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National 

Gallery 

of Art

nga.gov/support

plannedgiving@nga.gov

(202) 842-6372

Gifts for the Future

A Guide to Planned Giving at 

the National Gallery of Art
It is an honor and privilege to serve as the fth director of the 

National Gallery of Art and lead this extraordinary institution. 

The Gallery’s founder, Andrew Mellon, believed that great works 

of art should benet the public, and his patriotic vision of a 

national art gallery has been faithfully sustained by the commitment of the United States Congress and countless generous 

patrons since the museum’s opening in 1941. While the federal 

government provides funding to support daily operations and 

maintenance, several important areas of the Gallery’s mission 

rely on private funds, including the enhancement of the permanent collection, conservation, international exhibitions and 

exchange, and educational outreach. Estate gifts are a vital part 

of our eorts to make these programs possible 

in perpetuity. 

Planned gifts benet the Gallery in the long term while 

providing donors an opportunity to create a lasting legacy 

for future generations. They may also allow for certain tax 

benets. The following brochure details several types of gifts. 

We warmly invite your involvement and support in fullling 

our aim to cultivate engaged and inspired citizens here at the 

nation’s art museum. 

Kaywin Feldman

Director
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Making a planned gift to the National Gallery of Art will show 

your support and enhance the Gallery for future generations. 

Your gift may also help you and your family to achieve your 

nancial and estate planning goals, such as:

• showing your support for the Gallery while retaining control 

of your assets during your lifetime

• receiving an income tax charitable deduction for the full, 

fair-market value of your gift of appreciated securities and 

avoiding capital gains tax on the sale of such assets 

• providing an income source for life in return for your gift

• reducing tax consequences of unused retirement savings

• receiving an income tax deduction or, if the gift is made 

as a bequest, an estate tax deduction

• reducing your taxable estate, because assets contributed 

to the Gallery during your lifetime or at death will not be 

included in your estate for estate tax purposes

Preserve and Strengthen 

the Nation’s Art Museum 

with a Planned Gift
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Vehicles for Making 

a Planned Gift

7 Bequest in Your Will or Revocable 

Trust Indenture

11 Donor Advised Funds

12 Life Income Plans

Charitable gift annuities 

Deferred gift annuities

Charitable remainder trusts

19 Charitable Lead Trusts

20 Retirement and Pension Plans

21 Private Foundations

22 Other Assets 

Life insurance policies

Works of art

Please contact the Development Oce at (202) 842-6372 or e-mail 

plannedgiving@nga.gov for questions about any of these gift options. Given 

the complexity of the rules relating to tax planning and charitable deductions, we recommend that you consult an attorney or nancial adviser as 

you consider making a planned gift. The Gallery is unable to give you any 

legal advice, including tax advice, but we would be pleased to work with you 

and your advisers to discuss a planned gift that meets your charitable goals. 
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Bequest in Your Will or 

Revocable Trust Indenture

A bequest is often the simplest 

way to make a meaningful gift to, 

and a signicant impact on, the 

Gallery. A bequest is a testamen-

tary gift made under your will or 

revocable trust indenture. In 

addition to cash, you can give 

marketable securities and art to 

the Gallery. There are several 

ways to structure a bequest so 

that your gift benets both you 

and the Gallery: • To make an outright bequest, 

you may specify a monetary 

amount, share of your estate, or 

particular work of art that you 

wish to give to the Gallery. A 

bequest of money or a share of 

your estate may be designated 

for a general purpose or for a 

particular purpose. • To make a residuary bequest, 

you may provide for a percent-

age or all of the remainder of 

your estate to go to the Gallery 

after all specic bequests, debts, 

taxes, estate expenses, and 

other obligations have been paid.

• To make a contingent bequest, 

you may specify conditions 

under which a portion of your 

estate will come to the Gallery. 

For example, if the original bene-

ciary (or beneciaries, as the 

case may be) is unable to accept 

the bequest, the Gallery may be 

designated as a secondary 

beneciary.

How to Make a Bequest

Bequests for general use permit 

the Gallery to use your gift where 

it is most needed at the time.

We suggest the following 

language for making a bequest 

for general use at the Gallery:

“I bequeath to the Trustees of the 

National Gallery of Art in Washing-

ton, DC (state a dollar 

amount, percentage of estate or 

trust, or a share of the residue) for 

its general purposes.” 

We suggest the following 

language to designate a specic 

purpose for the bequest:
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“I bequeath to the Trustees of the 

National Gallery of Art in Washington, DC (state a dollar 

amount, percentage of estate or 

trust, or a share of the residue), 

which is to be used for the following 

purpose: (state specic 

purpose, such as art acquisition, the 

special exhibition program, scholarly 

research, or education).”

We suggest that you discuss 

your intentions with the Gallery 

if you are considering giving a 

work of art or designating a specic purpose for a bequest in 

your will. Please note that all gifts 

of works of art must be reviewed 

by the Board of Trustees and are 

subject to acceptance by a vote. 

If you do specify a use for your 

bequest, the following language 

will ensure that your gift will 

always remain productive:

“If at any time in the judgment of 

the Trustees of the National Gallery of Art the designated use of 

this bequest is no longer practicable or appropriate, then such 

Trustees in their discretion shall 

use the bequest to further the 

general purposes of the National 

Gallery of Art, giving consideration, where possible, to my 

special interests as described 

above.”

Potential Tax Benets 

Assets left to the Gallery are 

removed from your taxable 

estate, potentially reducing any 

estate taxes that may be owed. 

This is true for all assets, or the 

portion of assets, contributed 

to the Gallery using any of the 

planned gift vehicles described 

in this brochure.

Other Benets 

Making a bequest to the Gallery 

in your will or revocable trust 

indenture is simple. A bequest 

allows you to retain control of 

your assets during your lifetime, 

should you need them in the 

future.
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Donor Advised Funds

A donor advised fund (DAF) is a 

popular type of planned giving 

vehicle. A DAF is set up by donat-

ing assets, such as cash or 

appreciated securities, to a DAF 

sponsor that is a public charity. 

The DAF sponsor holds the 

assets in a separate account 

over which you have advisory 

privileges. This arrangement 

allows you to make a charitable 

gift in a particular year to be paid 

out to the Gallery over subse-

quent years, which may be use-

ful for your income tax planning. 

Your DAF also may grow over 

time, depending on your invest-

ment preferences. 

If you have already established a 

DAF, you can recommend dona-

tions to the Gallery or name the 

Gallery as a charitable bene-

ciary by completing a beneciary 

designation form from your DAF 

sponsor. You can also consider 

designating a successor advisor 

for your DAF who can make rec-

ommendations for future dona-

tions to the Gallery.

Potential Tax Benets

If you donate appreciated securi-

ties to a DAF, you can expect to 

receive an income tax charitable 

deduction for the full, fair-market 

value of the property and avoid 

paying capital gains tax on the 

appreciation. You can expect to 

receive an immediate income tax 

charitable deduction in the year 

that you make the contribution, 

but you can choose to recom-

mend gifts to the Gallery over a 

longer period of time. 
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Life Income Plans

The Gallery oers several ways 

for you to make a substantial gift 

while providing for your own 

nancial needs. You can make an 

irrevocable gift to the Gallery and 

in return receive an income 

stream for life (or for a set term 

of years). Any remaining principal will go directly to the Gallery 

for general use or for the purpose that you specify.

Benets of life income plans 

include supporting the Gallery 

during your lifetime; receiving 

income for life, paid to you and/

or another beneciary that you 

have designated; and receiving 

an immediate income tax deduction for a portion of the value of 

your gift.

CHARITABLE GIFT ANNUITIES

A charitable gift annuity (CGA) is 

a simple contract or agreement 

between you and the Gallery. In 

exchange for your irrevocable 

gift, you will receive an annuity, 

or regular xed payments each 

year for life, from the Gallery. At 

the end of the annuity term, the 

remainder of your gift will be 

available for the Gallery to use 

for its general purposes or for 

the use that you specify. 

Specic Requirements 

of a CGA

Gifts can be made with cash 

or marketable securities. 

The minimum gift is $10,000. 

Donors who establish a CGA 

must be at least sixty years old. 

Annuity rates are determined 

based on the age of the annuitant: the older the annuitant, the 

higher the gift annuity rate. Gift 

annuity rates are determined by 

the American Council on Gift 

Annuities. 

