There are numerous options for planned gifts:
A bequest is the transfer of cash, securities, or other property through a will or living trust. Bequests can be a specific amount, percentage of your estate, percentage of your residual estate or specific property. A bequest is private and you may change it at any time. Giving by bequest costs nothing now, yet it may give you a great deal of satisfaction to know that your future gift will live on.
You can name Opera Idaho as the primary or contingent beneficiary on the beneficiary designation form for your retirement plan. This may be the most tax efficient way to give a gift to Opera Idaho; many retirement assets may be taxable for income and estate tax prior to being paid to an individual beneficiary.
Consider giving your life insurance policy new life with a charitable purpose. Naming Opera Idaho as the beneficiary or transferring ownership of your life insurance policy provides you the satisfaction of making a generous donation and leveraging the value of your policy. Options include: naming Opera Idaho as the beneficiary of an existing policy, transferring ownership of an existing policy, or purchasing a new policy naming Opera Idaho as the owner and beneficiary and donating premium payments
Charitable Remainder Trust
A Charitable Remainder Trust allows you to make a gift to Opera Idaho while retaining the benefit from your assets. Cash, securities or other property are irrevocably placed in a trust that provides an income to you or one or more beneficiaries for life or a set period of time. When the trust ends, the assets of the trust are passed to the Opera Idaho. Significant tax benefits may be available through a charitable deduction.
Charitable Lead Trust
A Charitable Lead Trust is an excellent way to transfer assets to heirs at a reduced transfer tax rate. With this type of trust, Opera Idaho is the recipient of the income stream from the trust for a specified term after which the trust assets pass to the remainder beneficiary, most often the heirs.
IRA Charitable Rollover Gift:
If you are 70 ½ years of age or older, you have the chance to transfer up to $100,000 each year to charity from your IRA without it being treated as a taxable distribution. If you want to make a qualifying transfer, contact your IRA Administrator and instruct that person to transfer funds to Opera Idaho.
- The gifts must be outright, and no material benefits can be received in return for the gifts.
- The gift is not included in taxable income, and no charitable deduction is allowed.
- The gift can be made only from an IRA. Gifts from 401(k), 403(b), and 457 plans are not permitted.
- This may be the right gift for you to make if:
- Your IRA constitutes the largest share of your available assets.
- You are required to take a minimum distribution from your IRA, but do not need additional income.
- You would like to make an additional charitable gift, but it would not be deductible because of the annual limitation of 50 percent of adjusted gross income for charitable contributions. The IRA charitable rollover is equivalent to a deduction because it is not included in taxable income.
A planned gift to Opera Idaho allows you to support the high-quality productions and outreach programs we produce with the added benefit of providing significant tax benefits. For more information or assistance with planning your legacy gift, please contact Stephanie Derentz, Director of Development, at 208-345-3531 ext. 4 or at Stephanie@operaidaho.org.