Blog   Tagged ‘art’

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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R. Crosby Kemper: Building a legacy through art and agriculture

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R. Crosby Kemper discusses the legacy of art and agriculture at UMB. He talks about his love of art and agriculture and the importance of both in the Kansas City metro and across the country.

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For more of UMB’s history, take a look at “Our Stories” on umb.com.


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.

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