New England Regional Art Museum | Planning your Estate and Bequest Seminar
Image: Mary Edwards, The orchid (detail), 1935, donated by Howard Hinton 1935, Howard Hinton Collection, New England Regional Art Museum.
The New England Regional Art Museum is asking people around the region to leave a legacy for the future through the new NERAM Bequest Program that aims to provide support for the future operations of the art museum and contribute towards the wellbeing of the region’s community.
The Art Museum is teaming up with local solicitors and accountants to assist people to plan ahead by attending an information seminar on Planning your Estate and Bequest at NERAM at 10.00am on the morning of Thursday 14 June 2018.
“Many of the great art museums of the world have been built around the foresight of people who have made significant donations, bequests or endowments to ensure the artworks, programs and buildings that they love are looked after properly well into the future,” said Robert Heather, Art Museum Director.
“The New England Regional Art Museum was founded around one of the most significant acts of philanthropy in Australian art history, the generous gift of over 1000 artworks to the Armidale Teachers’ College by Howard Hinton.”
“Acts like this create a lasting legacy and are a tribute to the donor who gives them,” he said. “The New England Regional Art Museum has been treasured by the many people in our community who have generously supported it over the years and we invite them to consider planning ahead to make a bequest to support the art museum after their lifetime.”
“The future sustainability of NERAM will depend upon the passion and commitment of those people who make a gift or bequest in their will,” he said. “We believe that anyone can make a bequest that makes a lasting difference for NERAM and the wider community.”
Bequests can include donations of funds, artworks, property, assets or shares and can be made through wills, estates and deeds of gift.
To assist potential donors in making their plans the New England Regional Art Museum has launched a new Bequest Program that provides information about the options available when planning to make a gift in their will or a bequest to the Art Museum that will be launched at the Information Seminar.
Tax expert Paul Williams from NERAM sponsor Roberts & Morrow Chartered Accountants will be making a presentation at the seminar about the potential tax issues involved in planning your estate.
“The taxation implications of gifts of this nature are complicated and often overlooked,” he said. “Understanding the taxation consequences of the various options can assist donors in maximizing the effectiveness of the gift for themselves and the beneficiaries of their estate.”
Solicitor Chris Serow, Principal at NERAM sponsor Legal Minds law firm in Armidale will be discussing some of the legal problems that can befall those who don’t plan properly.
“Many people aren’t aware of some of the legal pitfalls that have the potential to make it difficult for their wishes to be met,” said Mr Serow. “These can include challenges to the will, incorrect wording and other issues which can be addressed through proper planning and communication with all parties.”
The seminar is open to anyone who wants to learn more about estate planning and bequests in general with some further information about how to specifically make a bequest to NERAM.
“One of the key issues for anyone thinking about making a bequest is make sure that they talk to the proposed recipient and everyone else involved as early as possible ensure that their wishes are fully realised,” he said. “That includes the team here at NERAM who want to make this potentially difficult conversation as easy as possible for all concerned.”
NERAM’s Bequest Program includes information about how to make a gift in your will to the art museum through the NERAM Foundation, some of the issues to be addressed and how to join the Howard Hinton Circle of supporters.
Information Session Program
10.00am – Morning Tea
10.30am – Welcome by Rachael Parsons, NERAM Manager, Curatorial & Exhibitions
10.30am – 11.30am
- Tax issues involved in Estate Planning
Paul Williams – Partner of Roberts & Morrow
- Thinking Estate Planning – Good Deeds, Wills and Charitable Gifts
Chris Serow – Solicitor of Legal Minds
- The Bequest process
Robert Heather – Director of NERAM
Guided tour of exhibition HINTON: Treasures of Australian art
For further information visit neram.com.au/support/bequest and/or neram.com.au/estate-planning