Philharmonia Baroque Orchestra (PBO) welcomes planned gifts of any size and is honored to include those donors in our Laurette Goldberg Society. Below is a list of options to consider when making your estate plan. We also encourage you to protect yourself and those you love by having an up-to-date estate plan and strongly recommend that you always consult with an attorney when preparing legal documents.
If you don’t have an estate plan yet, download our helpful Estate Planning Organizer to get started. You might also check out these helpful videos on a variety of estate planning topics.
Bequest in Will or Living Trust
Easy to arrange and the bequest remains in your control: Gifts in a will or living trust, also known as charitable bequests, are simple to arrange and remain under your control during life. Your bequest can gift a specific amount or specific property to PBO, or a percentage of your estate. Ask your attorney to add language such as the following (called a codicil) to your will or trust to arrange your bequest:
- “I give and bequeath to Philharmonia Baroque Orchestra & Chorale, a California nonprofit organization (Tax ID #94-2848318) located in San Francisco, California, the sum of $ ________ dollars OR _________% of the rest, residue and remainder of my estate OR the following described property: _______________________ for its general purposes (or name the program(s) you wish to support).”
Easy to Arrange Beneficiary Designations
IRA Designation
Allows you to direct assets tax-free to PBO: Naming Philharmonia as a primary or contingent beneficiary of your retirement plan (such as an IRA, 401(k), 403(b), Keough or similar plan) may enable you to make a larger gift than you anticipated because income and estate taxes are not imposed when plan assets are distributed to PBO. If left to an heir, plan assets are subject to tax. Your retirement plan administrator can help you designate PBO as a primary or contingent beneficiary on the plan’s beneficiary designation form.
Life Insurance Designation
Simple, flexible and minimal paperwork: You can easily name Philharmonia as a primary or contingent beneficiary of a life insurance policy. The company issuing the policy can help you designate PBO as a beneficiary on the policy’s beneficiary designation form.
Gifts that Pay Income for Life
Charitable Gift Annuity
Receive fixed, predictable payments for the rest of your life, an immediate income tax deduction, and the satisfaction of making a generous gift to PBO. The annuity rate depends on whether the annuity is for one or two people and your age when the annuity is created.
Here’s an example: Vivian Viola, age 75, funds a $25,000 charitable gift annuity contract to benefit PBO. Her annuity payment is 5.8% of her gift, giving her a predictable payment for life of $1,450 annually. $1,125 of her annual payment is tax-free for twelve years. She also receives an immediate income tax deduction of $11,065. Upon Viola’s passing, what remains in her annuity account passes to PBO.
Charitable Remainder Trust
Bypass the capital gain tax on the sale of appreciated real estate or stock, receive payments for life, and enjoy an immediate income tax deduction and the satisfaction of making a generous gift to Philharmonia. For example, Betty and Barry Bassoon, tired of being landlords, want to sell the rental property they bought for $75,000 many years ago. Knowing the property will now sell for $800,000, and being enthusiastic PBO supporters, they transfer the property to a charitable remainder unitrust. The property is then sold by the trust, bypassing the tax that would otherwise be due on the $725,000 capital gain. The Bassoons receive payments for life from their trust and receive an immediate tax deduction. Upon the passing of the surviving spouse, what remains in the trust passes to PBO.
Philharmonia Baroque Orchestra’s Tax ID#: 94-2848318
For more information about making a planned gift or supporting PBO’s Endowment, to arrange for a private confidential consultation or to let us know that you have already included PBO in your estate plan, please contact us at development@philharmonia.org or
(415) 252-1288.
