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The Cleveland Museum of Art (the "Museum") was founded "for the benefit of all of the people, forever." This statement was made in 1892 by J. H. Wade when he conveyed the land to be used for the Museum. Incorporated in 1913, the stunning new museum was unveiled in 1916 open to all at no charge. Since that time, CMA has become one of the worlds most distinguished comprehensive collections of art, and one of northeastern Ohio's premier civic and cultural institutions. And the distinction we are perhaps most proud of -- CMA is one of very few world - class cultural institutions where admission is still free.
CMA has a rich and fascinating history: from the struggle of local benefactors to realize their dream for an art museum, to the building of our renowned collections, to our current mission to be a vital part of the community that is accessible to all. For more than 80 years CMA has successfully met each challenge it has faced. The common thread woven throughout our impressive accomplishments is planned giving. Gifts large and small from dedicated and generous supporters are the backbone of CMA. You can become part of this tradition and help the museum continue to grow, sustain itself, and bring the pleasure and meaning of art to the broadest possible audience.
A will is essential if you wish to make a bequest to the Museum. You should consult a lawyer, whether you are making a will for the first time or revising an existing will. We will be happy to assist you or your lawyer by providing or reviewing the language for any proposed form of bequest. Please be assured that all inquiries are confidential and place you under no obligation.
A Special Note on Tax Benefits A bequest to the Museum is not subject to federal or state inheritance taxes. For computing estate taxes, the value of the bequest is deductible in determining the taxable estate. There is no limit on the amount of the deduction.
Please remember: The proper way to designate the Museum as a beneficiary in your will is:
The Cleveland Museum of Art of Cleveland, Ohio
* The information that follows on this website is not intended as legal advice and is for educational purposes only. For legal or financial advice, please consult with your qualified professional advisor(s).
SUPPORTING THE MUSEUM
Types of Gifts Through Wills
LEGACIES - the Museum receives a specified dollar amount.
SPECIFIC BEQUESTS - the Museum receives specified assets, such as artwork, stock or real estate holdings, partnership interests, or other tangible personal property (e.g., jewelry, antiques, or rare books).
RESIDUARY BEQUESTS - the Museum receives all or a percentage of the remainder of your estate after specific legacies, debts, taxes and estate expenses have been deducted.
BEQUESTS TO CHARITABLE REMAINDER TRUSTS - One or more named beneficiaries receive an annual or quarterly amount from the trust. Upon the death of the last beneficiary, all or part of the assets revert to the Museum. Contact the museum's office of gift planning for more information.
BEQUESTS TO CHARITABLE LEAD TRUSTS - An amount from the trust is paid to the museum quarterly or annually, for a specified period of years, usually 15 or more. Upon the expiration of the trust the assets pass to your named beneficiaries at a reduced estate tax cost. Contact the Museum's office of gift planning for more information.
CONTINGENT BEQUESTS - This type of gift transfers property to the Museum only if your named beneficiaries do not survive you.
This material describes some of the more common bequests and provides sample language for each. Although your estate plan should be tailored to your financial needs and prepared by your attorney in consultation with your financial and tax advisors, we are able to discuss any of these techniques with you. For more information please contact
Director of Development
Jack Stinedurf
jstinedurf@clevelandart.org
216-707-2484
OUTRIGHT BEQUEST IN WILL
Bequests can be made in a variety of forms. The following samples of several types of bequests are provided for your consideration in preparing your will. Each can be tailored to your specific interests.
Unrestricted bequests are used to further the mission of CMA. They offer the advantage of permitting CMA to respond effectively through the coming years, by allowing the Museum to allocate funds to the areas of greatest need.
SPECIFIC DOLLAR AMOUNT: This simple bequest enables you to leave a specified dollar amount to the Museum.
EXAMPLE:
I give and bequeath to THE CLEVELAND MUSEUM OF ART of Cleveland, Ohio (the 'Museum'), its successors and assigns, the sum of $_____________ to be used for the Museum's general purposes. Estate expenses shall be paid from the residuary estate.
SPECIFIC BEQUEST: With a specific bequest you designate that the Museum will receive specific piece(s) of property (for example: stock, real estate, jewelry, antiques, rare books) that are not Works of Art. If you are giving work(s) of art, please see the sample language under Work(s) of Art.
