Planned giving is a way you can share your passion for something that’s personally important to you today with the generations of the future. It’s a way to leave your individual imprint for countless others to appreciate after you’re gone.
Also known as tax-wise or deferred giving, Planned Giving allows a donor to leave money or assets to a non-profit at his or her death—a Bequest—or to invest money in order to receive benefits during life, and then bequeath the remaining funds to the nonprofit—a Charitable Gift Annuity. Yet another option is to name the Bardavon as a beneficiary of a Retirement Savings Plan.
These planned giving options are just a few of the many financial instruments that can be adapted to a donor’s particular needs.
Patrons who include the Bardavon in their estate plans receive special recognition in our Legacy Society, starting with a listing in next season’s playbill. To join the Legacy Society or learn more about planned giving, contact AnnMarie Faust.
If you’re passionate about theater, music, dance, historic preservation, arts education, or community – if you care deeply about any or all of the above – please consider the Bardavon in your estate plans. Hudson Valley citizens of tomorrow will be thankful for their inheritance!
Gifts of Retirement Savings Plan Funds
Tax-deferred savings plans like IRAs, 401Ks, and Keogh Accounts are important for many older people to get through their retirement years. But when we, and our spouses, are gone, any remaining funds in these types of accounts are not only subject to income tax, but estate and possibly inheritance and/or generation-skipping taxes. All of this can add up – in some cases to almost 60%!
It is possible to direct that percentage away from taxes toward something that you care about by designating the Bardavon as a beneficiary of your retirement savings plan. The amount you choose is passed directly to the Bardavon instead of remaining with the estate, and is therefore not subject to income, estate, or any other type of tax.
Most plans allow owners to name their beneficiaries online in a few simple steps. And it can be changed just as easily if your plans change.
With ever-shrinking Federal and State funding for the Arts, this is certainly something to think about – we hope you’ll consider naming the Bardavon as a beneficiary of your retirement savings plan.
Charitable Gift Annuities
A Charitable Gift Annuity is an irrevocable arrangement in which a donor makes a substantial gift to a non-profit organization, and the non-profit pays a guaranteed lifetime income to the donor.
It’s a smart way to reduce income tax because it’s tax-deductible in the year in which it’s established. And a portion of the annual income received by the donor may also be tax-free.
In most cases, donations of artwork, real estate, or other assets through a Charitable Gift Annuity usually avoid Federal estate taxes.
In order to begin receiving payments, the donor must be at least 55 years of age, but a Deferred Payment Charitable Gift Annuity can be created at any time.
If you would like to learn more about establishing a Charitable Gift Annuity with the Bardavon, please contact AnnMarie Faust.
Planned Giving through a bequest offers many advantages to both the donor and the non-profit recipient.
A bequest often allows a donor to make a larger gift than they would be able to through other means of giving. It can also provide significant tax savings for the individual’s estate. The gift is written into the donor’s will, but is revocable if he or she finds it necessary make changes later on.
Bequests can include cash, real estate, securities, artwork, or any other type of property that remains in an estate. And donors can stipulate that the gift support a specific fund, or designate it as unrestricted so that we can apply it to the area in most need at the time. Large bequests are often applied to the endowment, which in turn generates important income on a continuing basis.
The Bardavon staff and officers can work with you and your estate advisors to arrange a bequest. To get started, contact AnnMarie Faust.