CREATE A LEGACY: SAVE ON TAXES
Are you thinking of giving to Cascades Theatrical Company as part of your estate planning needs? Did you know you may save significantly on your taxes if you do? Would you like to know more?
Contact Board Member Chris Mehner at email@example.com.
(The information below is not intended as tax, legal or financial advice, and please discuss any planning ideas with your personal financial or legal advisor.)
TAX BENEFITS OF CHARITABLE GIVING
IRA Required Minimum Distribution (RMD) – Did you know that when you reach 70-1/2, the IRS requires you to withdraw a Required Minimum Distribution (RMD) from your Individual Retirement Account (IRA). And, that added income could put you in a higher tax bracket?
Did you know you may now gift your IRA distribution TAX-FREE to your favorite charity or non-profit? You may transfer up to $100,000 per year, even if that is more than your RMD. While you are not entitled to a charitable deduction, your tax-savings may be significant, and your generous gift will benefit Cascades Theatrical Company meaningfully.
Distributions must be made directly. Since you avoid taking possession of the funds, you avoid the tax bill that comes with it.Don’t let your IRA distribution put you into a higher tax bracket for categories such as Social Security taxation, Medicare Part B and D premium increases, and the Medicare Tax on investment income.
Retirement Plan Gifts – A tax-efficient and simple way to give to Cascades Theatrical Company is by gifting your IRA or other retirement plan. Simply name Cascades Theatrical Company as the primary or secondary beneficiary on your plan's beneficiary designation form. While individual beneficiaries would have to pay taxes on this as income, CTC gets the full benefit of the funds without paying any taxes. Ask your IRA plan administrator for a beneficiary form, fill it out, and send it back to them. It is that simple.
Publicly Traded Securities – You may also make a charitable gift from your publicly traded securities. You must have held the asset for more than one year. Giving this way entitles you to a charitable deduction from your income tax for the full fair market value of those securities. You may defer or completely avoid capital gains tax, depending on the type of gift.
Publicly traded securities can also be structured to provide income during the giver’s lifetime, with the remainder as a gift to a charity.
Publicly traded securities can be transferred electronically from a brokerage account to Cascades Theatrical Company.
Life Insurance– If you name Cascades Theatrical Company the beneficiary of a life insurance policy, your estate will receive a charitable deduction from your estate taxes for that gift.
HOW CTC USES LEGACY GIVING
Your Legacy Giving supports education programs and our next generation of actors, directors, and playwrights.
We are expanding All Aspects Teen Theater and launching an exciting new program with:
A podcast for teens theater
Teen productions to stream online for teens and all our members
Carol Bryant Scholarships to help high school seniors fund their college educations.
CTC Internships, paid internships for young adults to learn the operation and management of a theater.
Each person’s situation is unique, so please review the best strategy to maximize your tax savings with your financial or tax planner. If you would like more information on tax planning with your IRA Required Minimum Distribution, contact Chris Mehner firstname.lastname@example.org.
Thank you for thinking of Cascades Theatrical Company!