FREQUENTLY ASKED QUESTIONS ABOUT PLANNED GIVING
Who can help me arrange a gift to Actors Theatre?
You can talk with an attorney, financial planner
or accountant about making a gift.
Must I have an estate in order to
leave a gift?
The word "estate" is simply used to describe any property, money or
personal belongings that you may have at the time of your death. Most
people leave an estate when they die, even though they may not have
great wealth. Anyone can arrange to leave a charitable gift from their
estate when they die.
How do I leave a gift to Actors
Theatre?
You can arrange for a gift in several ways, the most common of which
is through your will. Many people set aside a certain dollar amount.
Others leave a percentage of their estate, or any assets left after
their family has been provided for. You can also give something you
own, like a car or home, or name Actors Theatre as a beneficiary of
a life insurance policy or retirement plan.
How do I include the gift in my
will or living trust?
The most common way people remember Actors Theatre is through a charitable
bequest. In most cases, you will not have to rewrite your current documents.
You can simply add an amendment, called a codicil, to your will or living
trust. Here is some suggested language you can provide to attorney:
I give and bequeath to Actors Theatre of Louisville,
tax identification number 61-0645030, located at 316 West Main Street,
Louisville, Kentucky 40202, $_______ (or state a percentage of your
estate, or describe real or personal property, including exact location).
Your bequest is entirely under your control during life
and becomes irrevocable only at death.
Why do I need to make a will?
Without a will, you lose control over your belongings after death. Your
property and finances will be settled according to state laws, whether
or not it coincides with your wishes, and could lead to the payment
of unnecessary taxes. Sadly, in our region only about 50% of the population
actually leaves a will.
Can I make a gift in memory of a
person or for a specific purpose?
A memorial gift can be arranged in your will the same way you would
leave a personal gift from your estate. Just state that the gift is
given in memory of a particular person or state that it is for a specific
use.
What are some advantages to naming
Actors Theatre a beneficiary?
A designation in your IRA or other retirement plan may be a very cost-effective
way of making a gift to Actors Theatre. If you leave your retirement
plan to your children, they will have to pay income tax on either a
lump sum distribution or the income stream from the plan. Actors Theatre
does not pay this tax. Here’s an example of what this can mean to your
heirs:
A widower died a few years ago. He left his $300,000
house to charity and his $300,000 retirement plan to his relatives.
He should have done just the opposite. The relatives had to pay income
tax on the $300,000 in the retirement plan, an $80,000 cost to them.
If they had received the home and the charity had received the retirement
plan payment, no one would have paid income tax.
If you have questions about make a gift to Actors Theatre
through your will or estate plan, please contact Trish Pugh Jones, Manager of Patron Relations, at 502-584-1265 ext. 3062 or e-mail at TJones@ActorsTheatre.org.
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