PLANNED GIVING

A LEGACY THAT LASTS A LIFETIME

The word “legacy” is defined as a gift that has a lasting impact on others.

Since 1984, the Baltimore Chamber Orchestra has presented classically captivating concerts for thousands of music lovers across the Mid Atlantic. By including the BCO in your estate plans, you leave a testimony to your love of music that will allow future generations to experience that same musical magic for years to come.

There are several ways to support BCO with a planned gift. We’ve outlined some of those financial vehicles and information about all of them below. Remember to consult your financial and/or legal advisors to determine which type of gift is best for you and to understand the legal requirements for all of these types of gifts.

BEQUESTS

One of the easiest ways to make a planned gift is through bequest in your will or a provision in your trust that specifically outlines a gift to the Baltimore Chamber Orchestra. This can be for a specific dollar amount, a percentage of your estate, or a certain piece of property.

To leave a specific amount to the BCO you can use the following language in your will:

“I give and bequeath to the Baltimore Chamber Orchestra, Inc. a nonprofit corporation located in Towson, Maryland with a tax ID number of 52-1356846, or its successor, the sum of $ [amount of gift] (or [description of asset]) to be used wherever the need is greatest (or to support the [specific fund or program]).”

To designate a specific percentage of the value of your estate to the BCO, you can include the following language in your will:

“I give and bequeath to the Baltimore Chamber Orchestra, Inc. a nonprofit corporation located in Towson, Maryland with a tax ID number of 52-1356846, or its successor, all (or state a percentage) of the rest, residue, and remainder of my estate, both real and personal, to be used wherever the need is greatest (or to support the [specific fund or program]).”

RETIREMENT PLAN OR LIFE INSURANCE POLICY BENEFICIARY DESIGNATION

By making the Baltimore Chamber Orchestra a beneficiary of your life insurance policy or retirement account such as an IRA, 401(k), or 403(b), you can leave the orchestra a planned gift with minimal legal paperwork through a one-page form that your account provider can give to you. Retirement plans are among the most highly taxed assets individuals can hold. By naming the BCO as the beneficiary of your retirement plan, any funds remaining in the plan after your passing will not be taxed and your loved ones won’t be subject to any hidden income tax liability. Similarly, by naming the BCO as the sole or partial beneficiary of your fully-paid life insurance policy, you can also avoid paying estate taxes from the proceeds.

Please consult your financial and/or legal advisors to determine which type of gift is best for you and to understand the legal requirements for these types of gifts.

IRA CHARITABLE ROLLOVER GIFTS

An IRA Charitable Rollover offers another excellent opportunity to make a gift during your lifetime from an asset that would otherwise be subject to several different levels of taxation if it stayed in your taxable estate. To qualify, you must be age 70½ or older at the time of gift and the funds must be transferred directly to the BCO from a traditional IRA account by your IRA administrator. Any funds that you withdraw from the fund that are then contributed to the BCO do not qualify. A gift of up to $100,000, per spouse per year, counts toward your IRA’s Required Minimum Distribution (RMD) for the year. Please note that funds from a 401(k), 403(b), SEP and other plans do not count as Qualified Charitable Distributions (QCDs).

Please consult your financial and/or legal advisors to determine which type of gift is best for you and to understand the legal requirements for these types of planned gifts.

CHARITABLE REMAINDER TRUSTS

A gift to the BCO through a Charitable Remainder Trust allows you to continue receiving the interest and earnings from your investments during your lifetime and receive a substantial charitable income tax deduction at the same time. You can choose to give a fixed amount or a percentage of the trust’s value when it is set each year. A Charitable Remainder Trust may also allow you to avoid capital gains tax on your donated assets and you will also receive a tax deduction for a portion of your gift. The trust will provide you with income for life while also supporting the BCO and when the trust is dissolved, the remainder will go to the orchestra.