Naming the museum as the beneficiary of a retirement account is a smart way to give. Income from a retirement account is often taxed more heavily than other assets and therefore may not hold its value for your loved ones.
Because the museum is tax exempt, one hundred percent of your gift will go toward creating your legacy. You can also name the museum as the beneficiary of a life insurance policy, certificate of deposit, bank or brokerage account, or a donor-advised fund.
To make a gift by beneficiary designation, follow these steps:
- Contact your retirement plan administrator, bank, broker, or insurance company and request a beneficiary form.
- Write “Smithsonian Institution, for the benefit of the Freer Gallery of Art and Arthur M. Sackler Gallery, Washington, DC, Federal Tax ID Number 53-0206027” as a sole, partial, or contingent beneficiary of your account.
- Sign and return the beneficiary form to your plan administrator and keep a copy for your files.
- Notify us so we can welcome you to the Freer and Sackler’s Legacy Society.
For more information about making a gift by beneficiary, please email Hannah Sass at SassH@si.edu.