Today @ AK
Home > Join & Support > Planned Giving

Planned Giving

Building a Future for Art

For nearly 150 years, the Albright-Knox Art Gallery, governed by The Buffalo Fine Arts Academy, has collected and showcased the finest examples of contemporary art. Thanks to the vision and generosity of several generations of friends, the Gallery has evolved into a world-class cultural asset. Today, it is recognized as home to many of the world’s greatest treasures of modern and contemporary art.

The Albright-Knox Art Gallery is a source of great pride throughout the Buffalo Niagara region. The Gallery relies on the continued support of the community to continue this legacy into the future. The Gallery's dynamic vision is to build on its tradition through exciting exhibitions and programs as well as cutting-edge acquisitions, all with a commitment to serve a broad and diverse audience. Your support as a donor is crucial if this vision is to be fulfilled for generations to come.

Planning to Support the Albright-Knox Art Gallery

Your contribution makes a difference! You do not have to be wealthy to make a contribution. Planned giving can be as simple as including a gift in your will or naming the Albright-Knox Art Gallery as beneficiary of an IRA. There are many kinds of planned gifts, each with different advantages and effects.

We encourage everyone who has included the Albright-Knox Art Gallery as a part of his/her estate planning to let us know, and enjoy the activities and recognition of The John J. Albright Society.

Please explore our Planned Giving options, below.

Bequests

The Albright-Knox Art Gallery has thrived throughout the years because of its friends who remembered it in their wills. Bequests ensure that the Gallery continues to rank among the finest art museums in the nation. They also enable donors to give back to their community in a meaningful and lasting way.

 

Advantages

  • Gifts can be designated as a dollar amount, a percentage, as specific assets, or determined by a formula. The proper wording for a bequest is as simple as, "I give to the Albright-Knox Art Gallery, of Buffalo, New York, the following."
  • Your bequest can be directed to a specific purpose, for example, general operating support, or a program of your choosing.

Charitable Remainder Trusts

A Charitable Remainder Trust benefits you and the Albright-Knox Art Gallery. It provides you with an immediate income tax deduction for part of the gift's value. It provides a guaranteed income stream to the beneficiary of your choice, including yourself. It also provides the Gallery with a gift that will help to secure its future. Gifts of highly appreciated stock are a great gift for a Charitable Remainder Trust.

 

Advantages

  • Provides you with an income-tax deduction in the year of the gift, and, depending on the size of the gift and your income, you may be able to carry forward any unused deduction for up to five years.
  • Provides someone you choose, including yourself, with a guaranteed income stream.
  • Provides a way to diversify appreciated assets without reducing their value by capital gains tax.
  • Provides funding for a supplemental needs trust for the benefit of a disabled person.
  • Provides you with a way to reduce or eliminate estate tax while helping to support the arts.
  • Provides you with a way to make additional gifts in the future and derive the same benefits.

Retirement Plans or Accounts

Gifts from retirement plans are probably the most tax-efficient of all charitable gifts. If you have a taxable estate, retirement plans are subject to both estate tax and income tax (adding up to almost 80%) when received by an individual beneficiary other than your spouse.

 

Advantages

  • Tax efficiency. For example, a $100,000 gift at death from a 401(k) plan or IRA (other than a Roth IRA) would only cost your children approximately $20,000.
  • Retirement assets can be used to fund other charitable vehicles such as Charitable Remainder Trusts

 

Gifts can be made from retirement plans either at death or during your lifetime.

  • Gifts at death are made under the retirement plan's beneficiary designation form, not under your will. Simply request the plan’s beneficiary designation form and specify The Buffalo Fine Arts Academy as the beneficiary of a dollar amount, a percentage, or the entire account.
  • In 2011, gifts can be made during your lifetime if you are at least seventy-and-one-half-years old and have an IRA. Direct payments to public charities such as the Gallery are not included in your income, and may satisfy your minimum distribution requirements.
  • Several special rules apply, so please contact your IRA custodian.
  • You can specify a particular purpose in your beneficiary designation form or in a letter of intent for use of these funds, for example, art education or operational support.

Charitable Lead Trusts

A Charitable Lead Trust benefits you and the Albright-Knox Art Gallery. It provides the Gallery with a guaranteed income stream for a period of time. When the trust ends, the trust assets are distributed according to your wishes. It provides you with an effective and charitable way to reduce gift and estate taxes.

 

A Charitable Lead Trust provides an opportunity to leverage the value of your gift to your non-charitable beneficiaries.

Charitable Gift Annuities

A Charitable Gift Annuity helps the Albright-Knox Art Gallery build a robust financial foundation. Such gifts can provide you with current income for life and will ultimately strengthen the financial resources of the Gallery.

 

Advantages

  • Fulfill your desire to ensure that the Gallery remains vibrant for future generations.
  • Enjoy guaranteed, no-hassle, fixed payments for life.
  • Claim an immediate charitable income-tax deduction.

 

How does a gift annuity work?

  1. Make a gift of cash or securities.
  2. The annuity pays you, or anyone you choose, fixed payments for life.
  3. With your passing, the remainder goes to support the Gallery.

For more information on all planned giving options, or to communicate your intention to support the Gallery with a planned gift, please contact the Development Office at 716.270.8252 or plannedgiving@albrightknox.org.

Please note: You are encouraged to consult your legal representative or tax advisor regarding your personal circumstances. The Albright-Knox Art Gallery does not provide tax or legal advice, but welcomes the opportunity to work with you and your professional advisors.