Four Ways to Make a Planned Gift
1. WILLS AND BEQUESTS
Provide now for a future gift to Ensemble Español Spanish Dance Theater by including a bequest provision in your will or revocable trust.
When the gift is received, the Ensemble applies your gift in accordance with the provisions made in your will or estate plan.
Did you know that your will is state-specific and different states have different laws regarding estates? If you have moved and you haven’t updated your will, we recommend you seek professional advice to ensure that your estate will be managed as you have designated.
Benefits of Including Ensemble Español in your Will or Estate Plan:
· Membership in the Founders Society*
· You remain in control of your assets during your lifetime.
· You can modify your bequest if your circumstances change.
· You can direct your bequest to a particular purpose. (Be sure to check with the Ensemble to ensure we can apply your gift in accordance with your wishes.)
· There is no upper limit on the estate tax deductions that can be taken for charitable bequests, so an estate gift can significantly reduce your estate tax bill.
· You have the peace of mind knowing that your gift will benefit Ensemble Español tomorrow just as you intend it to today.
2. NEW! CHARITABLE GIFT ANNUITIES, CHARITABLE REMAINDER TRUSTS (CGAS, CRTS, CRUTS, CRATS, AND CLTS)
The Ensemble Español is now able to provide an exciting new option for our planned giving donors. Charitable gift annuities and trusts benefit both the donor and the Ensemble by providing a gift for the Ensemble plus an income stream for the donor (and/or the donor’s designees).
There are a variety of ways to establish these gifts, and we always recommend that you seek the advice of a qualified financial planner or attorney. A few of the charitable gifts that Ensemble Español can assist you with include Charitable Gift Annuities (CGAs), Charitable Remainder Trusts (CRTs), Charitable Remainder Unitrusts (CRUTs), Charitable Annuity Trusts (CRATs) and Charitable Lead Trusts (CLTs).
Benefits of Charitable Gift Annuities and Charitable Remainder Trusts:
· Membership in the Founders Society*
· Qualify for significant tax deductions during your lifetime, rather than your estate receiving an estate tax deduction.
· Receive an income stream for yourself or your designees for a set period of time or for a lifetime.
· Avoid capital gains on highly appreciated securities or other property, while claiming a tax deduction on the gift.
· Accomplish your charitable goals during your lifetime
3. LIFE INSURANCE
Life insurance can be a great tool to use to make a gift to the Ensemble, and you can make your gift on a customized installment plan that best suits your needs and your philanthropic goals. By making a gift through life insurance, you could also realize your savings or amplify your giving capacity.
You can make a gift of life insurance by:
· Donating a life insurance policy you currently own (allows a tax deduction).
· Purchasing and donating a new life insurance (allows a tax deduction).
· Assigning the annual dividends of a policy to the Ensemble (eliminates out-of-pocket contributions, yet still creates a tax deduction as dividends are paid).
· Having the dividends of an insurance policy you own purchase a new policy of which Ensemble is the irrevocable owner and beneficiary.
Benefits:
· Membership in the Founders Society*
· Qualify for tax deductions.
· Eliminate out-of-pocket contributions.
4. RETIREMENT BENEFIT PLAN
If you have an IRA, 401(k) or another qualified plan, you may be able to name the Ensemble Español as the beneficiary of that plan. After your lifetime, the residue of your plan would pass to the Ensemble Espaol as a tax-free gift.
Benefits of Donating your Retirement Plan:
· Membership in the Founders Society.
· Avoid both income and estate tax levied on the residue left in your retirement account.
· Give the most-taxed asset in your estate to the Ensemble Español and leave more favorably taxed property to your heirs.
· You can continue to take withdrawals during your lifetime.
· You can change the beneficiary of your plan if your circumstances change.
*THE FOUNDERS SOCIETY
The Founders Society is a special recognition society of those donors who have remembered Ensemble Español in their estate plans. Individuals who remember Ensemble Español in their wills and estate plans and notify us of their intentions become members of the Founders Society.
The purpose of the society is to increase the future endowment of the Ensemble Español and to honor those individuals who provide gifts through estate planning during their lifetimes. No specific amount of money is required. Members of the Founders Society are invited to exclusive events and activities and receive a periodic Founders Society Newsletter.
If you would like to discuss various planned giving options, please contact Kimberly Grigsby, Associate Executive Director at 773-620-6046 or kim@eesdt.org
We strongly encourage all of our donors to seek appropriate legal and financial counsel. The information provided here is only an overview of the options available to you.