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The Plan in Planned Giving

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Planned giving can be an important tool when planning for the future of your estate. Some may have a desire to give to non-profit organizations, including their alma mater, a medical research project or a favorite youth organization. Whatever your desire, make sure you work with an experienced financial partner that can help guide you through the process to ensure your goals can be met.

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First, what constitutes a meaningful gift?

Quite simply, any gift is a meaningful gift. Many people are under the impression that only the very wealthy can be philanthropic. However, this is not the case. Gifts of any size are greatly appreciated by non-profit organizations, especially now as economic challenges have affected many individuals’ ability to donate while the needs continue to grow.

Motivations for gifting

The reasons for gifting vary greatly depending on the individual. Compassion for those in need, an extension of a religious or spiritual commitment, desire to share good fortune with others and memorializing the lives of others are some of the most prevalent reasons for planned gifts. You should personally evaluate your motivation and goals, and keep them in mind when determining how and when you want to support a cause.

Selecting the “right” organization

There are many worthy organizations, and choosing the non-profit that best fits your giving intentions is extremely important. Once your inspiration for giving has been clearly identified, make a short-list of potential groups. Organizations should be carefully researched and vetted to ensure you are comfortable with the final decision. It’s important to learn about a specific topic or organization, so your philanthropy can be used in a meaningful way. Once one or more organizations have been selected, a financial partner can help you define your vision, determine how the gift will be distributed and then evaluate, when possible, how the gift has been used.

Gift Options

Another item to consider is the type of gift you may want to give. Many organizations have gift acceptance policies, which may exclude certain types of donations. Things like stocks, real estate, art or other items may be quite valuable, but you should have a conversation with the organization first to ensure they are able to accept these types of gifts.  

Planned giving is an extremely meaningful and personal investment. Taking the time to evaluate these types of questions can really help individuals and organizations make the most of charitable gifts.


Jan Leonard is senior vice president and managing director for charitable trusts, private foundations and fine art services. She joined UMB in 2003 and has more than 25 years of experience in the management of private and public organizations. Leonard earned a bachelor’s degree from Arkansas Tech University and a master’s degree in business administration from Ottawa University in Ottawa, Kan. She is also a graduate of the Cannon School of Foundation Management.



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Is Amazon the new Christie’s?

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Would you like to add a Norman Rockwell original to your shopping basket? Well, now you can.

Amazon recently launched a new platform where you can purchase fine art just like you would buy toys, books or laundry detergent on their site. On Amazon Art, you can choose from a wide array of options in price, artists and quality.

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Buying art online

 

 

Research on internet art purchasing shows that online sales tend to be in the $5,000 and under price range and are usually the works of living artists with or without a significant resume. Online buyers also tend to view their pieces as more decorative versus a long-term investment.

 

 

 

There are both benefits and drawbacks to buying fine art online. If you’re thinking about purchasing a piece of art from an online source, consider these benefits:

  • Easy access to more artists: The online option increased the market for sellers by providing an inexpensive, easily-accessible platform and fronting with a brand name.
  • Pick your price point: Sites now offer options that range from $20 to $4 million, so there is something for everyone. With a broader selection of pieces, you will be able to stick to a price point that fits your budget.
  • Customized shopping: Some sites are very user-friendly and give you the option to shop by color, price, size, etc. These sites will only continue to evolve, which will force all players to keep improving their online customer experience to be competitive.

On the flip side, there could be some risk to buying art online:

  • Value risk: Basically, are you getting what you paid for? This is something to think about because there may not be an opportunity to verify authenticity or provenance (or origin) before buying a piece.
  • Transactional risk: Depending on the online seller or site, there may not be a guarantee to return a piece you purchase if you learn it’s not authentic, is misrepresented, etc.
  • Lack of References: Check references before buying a significant piece. Call the gallery directly or arrange to view the piece on site.  While we encourage this practice, you may or may not have this option depending on the online seller.
  • Hidden Costs: You may also encounter added expenses, such as shipping, handling, administrative fees or insurance.

When you look for your next piece of art, keep your options open and these tips in mind. If you are thinking about buying a significant piece, you may find traditional shopping methods are best.  But if you’re interested in looking online, there are many options to choose from ­– just remember to proceed with caution.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Jan Leonard is senior vice president and managing director for charitable trusts, private foundations and fine art services. She joined UMB in 2003 and has more than 25 years of experience in the management of private and public organizations. Leonard earned a bachelor’s degree from Arkansas Tech University and a master’s degree in business administration from Ottawa University in Ottawa, Kan. She is also a graduate of the Cannon School of Foundation Management.



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The art of fine art management

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Have you ever watched Antiques Roadshow? This popular public television show shares interesting stories of people happily discovering their personal treasures are actually quite valuable (or sometimes not!). Imagine learning that a famous designer of the late 1800’s made your great-grandmother’s favorite lamp or a rare piece of pottery you purchased on vacation is actually a sought-after piece. Fortunately, you don’t have to appear on Antiques Roadshow to learn the value of your own pieces or how to protect and possibly increase their value. There are other ways that are more easily accessible.

The Red Couch Marie Mason“The Red Couch”
Acrylic on canvas
Marie Mason

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Many people spend their lives collecting items that not only bring them personal enjoyment, but may significantly increase in value over time. Whether it’s fine artwork, collectibles (baseball cards), memorabilia (original Beatles or Elvis merchandise) or rare objects (antiques), you should consider these items important personal assets. Much like stocks and bonds, they are an important part of a full estate plan. But people don’t always think of them in this way.

By working with trusted professionals, you can ensure that your valuable items will get the attention they need during your lifetime and beyond.

So, what steps should you take to preserve and protect your fine art or collectibles?

  • Identify and protect

    Find a fine art management expert who can help you identify items that should receive additional attention to help preserve, and in some cases, maximize their worth. This person can also provide counsel on valuation (or appraisal), insurance, storage and other very specialized services that may be important in maintaining the object’s value.

  • Organize and document

    Proper documentation and cataloguing is critical. An experienced professional can help record the history and provide a comprehensive inventory of all pieces, an important aspect in maintaining their value. In the same way a museum inventories their collection, an expert can provide the same level of service and system support for your fine objects. Your record can then be updated as pieces are added or removed so the inventory is always complete. A detailed account of each item, including where and how each piece was acquired, can make a significant difference in value, plus, it’s a fun history lesson for you and your heirs.

  • Plan for the unexpected

    It’s important that your estate plans include details of how you want these assets distributed. Will they be gifted to a museum, a family member or a non-profit? Will these objects be liquidated so the funds can be passed on to relatives, loved ones or charitable organizations? Who will you trust to handle the actual distribution? These processes can be complicated and confusing. Your fine art management expert can help address and carry out these plans.

It’s never too early to get started on protecting your valued unique assets. Owners have much to gain by educating themselves about the care and protection of their personal treasures. Establishing a thoughtful, well-planned legacy ensures beloved items will be expertly managed both now and in the future.

 Flaming Tulip Janet Kummerlein“Flaming Tulip”
Acrylic on canvas
Janet Kummerlein

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Jan Leonard is senior vice president and managing director for charitable trusts, private foundations and fine art services. She joined UMB in 2003 and has more than 25 years of experience in the management of private and public organizations. Leonard earned a bachelor’s degree from Arkansas Tech University and a master’s degree in business administration from Ottawa University in Ottawa, Kan. She is also a graduate of the Cannon School of Foundation Management.



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