IRA Charitable Rollover Gifts

An IRA Charitable Rollover provides you with an excellent opportunity to make a gift during your lifetime from an asset that would be subject to multiple levels of taxation if it remained in your taxable estate. To qualify, you must be age 70½ or older at the time of gift and transfers must be made directly from a traditional IRA account by your IRA administrator to On Site Opera. Funds that are withdrawn by you and then contributed do not qualify. Gifts from 401(k), 403(b), SEP and other plans are not qualified charitable distributions. Your gift of up to $100,000, per spouse per year, counts toward your required minimum distribution (RMD) for the year from your IRA*.

Bequests

One of the easiest ways to make a planned gift is through a bequest in your will or trust specifying a gift to On Site Opera, which can be for a specific dollar amount, a percentage of your estate, or a certain piece of property.*

Outright Bequest

To make an outright bequest to On Site Opera, you designate in your will a specific asset or amount of money you wish to bequeath. You may use the following language when making your outright bequest:

“I give and bequeath to On Site Opera, tax identification number 46-3203280 located in New York, NY, or its successor, the sum of $[amount of gift] (or [description of asset]) to be used where it determines the need is greatest (or for the support of a specific fund or program).”

Residual Bequest

To make a residual bequest to On Site Opera, you designate in your will a percentage of the remaining value of your estate. You may use the following language:

“I give and bequeath to On Site Opera, tax identification number 46-3203280 located in New York, NY, or its successor, all (or state a percentage) of the rest, residue, and remainder of my estate, both real and personal, to be used where it determines the need is greatest (or for the support of a specific fund or program).”

Beneficiary Designation: Retirement Plan and Life Insurance Policy

You may make a significant planned gift with minimal legal paperwork by making Opera Philadelphia the beneficiary of a life insurance policy or a retirement account—IRA, 401(k), 403(b)—often by completing a one-page form available from your account provider. Retirement plans are among the most highly taxed assets one can hold. By naming Opera Philadelphia as the beneficiary of your retirement plan, the funds remaining upon your death are not taxed and your loved ones have no hidden income tax liability. Similarly, by naming Opera Philadelphia as the sole or partial beneficiary of your fully-paid life insurance policy, you may be able to avoid the estate tax on the proceeds.*

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