Planned Giving Options
When making a planned gift, use this language on your IRA, insurance, or other beneficiary designation forms; or provide it to your attorney for your will or living trust:
“I leave (% of estate, $ amount, etc.) to the Illinois Symphony Orchestra, an Illinois nonprofit corporation with Tax ID 37-1312674, located at 501 W. Elliott, Springfield, IL 62702 for (general or specific purpose(s)) at the Illinois Symphony Orchestra.”
Bequests
Designating the ISO as a beneficiary of your estate supports the Orchestra in the future without diminishing assets during your lifetime and also provides estate tax savings. When including a bequest provision in your will, always use the full legal name and the federal taxpayer identification number. Gifts without a specific purpose listed will be considered general support.
Appreciated Securities
Gifts of appreciated stock allow you to avoid capital gains taxes.
Charitable Remainder Trusts
Establish a trust from which you and/or other beneficiaries receive variable annual payments for life or a term of years. At the end of the term, the remainder of the trust assets go to ISO.
Charitable Gift Annuities
Establish a trust from which you and/or other beneficiaries receive annual payments of a fixed dollar amount for life or a term of years, after which the remainder of the trust assets go to the ISO.
Retirement and Life Insurance
Name the ISO as a beneficiary of a retirement plan or life insurance policy. Using your retirement plan can be an especially tax-efficient and easy way to remember the ISO through your estate. Simply name the ISO as a primary or secondary beneficiary on your retirement plan’s beneficiary designation form. This option usually offers an important tax advantage since most retirement plans are subject to income taxes—and possibly estate taxes—if left to an individual. However, if the ISO is named as a beneficiary, the ISO does not pay income or estate taxes on the distribution. Another option is to make a current gift, if allowed by existing law, from a qualified IRA distribution.
Real Estate
A gift of your property to the ISO can be an excellent way to reduce your taxable estate.
Please consult with your attorney or financial advisor and your family to determine the best fit for your needs and wishes.
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