Planned Giving

Members at the museum's 2013 "Out of Southeast Asia: Art That Sustains" exhibition
Photo by Kevin Allen

Leave a lasting legacy and enjoy tax benefits through a planned gift to the museum. Advanced planning will ensure that your bequest, annuity, trust, or gift of real estate will support an area of the museum’s work that is important to you and reduces the tax burden imposed on your estate during or after your lifetime.

Planned gifts are made through the university. Donors can indicate if they would like their gift to benefit the George Washington University Museum and/or The Textile Museum, or even a particular area of the museum’s work.

Types of Gifts

The descriptions below provide language from the university’s planned giving program. The museum staff, in concert with the university’s planned giving team, are available to assist you in crafting a planned gift that reflects your passion and interest in the museum.

  • End of life
    • BequestsBequests – a gift of property through your will or living trust – may be made in any amount, and may be unrestricted or designated for a specific program or purpose at the museum. A bequest also may be used to fund the Life Income options shown below, in order to provide income to children and support The Textile Museum after your lifetime.
    • Retirement Plan Beneficiary designations: Any IRA, 401(k), 403(b), and/or Keogh plan assets remaining at death may be designated to the museum, allowing them to pass tax-free and in full to the museum at the donor’s death. 
    • Other Beneficiary Designations: You may designate the museum to receive the death benefit of a life insurance policy or the remainder of a wide variety of financial accounts, including brokerage and bank accounts.
  • Life income
    • Charitable Annuities: For a gift of $10,000 or more, you can receive an immediate income tax deduction and guaranteed, fixed annuity income for the duration of your lifetime or others designated by you. After the income beneficiary’s lifetime, the annuity’s remainder will be used by the museum for the purpose you designate.
    • Charitable Remainder Trusts: A CRT allows you to make a gift of $100,000 or more to a trust, receive a tax deduction, and receive either a fixed or variable income that lasts for your lifetime or a term of years up to 20. When the trust terminates, its remainder will be used by the museum for the purpose you designate.
    • Charitable Remainder Trusts funded with objects (textiles, othe rart, etc.): A CRT may be funded with textiles or other tangible personal property worth $100,000 or more, rather than with cash or readily marketable securities. An additional contribution of cash or appreciated securities is recommended to cover expenses until the tangible personal property is sold. Tangible personal property works well with only certain variations of charitable remainder trusts. Our planned giving specialists can work with you and your estate planning attorney on the details of the specific trust you wish to establish.  We can also provide information for obtaining the necessary appraisal associated with this life income gift.
    • Real estate: Real estate is a special asset category that may be used to fund bequests or life income gifts such as CGAs or CRTs; it is also possible to give your home to the museum in exchange for a large tax deduction, while maintaining the right to live in the home for the rest of your life. 

Heritage Society

When you make a planned gift to the George Washington University Museum and The Textile Museum, you will be invited to join the university’s Heritage Society.

Those who specify The Textile Museum as the recipient of their gift will also be included in the George Hewitt Myers Heritage Society that recognizes people who have followed the example of The Textile Museum’s founder through an investment in future textile art appreciation.

The museum staff, in concert with the university’s planned giving team, are available to you as resources as you formulate your estate plans.

Get Started

To begin a conversation about planned giving opportunities, contact Eliza Ward, director of development, at 202-994-5438.