PLANNED GIVING AT LYRIC OPERA
Florence McMillan of Lyric Opera's Women's Board discusses the finer points of opera with Mark Delavan, Lyric Opera baritone, at the Overture Society planned giving appreciation luncheon. The Overture Society consists of those esteemed supporters who have designated a special gift to benefit Lyric Opera in the future through bequests, life insurance, IRA's, trusts or other planned giving arrangements. These generous gifts ensure our artistic progress well into the 21st century for the benefit of generations to come.
In addition, through a variety of "income for life" plans such as Charitable Remainder Trusts and Gift Annuities, donors can receive a steady stream of income for themselves or loved ones, along with substantial tax savings. Planned Giving at Lyric Opera offers a unique way to make charitable gifts, and ensures financial security allowing Lyric to engage in long-range planning for opera productions.
Ways to Make a Planned Gift
Careful tax advice continues to be an essential tool to an estate plan, and Lyric Opera encourages you to consult your legal or financial advisor to keep abreast of changing tax laws. A list of the more traditional planned-giving vehicles, and the tax savings and other benefits associated with each, follows.
BEQUESTS
Designating a bequest to Lyric Opera is a basic charitable planned gift completely free of estate and other taxes. A bequest is a statement of intent that can be inserted in your will, codicil to a will, or living trust. A charitable bequest can be established for a specific dollar amount or for a percentage of an estate or residuary estate.LIFE INSURANCE
Naming Lyric Opera as a beneficiary or owner of a life insurance policy prevents the insurance proceeds from being included in your gross estate. In addition, the cash surrender value and all future premiums paid on the policy may in certain instances be taken as a charitable deduction on your income tax return.IRA OR RETIREMENT PLANS
Avoid multiple estate and income taxes by naming Lyric Opera as a beneficiary of your IRAs or retirement plans. These assets are normally subject both to estate taxes and income taxes upon death. However, if Lyric Opera is named as beneficiary, those taxes are avoided.
CHARITABLE REMAINDER TRUST CHARITABLE GIFT ANNUITIES Provide income for yourself, your spouse, or others for one or more lives by making one of these planned gifts. You may receive income now, defer the income for retirement, or use it to fund your children's or grandchildren's future college expenses. These types of planned gifts can also be created in your will or living trust to pay income for life to others upon your death.
Charitable Remainder Trusts and Charitable Gift Annuities provide numerous income and estate tax benefits for you during your lifetime and for your estate at death. These include:
- Avoidance or reduction of capital gains tax, if funded with appreciated stock or real estate held for more than a year.
- A charitable income or estate tax deduction.
- Conversion of low–yielding securities to higher payouts.
- Removal of these assets from your taxable estate.
CHARITABLE LEAD TRUSTS
Avoid significant gift and estate taxes for your descendants by funding a Charitable Lead Trust. Once established, Lyric Opera is paid income for a term of years, at the end of which the principal of the Trust passes directly to your family or other beneficiaries you name.
