Please consider joining our Planned Giving program, the Rita Simó Society of Angels, by including The People’s Music School in your estate planning. There are many ways to make a planned gift and provide tax benefits to your estate and/or heirs. Below are a few gift examples to discuss with your financial advisor.
A Gift Through Your Will or Trust
A gift through your will or revocable trust is a simple and meaningful way of remembering the School that may be directed where most needed by the Board of Trustees. A sample clause to share with your attorney is: I give to People’s Music School Inc., an Illinois not-for- profit 501(c)(3) corporation whose address is 931 West Eastwood Ave, Chicago, IL 60640, Tax ID #51-0192597, (the sum of $_________) or (_____ % of the residue of my estate) for its general purposes.
Retirement Plan Assets
Our charitable tax status exempts retirement benefits from estate and income taxes that your individual heirs could incur if you were to give these assets to them. Designating the School as a beneficiary of retirement plan benefits may be a tax-savvy gift strategy.
Life Insurance
Life Insurance that you no longer need for your family security may be donated to the School by transferring ownership of the policy or naming the School as a beneficiary. Your estate may be entitled to a charitable deduction for the proceeds passing to the School.
Charitable IRA Rollover
The charitable IRA rollover, or qualified charitable distribution (QCD), is a special provision allowing certain donors to exclude from taxable income – and count toward their required minimum distribution – certain transfers of Individual Retirement Account (IRA) assets that are made directly to public charities, including the School. Donors can use this popular option to support the School with tax-wise gifts ranging from $100 to $100,000.
Qualifying charitable distributions must be:
- Made by a donor age 70 1⁄2 or older
- Transferred from a traditional IRA or Roth IRA directly
- Completed by December 31 of the corresponding tax year
Charitable Gift Annuity or Charitable Remainder Trust
A charitable gift annuity or charitable remainder trust enables you to make a contribution to the School in exchange for payments each year for a specified term or for life. This payment can be made to you or others you choose. Your gift is invested for the specified term or life and then the remaining assets are transferred to the School to be used as you have directed. These types of gifts can also provide income, capital gains, and estate tax savings.