Planned Giving - Ways to Give The Overture Society - Ways to Give
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Ways to Give: Quick Reference


  • What is a bequest?
    A bequest to Lyric 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.

  • How do I make a bequest?
    I give ______% of the residue of my estate to Lyric Opera of Chicago, a sec. 501(c)(3) charitable organization, to be used for its general purposes.


    I give $_______ to Lyric Opera of Chicago, a sec. 501(c)(3) charitable organization, to be used for its general purposes.


Charitable Gift Annuity

  • With a Charitable Gift Annuity, you can make a gift to Lyric and receive guaranteed payments for life. You transfer cash or appreciated stock to Lyric. In return, Lyric promises to make fixed annuity payments, guaranteed for life, to one or two annuitants. You can name yourself, or yourself and another person (such as your spouse or partner), or one or two other persons as annuitant(s). After the death of the annuitant(s), Lyric uses the remaining value of your gift for the purpose you stipulated when you initially made your gift.

    Provide a guaranteed stable income for donors and/or their loved ones.

    Give donors an immediate income tax deduction for a portion of their gift and capital gain tax savings if they use appreciated stock they have held for more than 12 months.

    Pay attractive rates based on an annuitant's age. For example, at age 72, the rate would be 5.4%. The older the annuitant, the higher the annuity rate.


Charitable Lead Trust

  • Avoid significant gift and estate taxes for your descendants by funding a Charitable Lead Trust. Once the Trust is established, Lyric 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.


Charitable Remainder Trust

  • A Charitable Remainder Trust can also be created during your lifetime, or through your will or living trust to pay income for life to others upon your death.

    There are two kinds of Charitable Remainder Trusts: 1) an Annuity Trust and a Unitrust. Annuity pays you a fixed dollar amount per year; 2) a Unitrust pays you an annual fixed percentage of its value, with the Unitrust being revalued each year.


Endowment Funds

  • You can also use your planned gift to set up an Endowment Fund or Endowed Chair at Lyric under your own name. Lyric has numerous Endowment opportunities, any of which can be set up to fund a specific program at Lyric. Contact us about establishing an Endowment.


IRAs or Retirement Plans

  • How can I give to Lyric through my IRA or retirement plan?
    Avoid multiple estate and income taxes by naming Lyric 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 is named as beneficiary, those taxes are avoided.

  • IRA Charitable Rollover Gifts
    Congress has enacted legislation allowing taxpayers to make a tax-free gift of their IRA funds to charity. These IRA gifts are not considered a taxable withdrawal of IRA funds. IRA rollover gifts can be be part of a taxpayer's required minimum distributions (RMD) each year and not subject to tax. Tax-free IRA rollover gifts to charity are limited to taxpayers who are limited to IRA gifts from taxpayers ages 70 ½ and above, with a maximum of $100,000 in IRA gifts per year.


Life Insurance

  • How can I give to Lyric through life insurance?
    Naming Lyric as a beneficiary 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 be taken as a charitable deduction on you income tax return if you transfer ownership of the life insurance policy to Lyric.


Name a Seat

  • Lyric has 3,600 seats in the Ardis Krainik Theatre, and anyone of them can be named by donors in honor or in memory of a loved one, friend, or even yourself. Plaques to name a seat are installed on the right arm of the seat. Some seats have already been named, and prices vary depending on location in the Opera House and whether you are already a planned giver. Contact us for further information, prices, and to see if a seat is available and currently unnamed. This is a wonderful way to leave your legacy in the Opera House for all other opera goers to see.


Real Estate

  • Real estate, both residential and investment, can also be donated to Lyric. Real estate can be donated outright during a donor's lifetime, as part of a final estate gift, or even donated as a Retained Life Estate.

    A Retained Life Estate allows you to deed your home, condominium, co-op apartment, or farm to Lyric but retain the right to live in it for the rest of your life, a term of years, or a combination of the two.