Bequests
A bequest is the easiest and most popular type of planned gift.
How You Benefit:
How It Works:
Bequests are flexible — you’re not making a gift until after your lifetime and you can change your mind at any time; versatile — you can structure your gift in many ways; and convenient — you have access to your assets throughout your lifetime.
You may choose to give a specific dollar amount, a percentage of your estate, or certain assets, such as real estate or a retirement account.
With the help of an attorney, you can include language (sample language is listed below) in your will or trust specifying a gift to be made to the Nashville Symphony as a part of your estate plan, or you can make a bequest using a beneficiary designation form.
If you have already included a bequest to Nashville Symphony as a part of your estate plan, please let us know by completing our gift agreement form so that we may recognize you for your generosity. You may also choose to remain anonymous.
Additional Information:
The method used to make a bequest will depend on the type of gift you choose to leave to Nashville Symphony. Bequests of real estate, personal property, business interests, and cash are typically made by way of a will, revocable trust, or even a simple codicil to your current estate plan. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
Other bequests — such as those involving retirement assets, insurance policies, bank accounts, and stocks and bonds — are typically made by completing the appropriate beneficiary designation form. Contact your retirement plan administrator, life insurance company, bank, or investment broker and ask them to send you the appropriate “beneficiary designation” or “payable on death” form. To complete your bequest, you will need to complete and sign the form and then send it back to the person who sent the form to you.
The last step in leaving any bequest involves the transfer to charity. When you pass away, the bequest property will be transferred to Nashville Symphony. The full value of this gift will be transferred tax-free, and your estate will receive an estate tax charitable deduction.
The following sample language is suggested for will bequests to Nashville Symphony:
Bequest for an Endowment
I, __________, give, devise, and bequeath to Nashville Symphony Association, Inc., in Nashville, TN, ______ percent of all the rest, residue, and remainder of my estate (or _______ dollars, property, securities, etc. described below) wheresoever located. Nashville Symphony Association, Inc. shall transfer the principal amount received hereunder to Nashville Symphony for the endowment fund for ____________ known as the ____________________ (name of endowment), which has been previously established. In the event the purpose of this bequest can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Nashville Symphony at the time of my estate’s maturity or at any time thereafter, then I expressly authorize the President of Nashville Symphony to utilize the funds for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, the above described purpose. This fund for the purpose of investment may be combined/co-mingled with other funds of Nashville Symphony.
Unrestricted/Restricted Bequest
I, __________, give, devise, and bequeath to Nashville Symphony Association, Inc., in Nashville, TN, ______ percent of all the rest, residue, and remainder of my estate (or _______ dollars, property, securities, etc. described below) wheresoever located. Nashville Symphony Foundation, Inc. shall transfer the principal amount received hereunder to Nashville Symphony for areas of greatest need as determined by the President of the institution at the time. In the event the purpose of this bequest can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Nashville Symphony at the time of my estate’s maturity or at any time thereafter, then I expressly authorize the President of Nashville Symphony to utilize the funds for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, the above described purpose. This fund for the purpose of investment may be combined with other funds of Nashville Symphony.
Retirement Assets
Donating all or part of your unused retirement assets—such as your IRA, 401(k), 403(b), pension, or other tax-deferred plan—is an excellent way to support the Nashville Symphony.
If you’re like most people, you probably won’t use all of your retirement assets during your lifetime. You can make a gift of your unused retirement assets to support Nashville Symphony.
How You Benefit:
How It Works:
You will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate Nashville Symphony as a beneficiary, our institution will benefit from the full value of your gift, because your IRA assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
If you have already included Nashville Symphony as a beneficiary of your retirement assets, please let us know by completing our so that we may recognize you for your generosity. You may also choose to remain anonymous.
Additional Information:
Did you know that 60%-70% of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step up in basis—such as real estate and stock—and give your retirement assets to Nashville Symphony. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
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Questions? Please call us at 615.687.6494 or email us. |
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