When the original purpose for a life insurance policy no longer applies—such as educating children now grown or providing financial security for a spouse now deceased—your policy can become a powerful and simple way to support the museum's work. Death benefits payable to VMFA are income and estate tax free. There are three ways to give life insurance to the Virginia Museum of Fine Arts:
Name VMFA as a beneficiary of the policy. This gift is as simple as updating your beneficiary designation form with the life insurance agency. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn't survive you.
Make an outright gift of an existing policy. You can name us as owner and beneficiary of an existing policy. You qualify for a federal income tax charitable deduction when you itemize on your taxes. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift when you itemize.
Make an outright gift of a new policy. You can take out a new policy and irrevocably name VMFA as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for the younger donor. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift when you itemize.
See How It Works
- Contact Erin Elder at 804.340.1619 or erin.elder@VMFA.museum for additional information on life insurance.
- Seek the advice of your financial or legal advisor.
- If you include VMFA in your plans, please use our legal name and federal tax ID.
Legal Name: Virginia Museum of Fine Arts Foundation
Address: 200 N. Arthur Ashe Blvd., Richmond, VA 23220
Federal Tax ID Number: 51-0205333