BEQUESTS & PLANNED GIVING
Planned Giving enables individual donors to make gifts to the Huronia Symphony Orchestra through wills, estates, bequests, trusts and other estate planning vehicles and receive a tax advantage. Since Planned Giving is also a major source of endowment funding to support the HSO ’s mission, it represents a win-win for both giver and receiver.
The tax advantage comes from Federal income tax laws which recognize the important role charitable giving plays in our society and encourage such giving through law. In short, those who itemize their deductions (with certain limitations) may deduct charitable gifts to public organizations.
Two of the most common vehicles for making a Planned Giving contribution to the HSO are bequests and charitable gift annuities.
Bequest - a gift made through a will and given to the HSO after death. A charitable bequest may be designated when a new will is drawn or added to an existing will through a codicil. The bequest may be a specific dollar amount, percentage of the estate, combination of the above, contingency benefit or a bequest in a trust for the benefit of the HSO.
Bequests may also be made in memory a friend/relative. These can be mailed to the Huronia Symphony or done through our online source.
Charitable Gift Annuity - a transfer of money or property to the HSO in return for which the donor or other designated annuitant(s) receives a fixed income for life. Upon the death of the annuitant(s), the HSO receives the assets.
Note: Donors should always consult with a tax attorney and/or tax advisor for legal and tax advice before changing or implementing any financial or estate planning strategy.