DEED OF GIFT made [date] by [name] residing at [address] (the Donor) to [name of institution], a nonprofit institution chartered by the State of [state] having its principal offices at [address] (the Donee).
WHEREAS, the Donor is the owner of an oil painting called ----------, painted by ---------- (the Work); and
WHEREAS, the Donee is a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code one of whose purposes is to have public exhibitions of works of art such as the Work and also to provide facilities for art students and art historians to examine works such as the Work; and
WHEREAS, the Donor wishes to transfer to the Donee a remainder interest in and to the Work;
NOW, THEREFORE, KNOW ALL MEN BY THESE PRESENTS THAT:
1. Gift and Reservation of Life Tenancy. The Donor irrevocably gives, transfers, and assigns the Work to the Donee, reserving for the Donor the right to hold and possess the Work for so ong as the Donor shall live.
2. Possession Upon Donor's Death. Possession and control of the Work shall pass to the Donee immediately upon the Donor's death.
3. Conveyance of Life Tenancy to Third Party. If the Donor conveys the life estate in the Work to a person other than those described in Internal Revenue Code Sections 267(b) and 707(b) so that the gift of the remainder interest in the Work qualifies as a deductible charitable deduction, the Donor will have the Work appraised by a person qualified to appraise works of art. The Donor promptly will submit a completed Internal Revenue Form 8283 to the Donee containing a summary appraisal of the Property signed by such appraiser. The Donee will promptly sign the submitted Form 8283 and return it to the Donor so that the Donor may attach the Form to the Donor's Federal Income Tax Return for the year in which the gift of the remainder interest in the Work became deductible.
4. Gift Binding. This gift is binding upon the Donor, his heirs, assigns, and personal representatives.
IN WITNESS WHEREOF, the Donor has executed this Deed of Gift the day and year first above written.
The above described gift is accepted by [name of institution] upon the terms and conditions contained in the Deed of Gift.
[name of institution]