Planned gifts are the resources that help preserve and ensure the successful future for the Hartford Symphony Orchestra. We acknowledge our friends who make a planned gift to us through our Encore Society. If you have made, or plan to make, a planned gift to the HSO, we ask that you let us know by submitting a Bequest Intention Form so we can make sure we recognize you among the members of the Encore Society. You can also inform us of your planned gift and remain anonymous. We appreciate your consideration in supporting the HSO in this way. Should you have additional questions, please contact your estate attorney, financial advisor, or call 860.760.7326 to speak to an HSO development staff member.
Planned Giving Options:
- Retirement Plans
- Life Insurance
- Life income gifts
A gift left to the Hartford Symphony Orchestra by your will or living trust. Your bequest may be for a specific dollar amount, a percentage of your total estate, or the remainder of your estate, after other commitments have been met. Gifts can be of cash, securities, real or personal property. Gifts can be unrestricted or restricted.
Among the appropriate formats for bequests are:
- The Specific Bequest
I give and bequeath to the Hartford Symphony Orchestra, a cultural and educational corporation existing under and by virtue of a charter granted by the State of Connecticut and located in Hartford in the State of Connecticut, the sum of $__________ , absolutely, and for its sole use and benefit. The said sum is to be used for the general purposes of the Symphony.
- The Residuary Bequest
I give and bequeath to the Hartford Symphony Orchestra, a cultural and educational corporation existing under and by virtue of a charter granted by the State of Connecticut and located in Hartford in the State of Connecticut, __ percent of my residuary estate, absolutely, and for its sole use and benefit. The said sum is to be used for the general purposes of the Symphony.
You may designate the Hartford Symphony Orchestra as the specific or contingent beneficiary of an individual retirement account or a qualified retirement plan (e.g., 401k, 403b defined contribution plan). Naming the Hartford Symphony as beneficiary of a retirement plan or account, especially if there is no surviving spouse, is advantageous because accrued earnings otherwise will be subject to combined income and estate taxes, potentially of 70% or more.
Other types of pension plans may also permit beneficiary designation. As the donor, you retain the right to funds in the account as needed. Thus there are no federal income tax deductions allowed. If the Hartford Symphony Orchestra is the designated beneficiary, at the end of your lifetime, all or a portion of the unused funds in the account will pass to the Symphony and, as such, will be exempt from any applicable estate (and income) taxes.
You can give a gift of life insurance by naming the Hartford Symphony Orchestra as owner and beneficiary of a new or existing policy. The premiums that you pay on a new policy are tax deductible. For an existing policy, you receive a tax deduction for either the replacement value or cash surrender value of the policy, as well as for any premiums that you continue to pay. You may also name the HSO as the beneficiary of your policy without giving up ownership.
Life Income Gifts
Through a charitable trust or charitable gift annuity, you can transfer assets to the Hartford Symphony Orchestra now, and in return, you or your heirs can receive income back for life. These life income gifts are attractive if you have assets (such as stocks or real estate) that produce little or no income but have increased in value, and would incur substantial capital gains tax if sold. Such a gift has many advantages:
- Provides immediate income tax reduction
- Avoids capital gains taxes
- Removes the asset from the taxable estate
- Provides a secure source of income back to the you (or your designees)
Please contact your attorney or financial planner for more information on life income gifts such as a charitable remainder trust, charitable lead trust or charitable gift annuities.