Making a planned gift not only benefits the Dallas Opera, but can also offer significant tax advantages.
Overview of Planned Giving and the Orpheus Legacy Society
The Orpheus Legacy Society is comprised of far-sighted individuals who have made a planned gift by naming The Dallas Opera in their wills or estate plans. When you join the Orpheus Legacy Society you make a lasting mark on your community. Named for the mythological poet who charmed the gods with his music and was the subject of many early operas, the Orpheus Legacy Society honors those individuals who have made an investment in the future of our company through their wills or deferred gifts. Benefits gained by donors through tax-advantaged estate and financial planning make planned gifts possible for individuals at all levels of income.
Include a Bequest in Your Will
A bequest can designate a specific dollar amount to the Opera, or it can deliver a percentage of the balance remaining in your estate after taxes and specific bequests have been paid. It can also be payable if a primary beneficiary is not able to inherit. There’s no need to re-write your will. You can simply add a codicil naming a bequest to The Dallas Opera.
Here are two codicil examples to serve as guidelines for your attorney when including a bequest to the Dallas Opera.
- Specific Cash Bequest: I give and bequeath to the Dallas Opera, a Texas not-for-profit corporation, the sum of $ _____ for its general corporate purposes.
- Residuary Bequest: I give and bequeath to the Dallas Opera, a Texas not-for-profit corporation, _____ % of the rest, residue and remainder of my estate for its general corporate purposes.
Life Insurance Policies and IRA Accounts
If you have a life insurance policy no longer needed for its original purpose, you can use it to support the Opera. Just designate The Dallas Opera as the new beneficiary. You can also designate the Opera as the recipient of any remaining IRA assets.
In December 2015, Congress passed, and the President signed into law, the Protecting Americans from Tax Hikes (PATH) Act, which made permanent several charitable tax incentives including the Individual Retirement Account (IRA) Charitable Rollover. For more details, click here.
CONTACT: For more information on how to make a planned gift to The Dallas Opera, contact the Associate Director of Development, Eva Toia at 214-443-1055 or firstname.lastname@example.org.