{"id":416,"date":"2021-06-28T21:32:35","date_gmt":"2021-06-28T21:32:35","guid":{"rendered":"https:\/\/czg.nqy.mybluehost.me\/?page_id=416"},"modified":"2024-07-03T12:54:13","modified_gmt":"2024-07-03T19:54:13","slug":"legacy-giving","status":"publish","type":"page","link":"https:\/\/cascadestheatrical.org\/staging\/8840\/legacy-giving\/","title":{"rendered":""},"content":{"rendered":"\n

Create a legacy and save on taxes<\/h3>\n\n\n\n

You can do a world of good for local theatre by supporting Cascades Theatrical Company as part of your\u00a0estate planning.\u00a0Did you know you may save significantly on your taxes\u00a0if you do?\u00a0Would you like to know more?<\/p>\n\n\n\n

Contact CTC Board President Chris Mehner<\/a><\/strong><\/p>\n\n\n\n

(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.)<\/em><\/p>\n\n\n\n

\u200b<\/em><\/p>\n\n\n\n

Tax benefits of charitable giving\u00a0\u00a0<\/h3>\n\n\n\n

IRA Required Minimum Distribution (RMD)<\/strong><\/h4>\n\n\n\n

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).\u00a0 And, that added income could put you in a higher tax bracket?<\/p>\n\n\n\n

Did you know you may now gift your IRA distribution TAX-FREE to your favorite\u00a0charity or non-profit? You may transfer up to $100,000 per year, even if that is\u00a0more 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\u00a0Theatrical Company meaningfully.<\/p>\n\n\n\n

Distributions must be made directly. Since you avoid taking possession of the\u00a0funds, you avoid the tax bill that comes with it.Don\u2019t let your IRA distribution\u00a0put you into a higher tax bracket for categories such as Social Security taxation,\u00a0Medicare Part B and D premium increases, and the Medicare Tax on investment\u00a0 \u00a0 \u00a0 \u00a0 income.<\/p>\n\n\n\n

Retirement Plan Gifts<\/strong><\/h4>\n\n\n\n

A tax-efficient and simple way to give to Cascades Theatrical Company is by gifting your IRA or other retirement plan.\u00a0 Simply name Cascades Theatrical Company as the primary or secondary beneficiary on your plan’s beneficiary designation form.\u00a0 While individual beneficiaries would have to pay taxes on this as income, CTC gets the full benefit of the funds without paying any taxes.\u00a0 Ask your IRA plan administrator for a beneficiary form, fill it out, and send it back to them.\u00a0 It is that simple.<\/p>\n\n\n\n

Publicly Traded Securities<\/strong><\/h4>\n\n\n\n

You may also make a charitable gift from your publicly traded securities.\u00a0 You must have held the asset for more than one year.\u00a0 Giving this way entitles you to a charitable deduction from your income tax for the full fair market value of those securities.\u00a0 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\u2019s lifetime, with the remainder as a gift to a charity.<\/p>\n\n\n\n

Publicly traded securities can be transferred electronically from a brokerage\u00a0account to Cascades Theatrical Company.<\/p>\n\n\n\n

\u200bLife Insurance<\/strong><\/h4>\n\n\n\n

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.<\/p>\n\n\n\n

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How CTC uses legacy giving<\/h3>\n\n\n\n

Your Legacy Giving supports education programs and our next generation of actors, directors, and playwrights.<\/p>\n\n\n\n

  1. We are expanding All Aspects Teen Theater<\/strong> and launching an exciting new program with: