The Ultimate Gesture of Generosity
By making a bequest to the Montreal Museum of Fine Arts, future generations will benefit from your generosity, and the Museum will perpetuate your memory.
If you wish to make a bequest to the Museum, we suggest you consult your legal and financial advisors to plan the terms and conditions.
You Can Make a Bequest to the Museum:
· by including it in your will
· by adding a codicil to your will or
· by designating the Museum as beneficiary of your testamentary trust.
Types of Bequests
· bequeath a specific amount of money to the Museum.
You can make an unrestricted bequest to the Museum to be used for the general purposes of the institution, or a restricted bequest allocated for specific purposes (such as the acquisition of works of art, conservation, education or the Library).
· bequeath all or part of the remainder of your estate after the payment of any specific bequests and all estate-related expenses.
· bequeath a work of art or other property that may be added to the Museum's collections or otherwise used for the benefit of the Museum.
· designate the Museum as beneficiary of your life insurance policy (in whole or in part), the remainder of your annuity or your retirement plan.
· create a testamentary trust to provide one or more beneficiaries with income for life, after which the capital passes to the Museum.
A bequest to the Museum may serve to reduce, by means of a tax credit, the income tax payable at the time of the donor's demise and may eliminate or reduce tax on capital gain on appreciated property that is given.Bequests of cultural property certified by the Canadian Cultural Property Export Review Board can result in substantial tax benefits.
Sample Wording of Bequests Unrestricted Bequests:
· Bequests of a specific amount of money or the residue of estate: "I give and bequeath (XX dollars or all the rest, residue and remainder of my estate) to the Montreal Museum of Fine Arts for the general purposes of the institution."
· Bequests of art or other property: "I give and bequeath (list the works or describe the property) to the Montreal Museum of Fine Arts."
· Bequests to establish a fund for the acquisition of art or for other specific purposes, such as conservation, education, or the Library: "I give and bequeath (XX dollars or all the rest, residue and remainder of my estate), to be used only for (specify the purpose). The said fund shall be known as the (specify the name) Fund."