Planned gifts may allow you to make a larger charitable gift than you thought possible, while potentially reducing taxes and taking care of the financial needs of you and your family first.
Types of Planned Gifts
- Bequests: Designating the BSO as a beneficiary of your estate supports the Orchestra in the future without diminishing assets during your lifetime and also provides estate tax savings.
- Appreciated securities: Gifts of appreciated stock allow you to avoid capital gains.
- Qualified Charitable Distributions from your IRA: Help meet your required minimum distribution without paying tax on the amount donated (up to $100,000). For those aged 70 1/2 years and older. Download a sample request letter [Word Doc] to mail your account manager.
- Charitable remainder trusts and charitable giftĀ annuities:Ā Both provide you with a fixed income for your lifetime that is partially tax-free, while the remaining principal supports the BSO
- Retirement assets:Ā Name the BSO as beneficiary of your retirement plan to leave less-taxed assets in your estate
- Life insurance:Ā Donate a paid-up policy that you no longer need or create a new policy naming the BSO as a beneficiary for estate tax savings
- Real estate:Ā A gift of your property to the BSO removes its value from your taxable estate
Next Steps
- Contact the BSOās Director ofĀ Development at 207-942-5555 ext. 2 or e-mail developmentĀ @ bangorsymphony.org for more information about your options. We can provide sample language for bequests or show you how to structure specific gifts.
- Contact your attorney and your financial advisor. Let them know you are considering a planned gift to the Bangor Symphony Orchestra. They can assist you in determining what type of gift best suits your circumstances while fulfilling your philanthropic desires.
- Be sure to talk to your family and friends about your plans and personal wishes in addressing family needs as well as your philanthropic legacy.