Leave a legacy and make a difference now

This is a simple, effective way to make a future gift. A single sentence in these documents is all that is needed to complete your gift to Lyric. You can give a specific item, an amount of money, a gift contingent upon certain events, or a percentage of your estate.

Although many people think of a will as the easiest way to transfer assets after their lifetime, it does not cover everything. In fact, retirement plans, IRAs, life insurance, donor advised funds, and commercial annuities are not controlled by the terms of your will, but instead use separate beneficiary forms to determine who receives them. These beneficiary designations pass outside of your will making them effective and easy ways to leave a legacy.

Taxes can erode a significant portion of this gift when left to loved ones. Leaving these assets to a tax-exempt organization like Lyric is a tax-smart option. We can receive all that is left to us from a retirement plan or IRA. Leaving these same assets to your loved ones can expose the assets to income taxes at their ordinary income tax rate.

The individual retirement account (IRA) rollover, often referred to as a qualified charitable distribution (QCD), allows you to make a tax-free gift from your IRA to a qualified charitable organization without having to pay income taxes on the money. You can make annual gifts to Lyric from your IRA this year and into the future.

If you would like to make an impact now and are 70 1⁄2 years or older, you can give any amount up to $100,000 from your IRA directly to a qualified charity such as Lyric without having to pay income taxes on the money.

A donor advised fund (DAF) is like a charitable savings account you set up at a qualified public charity or, more commonly, at a community foundation or financial services firm called a “sponsoring organization.” It allows for centralized giving and gives you the flexibility to recommend how much and how often money is granted to charitable organizations. You can transfer cash or other assets to the sponsoring organization. In return, you qualify for an income tax charitable deduction for gifts to your DAF. You can also create a lasting legacy by naming your loved ones as your successors to continue to recommend grants to charitable organizations or name Lyric as a beneficiary to receive all or part of the account after your lifetime.

Donating publicly traded stock, bonds, and mutual funds offers numerous tax advantages. You can:

• Transfer the stock to Lyric electronically through your broker, or

• Send the stock certificate and a signed stock power for each certificate to us separately through the mail.

Giving real estate allows you to make a meaningful gift with potential tax benefits. You can donate real estate in several ways:

• Give the appreciated property directly to Lyric. This qualifies you for a tax deduction for its fair market value and eliminates the capital gains taxes when you have owned the real estate for more than one year.

• Make a gift through your will or living trust. Made as part of your estate plan, this type of gift supports future generations.

• Provide a vehicle donation—car, truck, boat, or plane—completely hassle-free. Contact us to learn more. 

Most states allow you to designate a beneficiary for these types of accounts through a payable- or transfer-on-death designation*. Designating Lyric as beneficiary of your bank or brokerage accounts is a simple and straightforward way to support opera in Chicago. You are also free to change beneficiary designations at any time.

^{*State laws govern payable-on-death accounts and transfer-on-death accounts. Please consult with your bank representative or investment
advisor if you are considering these gifts.}

You may be wondering what to do with a policy you no longer need. Consider donating the policies to us or simply naming Lyric as beneficiary.