Legacy giving is one of the easiest ways to support Silicon Valley Shakespeare, and all without ever writing a check. Not only does including SVS in your overall plans help deepen our continued investment in our communities, but in return, you can also receive tax benefits.
There are many ways to give! See below for several of your options, or contact your financial advisor to find a plan that works for you. Still unsure where to start? Contact Melissa Jones, Development Manager and Education Director, at firstname.lastname@example.org.
Thank you for being part of the SVS family!
I have heard that I can make gifts through my IRA. How does that work?
If you are over 70 years old, you can make a tax-free gift through an IRA. You can give up to $100,000 from your IRA directly to a qualified charity such as SVS without having to pay income taxes on the money. This gift can also satisfy your required minimum distribution in whole or in part. It is often called the “IRA charitable rollover” or “qualified charitable distribution.” If this is something that interests you, discuss options with your financial advisor.
Can I make gifts to SVS through a trust during my lifetime?
There are a number of types of trusts that can benefit charity and give you a great tax incentive. Your financial advisor and/or estate planning attorney can assist you in setting up a charitable lead trust (where you get an income tax deduction now and a payout for the term of the trust while the charity uses the remaining amount), or other types of charitable annuity gifts.
What’s the easiest way I can help benefit SVS through my estate plan?
Leaving a specific bequest to SVS in your living trust or will is a great, simple way to support SVS through your estate. You can name SVS as a beneficiary of a dollar amount or a percentage. Contact your estate planning attorney to set this up. Information needed (address and tax ID number) is below:
Legal Name: Silicon Valley Shakespeare
Address: 775 E. Brokaw Road; San Jose, CA 95112
Federal Tax ID: 94-3374794
I have my estate plan all set up already and I am not looking to make changes. Is there any other way I can benefit SVS after my death?
Yes! There are plenty of types of assets, such as life insurance, IRAs, retirement plans, or commercial annuities where you can change the beneficiary designation at any time up to your death. You can name SVS as a beneficiary of whatever percentage of that asset you would like. The plan administrator, insurance company, or financial institution managing the policy/account will have a simple form for you to do that, using the information available here on our website.
Are there any other options?
A number of estate planning tools allow for estate tax deductions through charitable giving, such as through a charitable remainder trust. A charitable remainder trust allows you or your family members to have beneficial use of property and its income during the term of the trust and at the end of the term, the remainder goes to charity. You can name SVS as the charitable beneficiary of a charitable lead trust. This is a complex structure, so be sure to consult with an estate planning attorney to see if this is a good option for you.
The information in this document is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.