When you give to support the future of Opera Saratoga, you know your thoughtful gift will ensure that our shared commitment to the community and its vital cultural resources will continue for years to come. Often, the largest and most meaningful gift anyone can make is a bequest in a will or living trust. Many of us cannot afford to make a major gift in our lifetime. But we can set up a legacy gift now so that Opera Saratoga receives these invaluable gifts in the future.
The most popular and simple legacy giving plans at Opera Saratoga include:
Bequests are gifts made in a will, trust, or estate plan. The gift is most often made as a specific amount, a percentage, or a remainder amount, and can be as easy to establish as adding the following sentence to your Will:
“I devise and bequeath to Lake George Opera Festival Association, Inc., dba Opera Saratoga, Saratoga Springs, New York, [dollar amount of gift, or the word ‘all’, or a percentage of the estate] to be used for its general purposes.”
You may also designate your gift to a specific program or purpose; please discuss your planned giving intentions with Opera Saratoga in order to ensure your wishes may be accommodated.
You can name Opera Saratoga as the sole or partial beneficiary in your retirement plans such as IRAs, 401 (k) plans and 403 (b) plans. By naming the Opera as a beneficiary of your retirement plans, you may be able to avoid both income and estate tax, allowing you to leave your lower-taxed assets to your family. Your retirement plan administrators can provide you with the necessary information and forms to include Opera Saratoga in your retirement plans.
LIFE INSURANCE POLICIES
By naming Opera Saratoga as the sole or partial beneficiary of your fully paid life insurance policy, you may be able to avoid the estate tax on the proceeds. This revocable gift is easy to arrange; simply contact your insurance company for a Change of Beneficiary form.
CHARITABLE REMAINDER UNITRUSTS
When you create this trust (with cash, securities, or other appreciated property), you will receive fixed regular payments based on the value of the principal. The Charitable Remainder Unitrust may allow you to avoid the capital gains tax on your donated assets and you will receive a tax deduction for a portion of your gift. When the trust is terminated, the remainder will pass to Opera Saratoga – providing you with income for life while contributing to the Opera in the future.
Please consult your financial and/or legal advisors to determine which type of gift is best for you and for legal requirements regarding these gifts. To learn more about supporting Opera Saratoga with a Legacy Gift, please contact Jonathan Blalock or Lawrence Edelson at 518-584-6018.