Income payments can be paid to 

one or two annuitants.
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Potential Tax Benets

You can expect an immediate 

income tax charitable deduction 

to be available for the portion of 

the gift’s principal minus the 

value of the income payments 

made to the annuitant. You may 

also avoid capital gains tax by 

transferring appreciated 

securities. 

You can expect that a portion of 

your annuity payment will not be 

subject to income tax. 

DEFERRED GIFT ANNUITIES

A deferred gift annuity is similar 

to a charitable gift annuity 

except payments to the annui-

tant(s) do not begin until a speci-

ed future date chosen by the 

donor, which must be more than 

one year after the date of the 

gift. Because the payments are 

deferred, you may receive a 

higher annuity rate and a higher 

income tax charitable deduction 

in the year you make the gift 

than under a CGA. A deferred 

gift annuity can be an attractive 

source of retirement income.

CHARITABLE REMAINDER 

TRUSTS

A charitable remainder trust 

oers you the opportunity to 

make a gift to the Gallery while 

also retaining an income stream 

for you and/or a beneciary you 

designate. To establish a charita-

ble remainder trust, you make an 

irrevocable contribution of cash, 

securities, or other property, 

which is held in trust. The chari-

table remainder trust provides a 

xed or variable income stream 

to you and/or another bene-

ciary for life or a set term of 

years (not to exceed twenty 

years). At the end of the term, 

the trust’s remaining assets pass 

directly to the Gallery to use for 

its general purposes or for the 

use that you specify.

As an individually managed 

trust, a charitable remainder 

trust can be used to suit your 

personal objectives, whether you 

want to select the trust’s bene-

ciaries and trustees; build a 

retirement account; generate 

higher income from assets you 
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currently own; or provide for 

family members or other bene-

ciaries. A charitable remainder 

trust can also be tailored to meet 

your nancial goals with respect 

to the payout rate, the type of 

income stream (variable or xed), 

and the payment schedule. 

Types of Charitable Remainder 

Trusts

A charitable remainder unitrust

pays income as a variable dollar 

amount annually, based on a 

specied percentage of the market value of the trust’s assets, as 

determined each year (at least 

5% and not more than 50% of 

the initial principal). The unitrust 

may be augmented by additional 

contributions.

A charitable remainder annuity 

trust pays income as a xed 

dollar amount annually, based 

on the initial valuation of the 

trust principal (at least 5% 

and not more than 50% of the 

initial principal). Unlike the 

charitable remainder unitrust, 

the charitable remainder 

annuity trust does not permit 

additional contributions.

Potential Tax Benets

You can expect an immediate 

income tax charitable deduction 

to be available for an amount 

equal to the present value of 

what the Gallery will receive 

when the trust terminates.

By contributing appreciated 

securities to a charitable remainder trust, you may also receive 

two tax benets — a charitable 

deduction and deferral of capital 

gains tax.
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Charitable Lead Trusts

A charitable lead trust is the 

reverse of a charitable remainder 

trust: the gift to the Gallery is the 

income stream from the trust, 

and you or your beneciaries 

receive the remainder. 

A charitable lead trust is created 

by transferring property — such 

as cash, securities, privately held 

stock, real estate, or limited 

partnership interests — to a trust. 

A charitable lead trust can be 

funded during your lifetime or 

under a will. During the term of 

the trust, which is often a speci-

ed number of years, the trust 

will pay the Gallery either a xed 

dollar amount or a xed percent-

age of the trust principal, reval-

ued annually. At the end of the 

trust term, the trust terminates 

and the remaining assets are 

distributed to you or your desig-

nated beneciaries — typically 

children or grandchildren — 

either outright or in further trust. 

The benet of this type of 

arrangement is that the value 

of the trust property provides 

income to the Gallery rst before 

reverting to you or passing to 

those you designate, potentially 

enabling you to pass assets on 

to your heirs with signicantly 

reduced gift or estate taxes. 

Potential Tax Benets

You can expect an immediate 

income tax charitable deduction 

to be available for the present 

value of the total income stream 

that the Gallery will receive 

during the trust term.

