Support music in the mountains
Have you ever thrown a rock into the water?
The ripple effects seem to be never-ending...
Now imagine a gift that you make to Music in the Mountains having that same effect.
An endowment gift is a gift that can last forever and can even grow over time.
Donors set up endowments for many reasons: love for the Festival, a special connection to the music or the joy of spreading the love of music to the next generation.
Contributions to the Music in the Mountains Endowment help to strengthen the long-term viability of the organization and its mission. Consider endowing your annual support for the Festival in perpetuity with a gift of 20x your annual gift.
The information provided here by Music in the Mountains should not be considered financial, tax or legal advice. You should consult your financial advisor before making your charitable giving decisions.
We invite your questions about how your planned gift could be used to benefit Music in the Mountains.
Contact us to get started.
Most commonly used assets for Planned Giving Funds
IRA and qualified retirement plan assets
Retirement plan assets are the optimal assets to direct to charity. These assets can be used to support the plan owner and spouse, before some or all is designated by percentage to Music in the Mountains.
Any property owned can be deeded to Music in the Mountains while retaining a life estate (the lifetime right to live in the property) for the donor and spouse. In addition, part or all of real estate assets can be used to fund a charitable remainder trust. Because Music in the Mountains has a gift acceptance policy regarding non-cash gifts, please always contact us before completing any gift of real estate.
Ownership of a life insurance policy that an individual no longer needs can be given irrevocably to Music in the Mountains at any time during life.
Planned Giving Options
A bequest is a very common type of planned gift, and it requires special language that must be included in a properly executed will or trust. Please contact us for an amendable gift agreement that documents your intent.
Beneficiary designations on IRAs and qualified retirement plans
IRA and retirement plan assets often result in multiple taxes after the death of the plan owner and spouse; therefore, they are best suited for charitable giving. Designating a charity to receive all or a portion of what remains is easy to accomplish.
Charitable gift annuities
These plans are contractual arrangements and can be funded by cash or other assets. Only non-profit organizations, such as Music in the Mountains, can offer these plans, which feature a number of tax benefits.
Charitable remainder trusts (CRT)
CRTs are irrevocable trusts that actually provide for and maintain two sets of beneficiaries: income beneficiaries (you and, if married, a spouse) and the charities you name. Income beneficiaries receive a set percentage of income for your lifetime from the trust. The second set of beneficiaries receives the principal of the trust after the income beneficiaries pass away. This option offers either fixed (a charitable remainder annuity trust) or variable (a charitable remainder unitrust) income to a donor, spouse, or others such as siblings, partners, children, or grandchildren.
Donors may name Music in the Mountains as the successor beneficiary of all or a portion of their IRA, 401(k), or other retirement accounts. The designation is revocable and does not generate a charitable income tax deduction, but distributions from retirement accounts to surviving family members can be subject to both income and estate tax. Directing the balance of a retirement plan to charity removes the most-taxed asset from the donor’s estate, freeing up other, more favorably taxed assets to give to family and heirs.
Capital Gains Tax
Donors can contribute appreciated property, like securities or real estate, receive a charitable deduction for the full market value of the asset, and pay no capital gains tax on the transfer.
Donors who establish a life-income gift receive a tax deduction for the full, fair market value of the assets contributed, minus the present value of the income interest retained; if they fund their gift with appreciated property they pay no upfront capital gains tax on the transfer.
Gifts payable to charity upon the donor’s death, like a bequest or a beneficiary designation in a life insurance policy or retirement account, do not generate a lifetime income tax deduction for the donor, but they are exempt from estate tax.