1. What assets can I use to make a gift to the Guggenheim?
Generally speaking, during your lifetime you can make an outright gift of cash, securities, or other property (e.g., real estate, personal property).

Through your will or with a distribution from a retirement plan or life insurance policy, your gift can be designated to the Guggenheim in accordance with your wishes.

2. What sort of gift plans also return income to me?
You have the option of making a gift that returns income to you, your spouse, or other individuals, such as a charitable gift annuity,* or charitable remainder unitrust or annuity trust.

3. What tax deduction will I receive for my gift?
Your tax benefits will depend on several factors: the type of gift, the time at which it is made, whether it is outright or deferred, or has any income payments. In general, though, here are some guidelines:

• Outright gifts to the Guggenheim generate an income-tax charitable deduction in the amount of the gift. Outright gifts of appreciated securities are deductible at fair market value, with no recognition of capital gains—a great tax benefit!
• Gifts of personal property, like art, are fully deductible so long as they are relevant to our mission. We can advise you on this point. Click here for contact information.
• Bequests do not generate a lifetime income tax deduction. They are exempt from estate tax.
• Similarly, life insurance distributions to the Guggenheim are not income-tax deductible, but are exempt from estate tax. If you have made us the irrevocable owner and beneficiary of a policy during your lifetime, you may deduct annual gifts that offset premium payments (for more details on this point, see Question 4 below).
• The charitable deduction for a gift that returns income to you, such as a charitable gift annuity* or a charitable remainder trust, is the fair market value of the gift asset minus the present value of the income interest you retain.

4. I want to set up a life insurance policy, name the Guggenheim as beneficiary, but retain ownership of the policy. Can I deduct the premium payments I make?
No. The IRS would not consider that a "completed gift"—they'd say that, as the owner of the policy, you could change the beneficiary designation to a friend or family member. We must be made the irrevocable owner of the policy for gifts offsetting premium payments to be deductible.

5. I’ve heard that transferring gifts of retirement-plan assets to charity is advantageous. Why?
Qualified retirement plans such as IRAs, 401(k), 403(b), and Keoghs allow individuals to defer paying taxes on a portion of their income until the assets are withdrawn during retirement years. However, after a person's death, these accounts are usually subject to income tax on the entire balance. For individuals with estates subject to estate tax, the combination of estate and income tax may result in a combined rate that could rise to 75% or even higher on large taxable estates. But by giving retirement assets to charity, neither income nor estate tax is due; greatly reducing the after-tax cost of making a gift to support the Guggenheim!

6. I'd like to donate a painting. Will you determine its value for my income tax deduction?
The IRS requires that donors of artwork and collectibles secure an independent appraisal of the items to establish fair market value. The appraisal has to be related to the gift, too—an insurance appraisal won't suffice.

7. I'm interested in establishing a charitable gift annuity. What financial provisions will you make for the income payments to me and my spouse?
The Guggenheim is not yet offering charitable gift annuities; however, please let us know if you would be interested in creating one.

8. If I create a bequest or life-income gift, will you continue to ask me for annual contributions?
Your planned gift is a significant addition to our long-term financial strength and our ability to meet the challenges and opportunities the future will bring. However, today's efforts are supported through annual gifts and we greatly appreciate and encourage any annual support you may want to consider.

*The Guggenheim is not yet offering charitable gift annuities; however, please let us know if you would be interested in creating one.

Solomon R. Guggenheim Foundation
1071 Fifth Avenue
New York, NY 10128-0173
212 423 3500