If the trust term is long enough 

and the annual payment to the 

Gallery is large enough, the tax 

on the gift to beneciaries can 

potentially be eliminated. You 

should consult your attorney 

or tax adviser about the applica-

bility of generation-skipping 

transfer tax if grandchildren 

are named as beneciaries.
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Retirement and Pension Plans

Designating the Gallery as the 

beneciary of your retirement 

plan assets is an easy and ©exible way to support the Gallery 

while reducing your federal 

tax burden. If retirement plans 

are left to family members or 

friends, these assets may be 

subject to income tax, estate tax, 

and generation-skipping transfer 

tax. Because of this potential 

combination of taxes, retirement 

plan assets may be particularly 

attractive and tax-ecient 

assets to leave to the Gallery. 

There are several ways to 

support the Gallery using your 

retirement plan assets.

• You can transfer funds 

directly from your IRA account 

to the Gallery under certain 

circumstances.

 • An individual who has reached 

age 701⁄2 can make an IRA 

Charitable Rollover, which 

allows up to $100,000 to be 

transferred annually from 

your IRA to the Gallery without 

having to count the distributions 

as taxable income. An IRA 

Charitable Rollover can count 

toward satisfying the annual 

required minimum distribution 

(starting at age 72), or can 

be made even if you have 

already taken your minimum 

distribution.

 • You can specify that your 

retirement funds go directly to 

the Gallery as a beneciary after 

your death.

 • You can transfer retirement 

assets to a deferred giving 

arrangement, like a trust, that 

will pay an income stream for life 

to family members or beneciaries of your choosing, after which 

the remaining assets will pass to 

the Gallery.

To designate the Gallery as a 

beneciary of all or a specied 

percentage of your retirement 

plan assets, notify your plan’s 

administrator of your intention 

and complete a change of bene-

ciary form. Please note that for 

some retirement and pension 

plans governed by the federal 

Employee Retirement Income 

Security Act (ERISA), you may 

need to obtain your spouse’s 

consent to list the Gallery as a 

beneciary.

Potential Tax Benets

If you designate the Gallery as a 

beneciary of all or a specied 

percentage of a retirement plan, 

you can expect that the portion 

of the plan payable to the Gallery 

will not be subject to estate tax, 

and, because the Gallery is a 

tax-exempt organization, the 

Gallery will not be required to pay 

income tax on the distributions. 

Private 

Foundations

A private foundation is a charitable organization that typically 

receives its funding from a single 

individual, family, or corporation. 

A private foundation is managed 

by its own trustees or directors, 

who determine the foundation’s 

activities, where funds are 

invested, and how funds are 

expended. A private foundation 

typically makes grants to public 

charities, although it may also 

conduct its own charitable 

activities. 

If you already have established a 

private foundation, the foundation may be able to make grants 

to the Gallery, as it is a public 

charity.
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Other Assets

Gifts of other assets, including 

life insurance and works of art, 

can also oer benets to both 

you and to the Gallery. 

Life Insurance Policies

A gift of a new or existing life 

insurance policy is a wonderful 

way to make a sizable contribution to the Gallery that allows 

you to retain control of your 

other current assets, provides 

immediate tax savings, and 

helps ensure the future of the 

Gallery. You may designate the 

Gallery as the owner and bene-

ciary of an existing or new life 

insurance policy. Simply contact 

your insurance agent and ask 

for the appropriate forms to 

designate the Gallery as owner 

and beneciary. 

If you transfer ownership of an 

existing life insurance policy to 

the Gallery, you may be able to 

claim an income tax charitable 

deduction for the lesser of either 

your basis in the policy or its fair 

market value in the year of the 

gift. For a new life insurance policy that designates the Gallery as 

the owner and beneciary, you 

may be able to claim the annual 

premiums as charitable 

contributions.

Works of Art

Works of art may be donated to 

the Gallery during your lifetime 

or by bequest. If you are considering donating a work of art to 

the Gallery, we advise you to 

contact us because the Gallery 

has specic policies and procedures for accepting gifts of art 

into the collection, whether 

by outright or promised gifts. 

Please also note that the Board 

of Trustees must accept all 

works of art prior to their inclusion in the collection.

Other types of assets may also 

help to support the Gallery. 

