Lyric Opera

Federal Legislation now permanently allows TAX-FREE IRA Rollover gifts to charity.

Enhanced ability to make increased gifts to Lyric Opera in 2015 and thereafter.

The IRA Rollover law is retroactive for any gifts to charity of IRA funds made in 2015 and will not expire as it has in past years. This law provides that anyone 70 1/2 years and older can make a tax-free IRA rollover gift to Lyric Opera of up to $100,000 per year. There is no IRA withdrawal tax and no charitable deduction for these kinds of gifts. You may use your 2015 “required minimum IRA distribution” or any other IRA funds to make an IRA Rollover gift to Lyric by December 31, 2015.

We urge you to call Lyric’s Senior Director of Planned Giving, Jonathan Siner, with questions.

He can be reached at (312) 827-5677 or jsiner@lyricopera.org.

As a patron of Lyric Opera, you are already passionate about opera in general and about Lyric in particular. Eagerly anticipating each season, you treasure your time in the Ardis Krainik Theatre, fully immersed in spectacle and lost in song and story.

All of Lyric Opera's elements – our artists, chorus, orchestra, technicians, and administrators - are interdependent, contributing to Lyric’s worldwide reputation of excellence. The most crucial part of Lyric, however, is you! A vital component of Lyric's future is its group of donors who have included Lyric in their estate plans, known as The Overture Society.

The Planned Giving Department is ready to help you fulfill your wish to leave a planned gift to Lyric, and to become a treasured member of The Overture Society. Senior Director of Planned Giving, Jonathan Siner, may be reached at 312-827-5677, or email him at jsiner@lyricopera.org. Associate Director of Planned and Major Giving, Lynn Bennett, may be reached at 312-827-5688, or lbennett@lyricopera.org. Rachel Peterson,Planned Giving Coordinator, may be reached 312-827-5696 or rpeterson@lyricopera.org.

See below for more information on The Overture Society and all of the wonderful benefits you will receive for your generosity! Leaving a gift to Lyric is truly leaving a beautiful legacy that will be enjoyed by thousands for years to come.
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Charitable Gift Annuities

IRA and Charitable Rollovers

The Overture Society

Bequests

Provide income for yourself, your spouse, or others for one or more lives by making one of these planned gifts. Upon death, the proceeds pass to Lyric Opera. You may receive income now, defer the income for retirement, or use it to fund your children's or grandchildren's future college expenses. These “income for life” gifts all have significant advantages, including:

-Avoidance or reduction of capital gains tax, if funded with appreciated stock or real estate held for more than a year.
-A charitable income or estate tax deduction.
-Conversion of low-yielding securities to higher payouts.
-Removal of these assets from your taxable estate. You can purchase a Charitable Gift Annuity directly from Lyric Opera using cash or securities. Lyric then pays you income for life, paid to you quarterly, four times per year.

A Charitable Remainder Trust can also be created during your lifetime, or through your will or living trust to pay income for life to others upon your death.

There are two kinds of Charitable Remainder Trusts: an Annuity Trust and a Charitable Gift. Annuity pays you a fixed dollar amount per year; a Unitrust pays you an annual fixed percentage of its value to Lyric, with the Unitrust being revalued each year.

Charitable Lead Trusts

Avoid significant gift and estate taxes for your descendants by funding a Charitable Lead Trust. Once the Trust is established, Lyric Opera is paid income for a term of years, at the end of which the principal of the Trust

IRA and Charitable Rollovers

Federal Legislation now permanently allows TAX-FREE IRA Rollover gifts to charity. Enhanced ability to make increased gifts to Lyric Opera in 2015 and thereafter.

The IRA Rollover law is retroactive for any gifts to charity of IRA funds made in 2015 and will not expire as it has in past years. This law provides that anyone 70 1/2 years and older can make a tax-free IRA rollover gift to Lyric Opera of up to $100,000 per year. There is no IRA withdrawal tax and no charitable deduction for these kinds of gifts. You may use your 2015 “required minimum IRA distribution” or any other IRA funds to make an IRA Rollover gift to Lyric by December 31, 2015.

The Overture Society

The Overture Society consists of those esteemed supporters who have designated a special gift to benefit Lyric Opera in the future through bequests, life insurance, IRAs, trusts, or other planned-giving arrangements. These generous gifts ensure our artistic progress well into the 21st century for the benefit of generations to come.

In addition, through a variety of "income for life" plans such as Charitable Remainder Trusts and Gift Annuities, donors can receive a steady stream of income for themselves or loved ones, along with substantial tax savings. Planned Giving at Lyric Opera offers a unique way to make charitable gifts, and ensures financial security allowing Lyric to engage in long-range planning for future opera productions.

Overture Society Benefits

All planned givers are members of the Overture Society at Lyric Opera, entitling them to these special benefits:

• Invitation to an Overture Society Appreciation Luncheon with opera stars and dress rehearsal

• Individualized ticket service privileges

• Invitations to special events and performances not offered to the public, the Opera Ball, and the Board of Directors' Annual Meeting Dinner

• Special recognition in the season program

• Estate planning seminars and special notice of Tax Alerts

• Individualized estate planning assistance for charitable planned gifts

Bequests

A bequest to Lyric Opera is a basic charitable planned gift completely free of estate and other taxes. A bequest is a statement of intent that can be inserted in your will, codicil to a will, or living trust. A charitable bequest can be established for a specific dollar amount or for a percentage of an estate or residuary estate. Sample bequest language is as follows:

I give % of the residue of my estate to Lyric Opera of Chicago, a sec. 501(c)(3) charitable organization, to be used for its general purposes.

OR

I give $_ to Lyric Opera of Chicago, a sec. 501(c)(3) charitable organization, to be used for its general purposes.

Real Estate

Real Estate Gifts Through a Retained Life Estate You can use real estate to make a planned gift through a Retained Life Estate in which you deed your home, condominium, co-op apartment, or farm to Lyric Opera but retain the right to live in it for the rest of your life, a term of years, or a combination of the two.

Calculate Your Benefits

Use the calculator found at the following link to calculate the income tax and cash flow benefits of various planned gift strategies.

Calculate Your Benefits

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