When is a gift not a gift?  This seems to be as good an example as I could
imagine.  If they want to give they should give.  What they are suggesting
is to transfer future indebtedness of the estate to the museum, or another
way of stating it, they are selling you the piece of art, not giving it.
Not only that, they are asking you to gaurantee the current valuation for
seven years.  I'd say don't sign unless this art is so important to your
collection that you would be willing to go out right now and spend cash to
have it.  If its not something the museum would be eager to purchase with
its own money, then tell them you would love the receive the gift 7 years
from now, no strings attached.


>Our museum has been named as beneficiary in a will and was to receive an
>original piece of art stated to value a relatively large sum. Accompanying
>legal documented required (requested) a notarized signature etc. etc. Yet
>in the text of the documents the museum would have agreed , that in case
>of debt or obligation of the estate of the deceased that might come to
>light sometime in the next (7?) years, we agree to return not the art but
>the stated value of the art in money. We haven't signed. Is this common?
>Sounds like bad news to me. The executors of the estate have indicated
>some lack of experience in this regard of leaving art to museums. Anyone
>out there have any experience with these circumstances?
>
>Carol Morgan
>Director: Demuth Foundation
>Lancaster, PA
>
>E-mail: Carol [log in to unmask]