Planned gifts may allow you to make a larger charitable gift than you thought possible, while potentially reducing taxes and taking care of the financial needs of you and your family first.
Types of Planned Gifts
- Bequests: Designating the BSO as a beneficiary of your estate supports the Orchestra in the future without diminishing assets during your lifetime and also provides estate tax savings. Sample language for remembering the Bangor Symphony Orchestra in a will or trust:
“I give and bequeath to the Bangor Symphony Orchestra, Bangor, Maine (options follow):
the sum of $______________; or
____________ percent of my estate; or
the property [described here]”
The Bangor Symphony Orchestra’s Tax Identification Number is 01-0024645.
- Appreciated securities: Gifts of appreciated stock allow you to avoid capital gains.
- Qualified Charitable Distributions from your IRA: Help meet your required minimum distribution without paying tax on the amount donated (up to $100,000). For those aged 70 1/2 years and older. Download a sample request letter [Word Doc] to mail your account manager.
- Charitable remainder trusts and charitable gift annuities: Both provide you with a fixed income for your lifetime that is partially tax-free, while the remaining principal supports the BSO
- Retirement assets: Name the BSO as beneficiary of your retirement plan to leave less-taxed assets in your estate
- Life insurance: Donate a paid-up policy that you no longer need or create a new policy naming the BSO as a beneficiary for estate tax savings
- Real estate: A gift of your property to the BSO removes its value from your taxable estate
Next Steps
- Contact the BSO’s Director of Development at 207-942-5555 ext. 2 or e-mail development @ bangorsymphony.org for more information about your options. We can provide sample language for bequests or show you how to structure specific gifts.
- Contact your attorney and your financial advisor. Let them know you are considering a planned gift to the Bangor Symphony Orchestra. They can assist you in determining what type of gift best suits your circumstances while fulfilling your philanthropic desires.
- Be sure to talk to your family and friends about your plans and personal wishes in addressing family needs as well as your philanthropic legacy.