Planned Giving

For many members and friends of the Detroit Institute of Arts, a planned gift illustrates their appreciation and commitment to the museum’s collection and programs and their desire to provide stability and continuity to one of the nations finest art museums. In addition to supporting the DIA’s endowment, planned giving often provides significant financial benefits to the donor. These benefits include substantial tax deductions and income to donors or their loved ones, as well as other benefits available depending on a donor’s circumstances and objectives. The DIA’s development staff can help donors choose the options that work best for them.

How to receive income and make a gift at the same time

Many planned giving opportunities exist, all of which can be tailored to meet your specific financial and estate planning objectives. A planned gift offers many advantages, including opportunities to:

• increase income for you and/or your loved ones
• turn low yielding assets into higher, lifelong income
• reduce or eliminate capital gains or estate taxes
• receive a significant tax deduction
• make a generous gift to the Detroit Institute of Arts

What are Charitable Gift Annuities and Deferred Charitable Gift Annuities?

A charitable gift annuity is a simple contract between you and the Detroit Institute of Arts, whereby the DIA agrees to pay a donor (or other person named by the donor) a lifetime annuity in return for a gift of cash or marketable securities. The payment may continue for the life of a second individual, such as a spouse.

The annual payment is a fixed sum, the amount of which is based on the size of the gift and the ages of the beneficiaries. Rates of return are somewhat lower than the rates offered by commercial insurance companies so that a significant portion of the gift will remain for the museum.

The annuity payments may begin immediately, or with a deferred charitable gift annuity, they can be delayed for a number of years, agreed upon by the donor and the DIA.

Current rates for a Single Life Charitable Gift Annuity:

What are Charitable Remainder Unitrusts and Annuity Trusts?

A charitable remainder trust is a separately administered trust established by the donor. It provides for payments to the donor and/or other named beneficiaries either for life or for a term of years (not to exceed 20), whereupon the remaining trust assets are distributed to the charitable organization.

Charitable Remainder Unitrust (CRUT)

A charitable remainder unitrust pays a fixed percentage (at least 5%) of the fair market value of the trust assets valued at least annually. Because the value of assets can be expected to change from year to year, the unitrust payment will vary in amount each year. Additional contributions may be made to the trust after it is established.

Charitable Remainder Annuity Trust (CRAT)

A charitable remainder annuity trust pays a fixed amount that must be at least 5% of the fair market value of the assets initially contributed to the trust. This amount does not change, and no additional gifts may be made to the annuity trust after its creation.

What is a Pooled Income Fund?

A pooled income fund is a trust in which contributions are commingled for investment purposes. When donors make gifts to the pooled fund, units are assigned to them or their named beneficiaries. The net income from the fund is paid to each beneficiary on the basis of the number of units he or she possesses.

How to pass assets to heirs and make a gift at the same time?

What is a Charitable Lead Trust?
A charitable lead trust is an agreement whereby a donor irrevocably transfers assets to a trustee who makes payments to the Detroit Institute of Arts for a term of years (or a term measured by one or more lives). At the end of the term of the trust, the asset(s) in the trust revert to the donor or to family members or other loved ones. Significant income and/or estate tax savings can be realized through a charitable lead trust.

How to name the DIA in your will.
Naming the Detroit Institute of Arts in your will or estate plans, regardless of the size of the bequest, can make a significant and long-lasting impact on the museum’s financial stability. A bequest can be made through your existing will or when you create a new one. The DIA development staff will be happy to provide language for a bequest or review language that you or your attorney suggests. Once you have named the DIA in your will, you are invited to become a member of the Robert H. Tannahill Society. Several options for making a bequest exist:

Specific Bequest - - The DIA will receive a specific amount, a specific piece of artwork or property or a specific percentage of your estate.

Residuary Bequest - - The DIA will receive the remainder or a percentage of the remainder of your estate after all other instructions have been carried out.

Contingent Bequest - - The DIA will receive property if your named beneficiaries pre-decease you.

For more information or a personailzed proposal

Miriam A. Reed
Associate Director of Gift Planning
Phone: (313) 833-5337
Email: mreed@dia.org

Detroit Institute of Arts
5200 Woodward Avenue
Detroit, Michigan 48202

Find out about estate planning and the Robert H. Tannahill Socieity

Who was Robert Tannahill?
Robert H. Tannahill (1893 – 1969) was an exemplary member of the museum’s family. The son of Robert Blyth Tannahill and Elizabeth Hudson (sister of J.L. Hudson), Mr. Tannahill enthusiastically supported the Detroit Institute of Arts throughout his life and with a substantial bequest. He was honorary curator of American art, a trustee of the DIA Founders Society and a member of the City of Detroit Arts Commission. An ardent and knowledgeable collector, he was devoted to the museum for more than 40 years.

The museum benefited from Mr. Tannahill’s generosity and broad knowledge. During his lifetime, he donated 475 works of art. His last gifts to the museum were a bequest of another 557 works and a generous trust arrangement for future acquisitions. His volunteer service was evident through his scholarship, publication, acquisition, and care of the works of art. Mr. Tannahill’s belief in the future of the DIA continues to make a difference.

What is the Robert Tannahill Society?
The DIA Founders Society Board of Trustees inaugurated the Robert H. Tannahill Society of the Detroit Institute of Arts in 1994. It is the museum’s way to honor those donors whose vision for and trust in the DIA have led them to make a gift to the museum by will, trust, gift annuity, life insurance policy, or other planned gift.

The Society is also a means by which the Board encourages people to follow Mr. Tannahill’s example. Planned gifts are critical to building the museum’s endowment. These funds will ensure that future generations will enjoy the art, culture and experience of a world-quality museum. Individuals who would make such gifts are urged to consider giving for both acquisitions and operations of the museum.

How can I become a member?
Your membership in the Robert H. Tannahill Society begins when you notify the DIA of your bequest intention, regardless of the size, or make a planned gift during your lifetime. Not only will these gifts bring art into the lives of hundreds of thousands of people, there may be tax advantages for you today or for your estate.

In appreciation for your commitment, you will receive a certificate of membership in the Robert H. Tannahill Society and invitations to selected events at the museum throughout the year. Member’s names are also prominently displayed in the Robert H. Tannahill Society section of the Donor Wall in the museum.

If you have already named the Detroit Institute of Arts in your will or estate plans, please let us know so that we may recognize your generosity and include you in the Robert H. Tannahill Society.