Again, if you are considering 

donating other types of property 

or assets to the Gallery, we suggest that you discuss these 

intentions with the Gallery before 

doing so.
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The Legacy Circle recognizes 

and honors those who make 

a planned gift to the Gallery. 

Anyone who makes a bequest, 

sets up a charitable gift annuity, 

creates a trust arrangement, 

or includes any other provision 

in his or her estate plan is invited 

to join The Legacy Circle. By joining the group of individuals who 

make up The Legacy Circle, you 

will receive invitations to exclusive Gallery events, special 

presentations, and programs, 

and you will be recognized in 

Gallery publications.

If you have made any type of 

estate planning provision to 

benet the Gallery, we would be 

delighted to recognize you as a 

member of The Legacy Circle. 

Given the complexity of the 

rules relating to tax deductions 

for charitable giving, we recommend that you consult an 

attorney or nancial adviser as 

you consider making a planned 

gift. The Gallery is unable to give 

you any legal advice, including tax 

advice. If you or your adviser(s) 

would like additional information 

on making a gift to the Gallery, 

please contact the Development 

Oce at (202) 842-6372 or 

e-mail plannedgiving@nga.gov.

IMAGES

Cover: André Derain, Mountains at 

Collioure, 1905, oil on canvas, National 

Gallery of Art, Washington, John Hay 

Whitney Collection, 1982.76.4

Inside Cover: East Building at dusk

Page 2: Henri Rousseau, The Equatorial 

Jungle (detail), 1909, oil on canvas, 

National Gallery of Art, Washington, 

Chester Dale Collection, 1963.10.213

Page 5: Fra Angelico and Fra Filippo 

Lippi, The Adoration of the Magi 

(detail), c. 1440/1460, tempera on 

poplar panel, National Gallery of 

Art, Washington, Samuel H. Kress 

Collection, 1952.2.2

Page 6: Johannes Vermeer, Girl with 

the Red Hat (detail), c. 1665/1666, 

oil on panel, National Gallery of Art, 

Washington, Andrew W. Mellon 

Collection, 1937.1.53

Page 9: Raphael, Saint George and the 

Dragon (detail), c. 1506, oil on panel, 

National Gallery of Art, Washington, 

Andrew W. Mellon Collection, 

1937.1.26

Page 10: Leonardo da Vinci, Ginevra de' 

Benci(detail), c. 1474/1478, oil on panel, 

National Gallery of Art, Washington, 

Ailsa Mellon Bruce Fund, 1967.6.1.a

Page 13: French 12th Century, Chalice 

of the Abbot Suger of Saint-Denis, 

1137 – 1140, 2nd/1st century BC 

sardonyx cup with heavily gilded silver 

mounting, adorned with ligrees 

set with stones, pearls, glass insets, 

and opaque white glass pearls, 

National Gallery of Art, Washington, 

Widener Collection, 1942.9.277

Page 14: Gustave Caillebotte, Dahlias, 

Garden at Petit Gennevilliers (detail),

1893, oil on canvas, National Gallery 

of Art, Washington, Gift of the 

Schar¤enberger Family, 2016.48.1

Page 17: Jean-Antoine Houdon, 

John Paul Jones, model 1780, cast 

1921, bronze, National Gallery of Art, 

Washington, Corcoran Collection 

(Bequest of James Parmelee), 

2015.19.3681

Page 18: Maurice de Vlaminck, Woman 

with a Hat (detail), 1905, oil on canvas, 

National Gallery of Art, Washington, 

Donated by Lolo Sarno¤ in memory of 

her parents, Mr. and Mrs. Robert von 

Hirsch, 1981.84.1

Page 23: Berthe Morisot, The Artist’s 

Sister at a Window (detail), 1869, 

oil on canvas, National Gallery of Art, 

Washington, Ailsa Mellon Bruce 

Collection, 1970.17.47

The Legacy Circle

LIFETIME GIVING: MAKE A CHARITABLE GIFT OF CASH OR SECURITIES

You can also make a meaningful gift by contributing cash or 

securities to the Gallery during your lifetime. By making a lifetime 

gift of such assets, you can expect to receive an income tax 

charitable deduction for the full, fair-market value of your gift. 

Additionally, if you contribute appreciated securities, you can 

expect to avoid paying capital gains tax on the appreciation.