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. Unless otherwise specified by the donor, gifts realized from bequests and other planned-giving instruments are placed in the Opera’s endowment fund with the Dallas Opera Foundation, thereby ensuring the perpetuity of this critical financial support.
Making a planned gift not only benefits the Dallas Opera, but can also offer significant tax advantages. 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.
Charitable Gift Annuities
It’s possible to support the Dallas Opera while also increasing your income without the worries associated with stock market fluctuations. All it takes is a Charitable Gift Annuity. In exchange for your gift of cash or appreciated securities, you receive a fixed income for life. Typically, significant portions of the payments you receive are tax-free, and you also receive an income tax charitable deduction in the year of your gift. Charitable Gift Annuities through the Dallas Opera are backed by the expertise and assets of Comerica Charitable Trust. Annuities to benefit the Opera are contracts between the donor and Comerica Charitable Trust.
It’s easy to get a personalized illustration of how a Charitable Gift Annuity can work for you. When you provide:
- your birth date
- the amount you’d like put in the annuity ($10,000 minimum)
- the name(s) of the income recipients, and the frequency of payments (quarterly, semi-annually, annually)
Comerica will produce an illustration showing the exact tax benefits and the income that will be received.
CONTACT: For more information on how making a planned gift or endowment gift could benefit you financially, contact the Associate Director of Development, Eva Toia at 214-443-1055 or firstname.lastname@example.org.