Giving Through Your Estate
A charitable gift from your estate is a favored method of giving that enables you to achieve your financial goals and benefits the Getty in ways that may not be possible through lifetime gifts.
If your estate is subject to estate tax, giving through your estate plan may generate a charitable estate tax deduction, which may result in substantial tax savings. You may direct all or a portion of your estate to the Getty.
Please contact us at email@example.com or 310-440-7700 for a confidential form that can be used in notifying the J. Paul Getty Trust that an estate gift has been arranged for the Getty's benefit.
Make a lasting impact by remembering the Getty in your will. Making a bequest allows you to continue to enjoy your wealth during your lifetime while knowing that you will be leaving an enduring legacy. Unrestricted bequests are the most useful to the Getty but may be designated for specific purposes that are most meaningful to you. Bequests may take the form of:
- a specified dollar amount
- specified assets, such as securities or tangible personal property, including works of art
- all or a percentage of the remainder of your estate after all other obligations (a residuary bequest).
An outright bequest to the Getty is fully tax-deductible for estate-tax purposes. It is important to note that restricted bequests and gifts of real or personal property must be reviewed by the Getty prior to acceptance.
Whether you wish to make a bequest in a new will or in a codicil to an existing will, below is some sample language to help ensure your gift is most useful to the Getty.
Bequest for general purposes:
“I give, devise, and bequeath (the sum of [x] dollars / [identify the specific property] / all or [x] percent of the residue of my estate) to the J. Paul Getty Trust, 1200 Getty Center Drive, Los Angeles, California, for its general purposes.”
Bequest for specified purpose:
“I give, devise, and bequeath (the sum of [x] dollars / [identify the specific property] / all or [x] percent of the residue of my estate) to the J. Paul Getty Trust, 1200 Getty Center Drive, Los Angeles, California (“Getty”), to support [identify program or purpose]. In the event of changed circumstances that, in the discretion of the Getty, make it unlawful, impossible, or impracticable to carry out the designated purpose of this bequest, then the Getty may use the bequest for other purposes as nearly as possible akin to the designated purpose.”
A beneficiary designation is a simple way to make a gift to the J. Paul Getty Trust. You may specify the recipient and percentage of each asset you want to contribute.
Beneficiary designations are available when giving the following assets:
As an alternative to a bequest gift, you can designate the J. Paul Getty Trust as the beneficiary of your retirement assets. With this gift you can control the transfer of these assets at your death without changing your will or living trust. All you need to do is request (and complete) a new beneficiary designation form from your plan administrator. There is no need to modify your will or living trust.
Life insurance policies can also be used to make a gift to the Getty. Complete and return to the insurance company a form designating the J. Paul Getty Trust to receive all or a portion of the death benefit associated with your life insurance policy. As an alternative to naming the Getty as the beneficiary, you can transfer ownership of the policy. Transferring ownership may result in an immediate income tax charitable deduction and potential income tax savings in the year of the gift.
Commercial Annuity Contracts—A commercial annuity will sometimes have a remaining value at the end of the annuitant’s lifetime. You can name the Getty to receive all or part of this amount by designating the Getty as a beneficiary (sole or partial) on the appropriate form from the insurance company.
Bank Accounts—You can instruct your bank to pay the Getty all or a portion of what remains in a checking or savings account upon your death. Your bank can provide you with the appropriate beneficiary designation form.
Investment Accounts—You can instruct your investment company to transfer to the Getty some or all investments held in the account at the time of your passing. Your broker or agent can let you know the process for doing this—it may be as simple as adding “T.O.D. to the J. Paul Getty Trust” after your name on the account.