EXAMPLE:
I give and bequeath to THE CLEVELAND MUSEUM OF ART of Cleveland, Ohio (the 'Museum'), its successors and assigns, the following described property_______________(the 'Property') to be used for its general purposes. The Property can be sold or retained by the Museum, at the sole discretion of the Museum. If any items are sold, the proceeds are to be used by the Museum for its general purposes and in such manner as the Museum, in its sole discretion, determines. I direct that all taxes related to this bequest and all expenses of safeguarding, insuring, packing, storing, transporting, and otherwise caring for the Property shall be paid by my Executor as an expense of administrating my general estate until the actual delivery of the Property to the Museum.
RESIDUARY BEQUEST: This type of bequest can be used to give the Museum all or a percentage of your residuary estate after all debts, taxes, expenses, and all other bequests have been paid.
EXAMPLE:
I give and bequeath to THE CLEVELAND MUSEUM OF ART of Cleveland, Ohio (the 'Museum'), its successors and assigns, all of my residuary estate, to be used for the Museum's general purposes.
OR
EXAMPLE:
I give and bequeath to THE CLEVELAND MUSEUM OF ART of Cleveland, Ohio (the 'Museum'), its successors and assigns, a portion of my residuary estate equal to _____________% thereof, to be used for the Museum's general purposes.
If you have any questions about these
samples or for language restricting your
bequest or changing your current will by
a codicil please contact
Director of Development
Jack Stinedurf
jstinedurf@clevelandart.org
216-707-2484
All inquiries are confidential and place you under no obligation.
WORK(S) OF ART
If you wish to designate a work(s) of art, the following language is suggested:
NOTE: *If there is more than one Work, describe each work and change the definition to '(individually and collectively, the 'Works')'. Thereafter, substitute 'Works' for 'Work' throughout.
EXAMPLE:
I give and bequeath to THE CLEVELAND MUSEUM OF ART of Cleveland, Ohio (the 'Museum'), its successors and assigns, the following described work, [Insert for each item: Artist; Title; Year; Medium; Dimensions ](the 'Work')* with the understanding that the Work may be retained by the Museum as part of its permanent collection or sold at auction or public or private sale, as the Museum, in its sole discretion, deems appropriate and the proceeds thereof
Select one of the following:
"used for the purpose of art acquisition"
OR
"used for the general purposes of the Museum"
OR
"used by the Museum for the preferred specific purpose of [Insert Specific Purpose]."
Continue with the following language:
in such manner as the Museum, in its sole discretion, shall from time to time determine. Any items purchased with such funds shall bear a credit line reflecting that the item was purchased by,[INSERT YOUR NAME]. The Work, if retained by the Museum, shall bear a credit line reflecting that it was a bequest from [INSERT YOUR NAME]. I further give and bequeath any right, title, and interest I may have in, to, or under any and all images, reproductions, or representation of the Work and any intellectual property or other proprietary rights or licenses with respect to the Work (collectively, the 'Intellectual Property Rights') with the understanding that the Museum, in its sole discretion, may use, sell, license, or otherwise dispose of any or all of the Intellectual Property Rights and the proceeds thereof, if any, as the Museum may determine. I direct that all taxes related to this bequest and all expenses of safeguarding, insuring, packing, storing, transporting, and otherwise caring for the Work shall be paid by my executor as an expense of administrating my general estate until the actual delivery of the Work to the Museum.
For more information on gifts to the Museum see Ways of Giving or please call or have your attorney contact
Director of Development
Jack Stinedurf
jstinedurf@clevelandart.org
216-707-2484
Please be assured that all inquiries are confidential and place you under no obligation.
We would greatly appreciate being notified, should you complete a will, trust, or codicil containing a provision for CMA, so that we may thank you and welcome you to the Museum's Legacy Society. We look forward to hearing from you.
* The information on this website is not intended as legal advice and is for educational purposes only. For legal or financial advice, please consult with your qualified professional advisor(s).
How can you reach us?
Director of Development
Jack Stinedurf
jstinedurf@clevelandart.org
216-707-2484
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