent possible, from property that constitutes “income in respect of a decedent” as that term is defined in the Internal Revenue Code.
The Federal Identification Number for Grand Rapids Art Museum is 38-1387136.
General Bequest
I give and devise to the Grand Rapids Art Museum, Grand Rapids, Michigan, (EIN 38-1387136), a nonprofit corporation organized under the laws of the State of Michigan, all (or the percentage of ______%), of the rest, residue and remainder of my estate, both real and personal, to be used at the discretion of its governing board.
I instruct that all my charitable gifts shall be made, to the extent possible, from property that constitutes “income in respect of a decedent” as that term is defined in the Internal Revenue Code.
Contingent Bequest
If (insert name) does not survive me, then and in that event, I give and bequeath to the Grand Rapids Art Museum, Grand Rapids, Michigan, (EIN 38-1387136), a nonprofit corporation organized under the laws of the State of Michigan, all of the rest, residue and remainder of my estate, both real and personal, to be used at the discretion of its governing board.
I instruct that all my charitable gifts shall be made, to the extent possible, from property that constitutes “income in respect of a decedent” as that term is defined in the Internal Revenue Code.
Specific Bequest – Money
I give and bequeath to the Grand Rapids Art Museum, Grand Rapids, Michigan, (EIN 38-1387136), a nonprofit corporation organized under the laws of the State of Michigan, the sum of $_______ (or specified percentage of ____%), to be used at the discretion of its governing board (or according to the Memo of Understanding on file with said organization).
I instruct that all my charitable gifts shall be made, to the extent possible, from property that constitutes “income in respect of a decedent” as that term is defined in the Internal Revenue Code.
Specific Bequest - Securities
I give and bequeath to the Grand Rapids Art Museum, Grand Rapids, Michigan, (EIN 38-1387136), a nonprofit corporation organized under the laws of the State of Michigan, the following described securities or other personal property ______________, to be used at the discretion of its governing board (or according to the Memo of Understanding on file with said organization).
Specific Bequest – Real Estate
I give and bequeath to the Grand Rapids Art Museum, Grand Rapids, Michigan, (EIN 38-1387136), a nonprofit corporation organized under the laws of the State of Michigan, the following described real property ______________, situated in ______________ County, State of ______________, to use said property and the rents, income or proceeds arising therefrom or the proceeds of the sale thereof, to be used at the discretion of its governing board (or according to the Memo of Understanding on file with said organization).
Beneficiary Designation – Retirement Plan Assets
It may be easier than you realize to donate your retirement plan assets to charity and an effective way to reduce income and/or estate taxes. Options available to provide significant financial support to Grand Rapids Art Museum with your retirement plan assets (401k, 403b, IRAs) include:
• Name Grand Rapids Art Museum, Grand Rapids, Michigan (EIN 38-1387136) as the primary beneficiary of all (or part) of the plan assets remaining after your lifetime;
• Name Grand Rapids Art Museum, Grand Rapids, Michigan (EIN 38-1387136) at the death of your spouse; or
• Name Grand Rapids Art Museum, Grand Rapids, Michigan (EIN 38-1387136) as the contingent beneficiary;
Request a change of beneficiary form at your place of employment or the financial institution managing your account. Update the beneficiary designation form with the new beneficiary or beneficiaries; return the form to your plan sponsor and notify Grand Rapids Art Museum of your intent.
Beneficiary Designation - Life Insurance
Grand Rapids Art Museum, Grand Rapids, Michigan, (EIN 38-1387136), may be designated as the beneficiary on life insurance and annuity contracts.
Endowment Language
For endowments of $50,000 - $249,999:
I give and devise to the Grand Rapids Art Museum, Grand Rapids, Michigan, (EIN 38-1387136), a nonprofit corporation organized under the laws of the State of Michigan, the sum of $_________ (minimum charitable bequest must be $50,000), for the establishment of an endowed fund, to be held, administered, and used by its governing board to support museum education programs, scholarships and internships for students at Grand Rapids Art Museum. The earnings from the fund are to be disbursed per the terms of the completed endowed fund agreement on record at Grand Rapids Art Museum.
For endowments of $250,000 and above:
I give and devise to the Grand Rapids Art Museum, Grand Rapids, Michigan, (EIN 38-1387136), a nonprofit corporation organized under the laws of the State of Michigan, the sum of $_________ (minimum charitable bequest must be $250,000 and above), for the establishment of an endowed fund, to be held, administered, and used by its governing board for operations (or exhibitions or publications or art acquisitions and art conservation or education and performance programs or __specify____) at Grand Rapids Art Museum. The earnings from the fund are to be disbursed per the terms of the completed endowed fund agreement on record at Grand Rapids Art Museum. The endowed fund shall be named the ______________.
I instruct that all my charitable gifts shall be made, to the extent possible, from property that constitutes “income in respect of a decedent” as that term is defined in the Internal Revenue Code.
