Planned Giving
Legacy Giving for the Future
Chris and Parky May have been long-time season ticket holders and can be found enjoying nearly every Reno Phil concert and event. They have a passion for music and recognize the importance of its continued existence. Their philanthropic goals are to provide our children with quality music education, as well as the opportunity to receive proper training, and the chance to perform at several different levels. This is why Chris and Parky have chosen to include the Reno Philharmonic and its educational programs in their family trust. While growing up, Parky and Chris learned from their families the spirit of giving back to their community with the generosity of both time and money. By making the choice of participating in the Planned Giving program of the Reno Philharmonic, they are honoring the legacy their families left them while the music they cherish will indeed live on.
Through carefully planned legacy gifts-wills, estate trusts or a retirement plans-donors can help to ensure the future of the Reno Philharmonic and its mission “to produce inspirational orchestral performances of the highest quality for broad audiences, support exceptional educational and outreach programs, and provide leadership in the performing arts community.” There are options from which to choose to make your legacy gift whether the gift is to the Reno Philharmonic or the Reno Philharmonic Endowment trust. Donors can choose an unrestricted gift, which provides for the overall operating costs of all the programs or a restricted gift intended for a program of the donor’s choice. A planned gift avoids the death tax and lets donors see their assets put to good use.
Bequests
This is one of the simplest ways to give. When the Reno Philharmonic Association is listed as a beneficiary from an estate, the estate avoids costly taxes by receiving a charitable estate tax deduction when the gift is made. Anyone in any tax bracket can leave bequests.
Charitable gift annuities
Donors can earn income over a lifetime when contracting with the Reno Philharmonic Association through our Planned Giving program. In exchange for the donors assets, most often cash or securities, the RPA agree to pay the donor an income of equal, tax-free installments spread out over the lifetime, also receiving a substantial income-tax deduction in the year of the gift.
Charitable remainder trusts
Throughout a trust’s term, donors receive payouts annually and avoid capital gains tax. The remainder of the trust is given to the RPA at the end of the term. Charitable remainder trusts are beneficial for donors who have valuable, appreciated assets and want to turn them into income to live on.
Donor advised funds
These are valuable for philanthropists donating to several charities. They act as a “parking space” for the gifts, while deciding whom to give it to. Benefits include an immediate tax deduction, grant-making funds, and less paperwork. Community foundations and financial firms offer these funds with a minimum donation. When reviewing these funds, we advise donors to consider is how funds are invested to ensure the personal goals are being met.
Life insurance policies
If a donor names the Reno Philharmonic Association as a beneficiary, the premium becomes an annual gift to us and is eligible for an income tax deduction.
No matter how you decide to make a legacy gift, consult with a professional beforehand about how you can meet both your financial and your philanthropic goals.
DOWNLOAD A PLANNED GIVING FORM: RENO PHILHARMONIC PLANNED GIVING FORM
For more information on annual giving, contact Tim Young, President & CEO or 775-323-6393, extension 110 or Jane Raley, Development Director or 775-323-6393, extension 105.
