When you remember Oregon Repertory Singers in your will or trust, you are leaving a legacy for the students, singers, and music lovers of tomorrow. Read below for some basic information about planned giving, or contact your attorney, tax professional, and/or financial advisor for specific questions about your circumstances. You may also contact the ORS office for a referral to an advisor, to request more information, or to share information about your existing planned gifts: [email protected] or 503-230-0652.
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Oregon Repertory Singers in Wills and Trusts
Making an estate gift is a meaningful and lasting way to support the mission of Oregon Repertory Singers. Additionally, this type of giving may help you achieve specific financial goals, such as reducing or eliminating certain tax liability. Gifts included in wills and living trusts are popular because they are flexible, easy to arrange, and may be changed with your life circumstances.
Perhaps the most straightforward planned giving option is to make a bequest in your will. Regardless of your age or financial status, an estate plan is essential to ensure that your assets are distributed according to your wishes.
Bequests made through your will or trust may take various forms:
- Specific Bequest: Directs a specific dollar gift or property to pass to ORS.
- Residual Bequest: Directs that ORS receive the remainder, or a percentage of the remainder, of the estate, or a portion of the remainder, after all expenses and other bequests have been made.
A bequest to ORS is not subject to estate taxes, and there’s no limit on the amount of the deduction. Most importantly, your bequest to ORS will help ensure our ability to continue offering world-class choral music education and performances for many years to come. Your planned gift provides us a stable foundation on which we can develop creative artistic, educational, and programming growth.
2. Naming ORS as a Beneficiary
If you have a life insurance policy that is no longer needed to provide for dependents, consider making ORS the beneficiary. This may enable you to make a significant gift to ORS without using any of your estate’s capital. Another option is to make ORS both the beneficiary and owner of a paid-up policy. Doing so will earn you an immediate tax deduction equal to the policy’s cash value. Contact the policy’s issuing agent for instructions.
Some assets, such as IRAs and other qualified retirement plans, do not pass directly through your will and require you to name a beneficiary. Consider making ORS a full or partial beneficiary. Such plans can be excellent choices for charitable gifting because they are taxed more heavily than other assets—sometimes greater than 60 percent. However, by making ORS the beneficiary, the full value of the account will pass to ORS.
Oregon Repertory Singers thanks Andrea Bachhuber for her consultation on preparing the information above. Andrea is an attorney at Fitzwater Meyer Hollis & Marmion LLP and a proud member of the Oregon Repertory Singers adult choir. Please consult your attorney, tax professional, and/or financial advisor for specific and personal or assistance, or contact the ORS office to be referred to an advisor.