The Little Theatre’s planned giving program can provide an outstanding opportunity for you to help secure the artistic and financial strength of this unique theater for future generations of film, art, and music lovers. By including The Little in your estate plan, you may experience significant tax advantages. We would be pleased to work with you and your advisors to assist in developing a plan that meets your philanthropic and financial objectives.
Benefits of Your Bequest:
• The satisfaction of knowing that you have created a lasting legacy which will help ensure the Little Theatre flourishes far beyond your lifetime.
• Estate tax charitable deduction.
• Reduction of tax burden on your family and loved ones.
How Do You Make a Bequest?
A bequest is a gift made in a will or living trust. The following are the different types of bequests:
• Specific bequest: A stated amount of cash, a percentage of your estate, or a specific asset, such as shares of stock.
• Residuary bequest: A gift of all or part of the property remaining in your estate after debts, taxes, administration expenses, and specific bequests to other beneficiaries have been made.
• Contingent bequest: A gift that takes effect only if other beneficiaries you name do not survive you.
Example bequest language. (Feel free to change the numbers or percentages as you desire.)
1. Bequest of cash
"I bequeath the sum of $10,000 to the Little Theatre Film Society, Inc.".
2. Bequest of a percent of the estate
"I devise and bequeath 20% of the remainder and residue of property owned at my death, whether real or personal, and wherever located to the Little Theatre Film Society, Inc.".
3. Contingent Bequest
"If my brother John Doe survives me, I devise and bequeath 20% of the remainder and residue of property owned at my death, whether real or personal, and wherever located to John Doe. If John Doe does not survive me, then I devise and bequeath 20% of my residuary estate, whether real or personal property and wherever located to the Little Theatre Film Society, Inc.".
Making a Bequest of Your Retirement Assets and Life Insurance Policies
A retirement asset, such as an Individual Retirement Account (IRA) or life insurance policy, makes an excellent gift to The Little. If the asset is given to your family or other individuals, much of the value may be lost through estate and income taxes. By designating a charity as the beneficiary of all or part of your retirement asset or insurance policy (using a beneficiary designation form provided by your custodian), the full value of the gift is transferred tax-free at your death and your estate receives an estate tax charitable deduction.
For more information regarding how to include The Little in your estate plans, please contact Susan Yovanoff, Associate Director of Planned Giving at [email protected] or by calling 585-258-0286.