Tuesday, August 5, 2008

Adirondack Museum Receives $1.3 Million Bequest

Forwarded from the Adirondack Museum for your information:

Caroline M. Welsh, Director of the Adirondack Museum at Blue Mountain Lake, New York announced today the receipt of a $1.3 million bequest to the museum from the estate of the Mr. and Mrs. Horace N. Holbrook of Schenectady, N.Y.

The gift has been added to the museum’s endowment, helping to ensure a solid financial foundation in support of collections, exhibitions, and programs for years to come.

The generosity of the Holbrook bequest came as a surprise, although indications of the Holbrook’s enduring interest in the Adirondack Museum have been visible for more than twenty years.

Horace Holbrook and his wife Marion visited the Adirondack Museum in the summer of 1984 bearing gifts – original paintings by the artists Arthur Fitzwilliam Tait and Jonathan Bradley Morse. The 1882 work by Morse depicts the Holbrook’s summer residence, Camp Lawrence, on Fourth Lake. The couple became museum members in 1989.

Holbrook, a retired economist for the State of New York, passed away in 1992 and left the bulk of his estate to the museum in trust, receivable upon the death of his wife. The bequest was made in memory of Holbrook’s great aunt, Elizabeth Norton Lawrence of Utica, N.Y.

With the exceptions of a “montage of photos of Camp Lawrence” and the couple’s modest home in Schenectady, there was no sense of the true value of the bequest. Marion Holbrook died in April 2007.

According to the Adirondack Museum’s Director of Institutional Advancement Sarah Lewin, estate planning is sometimes difficult for people to consider. She says that the story of the Holbrook’s forethought and immense generosity shines a light on the impact of planned giving on not-for-profit institutions such as museums.

Donors can realize substantial tax and estate benefits through planned giving. Gifts can take the form of bequests, charitable remainder or lead trusts, retirement plan assets, life insurance policies and tangible personal or real property. To discuss any of these options with the Adirondack Museum, please call (518) 352-7311, ext. 125.

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