You may make an immediate gift or provide a bequest to the Foundation as part of your estate plan.
TYPES OF IMMEDIATE GIFTS:
Cash – Gifts (or bequests, including beneficiary designations) should be made payable to the Northern Neck Orchestra Foundation and mailed to:
The Northern Neck Orchestra Foundation
PO Box 263
Kilmarnock, Virginia 22482
Securities – Send a letter to your broker or the financial institution holding the stock you wish to donate. The letter should contain the following information:
1) Name of beneficiary: The Northern Neck Orchestra Foundation
2) The DTC number for the Foundation: 0443
3) The Account Number of the Foundation: NFC 096213
4) The Name and Account Number of your broker holding the shares, plus your contact information
5) The Name and CUSIP Number of the security to be donated
6) The Number of Shares
7) The Account Owner’s Signature
IRA Distribution (a one-time withdrawal) – Most financial institutions have pre-printed forms for this purpose, although the information requested will be the same as above. A medallion signature guarantee may be required by your broker or financial institution if your gift exceeds $10,000.
TYPES OF BEQUESTS:
If you choose this route, you will become a member of the Encore Society and receive recognition in the Orchestra’s Annual Report, plus an invitation to an exclusive event each year with fellow Orchestra supporters.
Charitable Bequest by Will – a bequest is a gift generally made through a donor’s will and is the most common type of planned giving. Gift and estate taxes can typically be avoided on bequeathed assets, and these assets can be a specific dollar amount or asset, or a percentage of the donor’s residual estate.
Tangible Personal Property – You may bequeath appreciated items from your estate such as real estate, artwork, coin collections, automobiles, and other such valuable items, which the Foundation will liquidate.
Life Insurance Gifts – You may name the Foundation as a beneficiary of an existing life insurance or annuity policy. If you designate the Foundation as both the owner and beneficiary of an insurance policy, the premiums you pay are considered tax-deductible by the IRS.
Real Estate with Retained Life Tenancy – You may gift your primary residence, summer home, farm, or commercial property to the Foundation while retaining the right to use the property during your lifetime, often called “life rights.” You may receive an immediate income tax deduction and avoid many of the worries and expenses of real estate ownership.
Retained Income Gifts – You may establish a charitable remainder trust to provide lifetime income to yourself or the Foundation during your lifetime. You may receive a charitable deduction for establishing this type of trust. Many donors use this strategy to boost their retirement income. This income may be distributed to you, your spouse, or other designee. Upon your death, the Foundation would then receive the residual balance of assets.
