The Museum is forever grateful to those who choose to express a lasting and meaningful commitment to its mission by making a planned gift or making provisions for the Museum in their estate plans.

In addition to offering financial and tax benefits for you and your family, planned giving is a way to provide for the future of the Parrish Art Museum, as well as the people and communities we serve. Many choose to make legacy gifts to remember or pay tribute to a loved one, support or promote causes and interests important to you, reach philanthropic goals, and make a lasting impact. There are several types of planned gifts that can be funded with cash, equity, or property, all of which can be mutually beneficial to the donor and the Museum.

On behalf of the Museum’s Board and staff, thank you for your consideration of the options and opportunities outlined below. We would be glad to speak with you or answer any questions and can be reached at or 631-283-2118 x163 for more information.

Types of Planned Giving

There are several benefits related to state and federal income tax, capital gains, estate and charitable giving associated with legacy giving.  Be sure to consult with your financial and estate planning professionals.

Bequests (specific gifts made by will) are a popular type of planned gift. You may designate your gift for general operating needs of the Museum or to support a specific department or program. A bequest may also help to meet your financial and estate-planning goals by way of an estate-tax charitable deduction for the amount of the gift.
Charitable Remainder Trust
A charitable remainder trust provides for 1. a distribution, at least annually, to one or more beneficiaries; and 2. at the expiration of a specified time, the remaining balance of the assets are distributed to the Museum. There are two primary types: Charitable Remainder Unitrust (CRUT) distributes a percentage of the assets to the beneficiaries at least annually; Charitable Remainder Annuity Trust (CRAT) distributes a fixed amount to the beneficiaries at least annually. Trusts can be established by contributing cash, securities, or other property. Establishing such a trust generally entitles you to claim an immediate income-tax charitable deduction, and other benefits as well.
Charitable Lead Trusts
Charitable lead trusts are the opposite of charitable remainder trusts whereby the trust first make payments to the Museum for the term of the trust (payments may be either of a fixed amount (CLAT: charitable lead annuity trust) or a percentage of trust principal (CLUT: charitable lead unitrust). At the end of the trust term, the remainder will either go back to the donor or to other beneficiaries. The donor may be able to claim a charitable income tax deduction or a gift/estate tax deduction for making a lead trust gift. Generally, a lead trust eliminates the asset (or part of the asset's value) from the donor's estate.
Retirement Assets, Life Insurance, or Real Estate
There are many ways a donor may leverage their retirement assets, life insurance, or real estate in charitable giving. By designating the Parrish as recipient of benefits in a retirement plan, for example, you may be able to reduce estate taxes. Naming the Museum the beneficiary of a life insurance policy offers a simple way to make a planned gift. Real Estate can be a meaningful way to fund a charitable trust
Donor Managed Investment Account
Establishing a donor managed investment account (DMI account) enables you to 1. request donations from the account to the Museum at any time; 2. retain investment management rights over the account; and 3. receive a full tax deduction at the time you fund the DMI account. By offering investment autonomy, the DMI account method is designed to appeal to donors who want to actively participate in the philanthropic support of the Museum. A DMI account is established through a charity (such as a community fund) and the account is therefore managed in a tax-free environment, and can potentially result in a larger gift to the Museum over time than the initial amount of funds used to set up the DMI account.
Lifetime Gift of Art
Donating works of art or other objects is a creative way to make a legacy gift, and is certainly very meaningful to the Museum. There are many considerations related to the tax-deductibility of a contribution of art and objects including the increase or decrease in the works’ value over the course of its ownership by the donor, as well as the length of time owned, and the total value of the work(s).

Founding Members

Robert T. Olson
Mildred C. Brinn