Naming the Museum the beneficiary of an existing life insurance policy that is no longer needed to provide for dependents offers a simple way to support this institution. Since you are the policy owner, the value of the policy will be included in your estate, but an offsetting estate-tax charitable deduction will generally be allowed. You may also be able to assign an existing whole life policy to the Museum, irrevocably making us the owner and beneficiary, and claim an income-tax charitable deduction for the lesser of either your basis in the policy or its fair market value in that year. If the policy is not paid up and additional premium payments are due, MoMA will look to you to donate cash to the Museum to pay the premiums each year, and those donations will be eligible for a charitable deduction. Lastly, you may be able to purchase a new policy naming the Museum as owner and beneficiary, provide us with donations we can use to pay the annual premiums, and also claim those donations as deductible charitable contributions.
Have you already included MoMA in your estate plans?