Kristin,
Although I have never had a client interested or wealthy
enough to consider making a partial or fractional gift of the interest in a
collection, I have lectured on the topic and know that it is a way for a donor
to continue to enjoy the property and also donate a fraction of it to a
qualified institution and receive a current deduction for the fair market value
of the donation. There are rules to be followed. For instance, the
deed of gift must be non-divided; meaning shared only between the donor and the
donee museum. Also, it must be a present not future interest; meaning that
if the museum receives a 1/4th interest, then the museum must possess the
object(s) at least three months out of the year.
I would only contemplate doing this if the museum was
assured of obtaining the entire collection at some point in the future.
Although, the deed of gift would survive the donor's death so that even if the
museum did not obtain the entire collection, it would still be entitled to
receive the object(s) for the time length denoted by its ownership
portion. A tax or trust and estates attorney should be able to handle this
transaction for you with no problem. I hope this information helps.
Best,
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