Virtuoso Society
Planned Giving Program
For as long as the Lima Symphony Orchestra has been making magnificent music come to life, it has relied on the generosity and vision of its patrons and supporters to ensure its legacy for years to come. The Symphony established the Virtuoso Society to recognize those donors who have provided for the future of the Orchestra through bequest, Retirement Plan Asset Gifts, Life Insurance Policies, Charitable Lead Trust, Charitable Remainder Trust and Gifts of Personal Property.
The Lima Symphony Orchestra is exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code of 1986, as amended, and gifts to the Lima Symphony Orchestra are exempt from federal income, gift and estate tax.
Bequest
A gift to the Lima Symphony Orchestra in your will or revocable trust proclaims your confidence that we will continue to pursue our mission and make a difference in the lives of future generations. A bequest is:
* Easy to arrange
* Does not affect your assets or cash flow during your lifetime
* Revocable
* You may have planned your estate through a revocable trust instead of a will. A transfer to the Lima Symphony Orchestra from your trust will bring you the same tax and planning benefits as a bequest from a will.
* Your bequest or trust distribution to us will reduce the value of your estate for federal estate tax purposes, and will also be exempt from state inheritance taxes.
Legal Designation
If you wish to name the Lima Symphony Orchestra in your will or estate plan, we should be named as the “Lima Symphony Orchestra Association, Inc.”
You Can Make Your Bequest in Several Ways:
A bequest can deliver a specific dollar amount or asset to the Lima Symphony Orchestra, or it can give us a percentage of the balance remaining in your estate after taxes and specific bequests have been paid. It can also be payable if an individual beneficiary is not able to inherit.
Specific Bequest
"I bequeath Twenty Thousand ($20,000) Dollars [or: all my Ford Motor Company stock] to the Lima Symphony Orchestra Association, Inc., an Ohio nonprofit corporation, to benefit the Lima Symphony Orchestra."
Residuary Bequest
"I bequeath Ten Percent (10%) of the residue of my estate to the Lima Symphony Orchestra Association, Inc., an Ohio nonprofit corporation, to benefit the Lima Symphony Orchestra.”
Contingent Bequest
"If my nephew does not survive me or is unable to inherit this bequest, I direct that it be paid to the Lima Symphony Orchestra Association, Inc., an Ohio nonprofit corporation, to benefit the Lima Symphony Orchestra."
Your Bequest Can Be Used by Us in Two Ways:
A bequest can be directed to a specific program or purpose at the Lima Symphony Orchestra, or you can tell us to apply it to our general resources or use it for the need that we believe is most pressing at the time it is received. So that it can be most useful, we prefer that the terms of a bequest be as general as possible, and ask you to consult us if you are considering a bequest for a specific purpose here.
Retirement Plan Asset Gifts
You can leave the Orchestra a part or all of your IRA, 401(k) Plan, HR-10 Plan or other retirement plan by naming the Orchestra as a partial or entire beneficiary of your plan. Retirement plan assets are more highly taxed than most other assets in a person's estate plan. So if you leave them to your family members, they receive less per dollar in the plan than they would from another asset. Accordingly, when you are arranging your financial affairs in your estate plan, it is often wiser to have charitable gifts such as bequests to the Orchestra made payable out of your retirement plan assets rather than other assets. It will mean a greater net estate for your family beneficiaries. Our Executive Director would be happy to consult with you on such actions at no cost and with no obligation.
Life Insurance Policies
You can make the Orchestra a beneficiary of a life insurance policy by writing on the beneficiary designation form " Lima Symphony Orchestra Association, Inc, for its general operating expenses" and then name a set amount (e.g., "$100,000") or a percentage (e.g., "50%") or the entire proceeds.
Charitable Lead Trust
A charitable lead trust is a trust which pays income to a charity (this is the "lead" portion), such as the Orchestra, for a period of years and then at the end of that period distributes the principal to individuals, usually the children or grandchildren of the person who creates the trust. Why would someone create such a trust? The answer is often that it is done in order to reduce very significantly the gift and estate taxes which would otherwise be payable on the principal being transferred down to successive generations of the family. The tax benefits are very worthwhile and that is why sophisticated holders of family wealth choose them. The added benefit is that you have the opportunity to be very generous to the Orchestra in the process. Our Executive Director (at no charge to you and with no obligation), or your personal tax or estate planning advisor, can produce custom made illustrations of how this trust could work for you.
Charitable Remainder Trust
A charitable remainder trust pays a set amount or a variable amount to you, or to other persons whom you designate, and then after a period of years (usually upon the death of the person receiving the income) the principal (this is the "remainder") is paid to the Orchestra. You can set up these trusts during lifetime with particularly advantageous income tax deductions to you, or you can set up such a trust in your will to take effect upon your death with equally important estate tax savings. Funding such a trust during life with a highly appreciated asset is a common practice for those with significant assets and sophisticated advisors. You can receive personalized illustrations of what the savings are for you and your family from the Orchestra's Executive Director (at no charge and with no obligation), or you can ask your personal advisor for such illustrations.
Gifts of Personal Property
Not all gifts have to be cash or securities. Many individuals opt to make donations to us of personal property that has value. For example, you may choose to contribute artwork, collectibles, equipment and other items that help us advance our mission.
If you are considering such a gift, please call us first, as what you choose to donate may impact the amount of your charitable deduction.
Here are some other helpful tips if you are considering such a gift:
* You will need to secure an independent appraisal to establish the amount of your deduction.
* Most gifts of personal property are made to the Lima Symphony Orchestra outright. In rare cases, it may be possible for you to arrange for life income to be paid to you in return for the gift. However, significant tax considerations make it advisable for you to consult your advisors and our office first before proceeding with such a plan.
How it works
* You transfer a valuable painting, antiques, collectibles or other personal property to the Lima Symphony Orchestra.
* The Lima Symphony Orchestra may elect to hold the property and display or use it in the furtherance of its mission. The Lima Symphony Orchestra may elect to sell.
Benefits
* You receive gift credit and an immediate income tax deduction for the appraised value of your gift and pay no capital gains tax, provided your gift satisfies the requirements of the IRS.
* In certain cases, you can use personal property to fund a life-income gift that benefits the Lima Symphony Orchestra and provides you with income now.
* You can have the satisfaction of making a significant gift now to the Lima Symphony Orchestra without adversely affecting your cash flow.
Henry David Thoreau said "Music is the universal language of mankind." Think of what would be possible in the world if everyone could express and communicate in a universal language. Music is unique among the arts in that people from different countries, religions, and cultures can come together and instantly create harmony with the universal language of music. If harmony was present everywhere in the world, the world would be a very different place.
Your generous contributions support great music in our community and support music harmonies of classical music will live on and that our children will experience the joys of music education in our schools. A donation to the Lima Symphony Orchestra ensures that the glorious harmonies of classical music will live on and that our children will experience the joys of music.
Thank you!
The Lima Symphony Orchestra Gift Acceptance Committee
