Planned giving donors help ensure that many generations of Abilenians will continue to hear great music with gifts to support the Abilene Philharmonic’s operations or through its endowment.
These gifts include bequests, beneficiary designations, gifts from retirement plans and trusts. Deciding to make such a gift can be an opening to talk with loved ones, and legal and financial advisors.
Planned gifts often help donors meet their personal financial goals, while advancing what they hold dear. Donors often receive tax advantages. Such gifts allow donors to act in support of the Abilene community and its orchestra beyond their lifetimes.
IRA Charitable Distribution
Don’t itemize deductions, but would still like a tax break for your gift to support the work of the Abilene Philharmonic? If you are 70 ½ or older, and don’t need all the required Minimum Distribution from your IRA for your support, consider using a portion of it to benefit our great Philharmonic.
- If you are 70½ or older, you can instruct your retirement plan administrator to make a direct Charitable Distribution to the APA of up to $100,000.
- Your plan administrator will then direct a transfer to the APA, ensuring that the legacy of classical music in Abilene, as well as your legacy, continue to live on.
- This charitable distribution will not be included as part of your gross income, and as such, there will be no income-tax on the amount transferred.
- Your gift will count towards your minimum distribution requirement.
- You will enjoy knowing that your support unleashes the power of music to entertain, educate, and inspire through live symphonic music and community engagement.
Please contact your IRA administrator and/or tax advisors for more details.
Donors may make a bequest gift by naming the Abilene Philharmonic in a will. They may designate a dollar amount, a percentage of the estate, or an asset, such as shares of stock.
Donors may designate the Abilene Philharmonic as a beneficiary a gift of a financial account, retirement plan, or life insurance.
There are several types of trusts. How trust funds are invested and how they benefit donors and charities vary. Speak with a financial advisor if a trust seems right for you.
Some planned gifts can also be made during a donor’s lifetime, such as gifts of stock. Your broker and financial advisor will be able to tell you if you can lessen or avoid capital gains tax, how gifts of securities are valued for your taxes, and they can facilitate the gift.
Donors that wish for their planned gifts to be invested in endowment should designate their gifts to the Abilene Philharmonic Foundation, a separate non-profit dedicated for this purpose.