Sharing a Love of Asia

Q&A with Museum Supporters Jordan Sachs and Jeannie Sack

Jordan Sachs and Jeannie SackHow did you two meet?

Jordan Sachs: We met at the Fromm Institute seven years ago. My first wife, Carol, was a docent at the Asian Art Museum, and it turned out that Jeannie was also a docent at the old museum.

Jeannie Sack: Jordan was widowed and I was divorced. We were married two years ago in a Buddhist wat in Phnom Penh.

How did you become interested in Asian art?

Jeannie: I credit my father, who was fascinated with China. My parents collected objects they found beautiful.

Jordan: I give credit to the U.S. Army. I was an infantry lieutenant in Korea and spent time in Japan for R&Rs. I was struck by Japan's unique culture and attitude toward family and education. We now live in Asia for part of the year.

What inspires you about the Asian Art Museum?

Jeannie: Its accessibility. The museum has programs for children, for people with sophisticated art knowledge, and for people who know nothing about it. I also love the beauty of the building. And we're consistently impressed by the quality of the exhibitions.

Jordan: We're trying to pass on an understanding of Asia to our 6-year-old grandson. I took him to the museum last week to see the Japanese armor. He was really curious and asked a lot of questions. The 3,000 year old rhino blew him away. We were able to find things appropriate to his interests and he responded.

What made you decide to make the museum a part of your legacy?

Jordan: The museum is something we enjoy participating in. It's unique to the community. I felt that it was time to give back.

I split my IRA four ways, giving 25 percent to the museum and the remainder to three other San Francisco organizations that are important to me. It was an easy decision for me. My children are financially secure, so it won't affect their lifestyle. And they will inherit other less-taxed assets.

A charitable bequest is one or two sentences in your will or living trust that leave to the Asian Art Museum Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to the Asian Art Museum Foundation, a nonprofit corporation currently located at 200 Larkin Street, San Francisco, CA 94102, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the museum or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the museum as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the museum as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the museum's partner where you agree to make a gift and our partner, in return, agrees to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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