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Hela Norman Establishes Charitable Remainder Trust
Hela Norman recently established a Charitable Remainder Trust, naming the Crocker Art Museum as the recipient. The proceeds from the trust, which will grow as paintings are sold, will likely one day total between $2,000,000 and $3,000,000. This money will be used to establish the Irving and Hela Norman Artists Exhibition Fellowship, which aims to further the careers of artists whose work displays a critical attitude toward contemporary life.
The Trust began in part because of the Crocker Art Museum's exhibition Dark Metropolis: Irving Norman's Social Surrealism, which traveled last year to Washington D.C. during its national tour. While there, one of New York's premier gallery owners saw Norman's paintings and was stunned. Unfamiliar with the highly detailed, socially critical work, he immediately became interested in promoting the artist's legacy in the East.
Hela Norman has cared for the paintings since Irving Norman's death and has worked unselfishly to bring these paintings before the public—often at great personal sacrifice. Rather than keep the funds generated by the sale of these paintings for herself, she has decided to help others. The Charitable Remainder Trust will enable the Crocker to provide artists with opportunities for exhibitions and publications of their work. It is an extraordinary commitment both to the Museum and to promising artists with much to say.
The Crocker would like to thank Hela Norman for her generosity and the late Irving Norman for his paintings, which are now getting the attention they richly deserve.
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 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 Crocker Art 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 Crocker Art Museum as a lump sum.