American Stage Legacy Society
The American Stage Legacy Society Planned Giving Program
Planned giving is a way for you to continue to make a difference even after you are gone. A gift now or in the future can help the American Stage continue to play a vital role in providing cultural education to our community – this can be your legacy. Your planned gift to American Stage, large or small, can have a big impact over time.
Below is general information about ways to leave a legacy gift. Contact Stephanie Snyder, at (727) 823-1600 ext. 203 or firstname.lastname@example.org at American Stage to become a member of the Society. Tax savings, immediate income, future income for family members, and guaranteed payments later in life are some of the benefits planned gifts can provide you or your family. You may choose from a variety of planned gifts. Here are just a few of the many options available:
- Gifts of Stocks and Bonds
- Will and Bequests
- Charitable Remainder Trusts
- Gifts of Life Insurance
- Gift Annuities
- Gift of Appreciated Property
- Retirement Assets
An estate specialist can review your personal situation, taking into account your special needs, and explain how specific federal and state laws will impact your estate. Usually planned giving involves a financial or legal document. Please note that this document is not intended to advise you in any way other than setting forth general options; any decisions on your part regarding estate planning should include your investment and tax professional.
What is important is that you take the initiative to act. An effective estate plan will preserve your hard-earned wealth for your family, and those institutions you have contributed to through the years can continue to carry out the missions which you so loved and generously supported in your lifetime.
The American Stage Theatre Company Legacy Society recognizes individuals who have made a planned or deferred gift through their wills, trusts, or other estate gifts.
Gifts of Stocks and Bonds
By donating appreciated stock, you can avoid capital gains tax and provide a much larger gift than you thought possible. If you have owned the stocks or securities for at least one year and one day, current tax laws allow you to take an immediate income tax deduction for the full value of this charitable gift (subject to certain limitations), regardless of what you initially paid for the securities.
Wills and Bequests
Through various types of bequests to American Stage, you may secure a charitable estate-tax deduction for the value of the gift. Best of all, you will know that your generosity will support our mission for years to come.
Charitable Remainder Trusts
A Charitable Remainder Trust is an arrangement in which property or money is donated to a charity, but the donor continues to use the property and/or receive income from it while living. The beneficiaries receive the income and the charity receives the principal after a specified period of time. The donor avoids any capital gains tax on the donated assets, and also gets an income tax deduction for the fair market value of the remainder interest that the trust earned. In addition, the asset is removed from the estate, reducing subsequent estate taxes.
An important but frequently overlooked role of life insurance is the one it can play in charitable gift planning. Life insurance itself can be the direct funding medium for a gift, permitting the donor to make a substantial gift (face value of policy) for a relatively modest annual outlay (i.e., the premium payment). Life insurance can also be used to replace an asset that has been given to American Stage.
To establish a charitable gift annuity, you make a gift to the American Stage Legacy Society and in exchange receive a fixed annual dollar amount for life. The principal remaining at your death will then benefit any American Stage program that you choose.
Immediate Payment Annuities
While gift annuities can be funded at a younger age, this type of gift might be especially attractive if you are aged 70 or above, you want to support American Stage, and you would like to secure an immediate stream of income for yourself or for yourself and your spouse. The amount of the payments is based on the age(s) of the beneficiary (ies). The older one is, the higher the payout rate one receives. In addition to the stream of fixed payments, the gift will also generate an immediate charitable income-tax deduction. If you are younger and you wish to begin receiving payments at a future date, a deferred-payment gift annuity might be a more suitable arrangement.
Deferred Payment Annuities
The deferred-payment gift annuity involves the current transfer of assets except for real estate–usually cash or marketable securities–in exchange for which American Stage agrees to pay the donor an annuity starting at a future date–usually at the donor’s retirement. The gift can consist of a single transfer, a series of transfers, or periodic transfers, or periodic transfers to the plan in high-income years.
You realize an immediate charitable deduction for the gift portion of each transfer to the deferred gift-annuity plan. A portion of each annuity payment, when the payments begin, will be a tax-free return of principal over the life expectancy of the annuitant. When appreciated, long-term, capital-gain securities are transferred, any reportable capital gain is spread out over the donor-annuitant’s life expectancy.
By giving a gift of property, you could receive a federal income-tax deduction for the fair-market value if its use is related to American Stage’s charitable purposes (for example, a warehouse that our production staff could use for storing props and sets). You avoid capital-gain tax on long-term, related-use property (capital-gain tax on tangible personal property is 28%) and provide significant support for American Stage without affecting your income.
Income taxes on retirement-plan benefits are deferred but not avoided. That means as these assets are withdrawn during retirement, they are subject to federal income taxes.
Withdrawing funds from your retirement plan and making a gift of those funds to support American Stage will create two tax events. The funds when withdrawn will be subject to federal income tax, but when contributed to American Stage they will generate a charitable deduction that will offset the tax. The end result is a wash for federal income-tax purposes.
To view the current list of Legacy Society members, click here.