The Encore Society
Options for Planned Giving
A planned gift is a unique way to ensure that your voice will be heard at the Lyric for many years in the future. Patrons who support the Lyric Opera through a planned gift are thereby eligible for membership in The Encore Society. Donors may join The Encore Society through a gift that is planned to benefit the Lyric Opera of Kansas City in the future. Examples of acceptable gift methods include:
Bequest
One of the simplest ways to make a deferred gift is to name the Lyric Opera in your will. Your bequest can take various forms. It can be cast, specific personal or real property, or a share of the remainder of your estate after all other bequests, debts and taxes have been paid. You can make a bequest for a designated purpose, or you can give it without restrictions (to allow our governing board to determine the wisest use of the funds). Bequests to the Lyric Opera are exempt from tax in your estate.
Charitable Remainder Trusts
You can irrevocably transfer money, securities or other properties to a trust, and the trust will pay you (and/or other beneficiaries) an income for life before the remainder of the trust passes to the Lyric Opera. The payments are either a set dollar amount (with an annuity trust) or a percentage of the trust value as redetermined annually (with a unitrust). You will receive an immediate income tax deduction for the value of the trust expected to remain for the Lyric, and if you fund the trust with appreciated securities (like stock that has increased in value), you'll owe no capital gains tax.
Charitable Lead Trusts
This gift plan is the reverse of a remainder trust. In a lead trust, the Lyric Opera receives the trust's income payments for a number of years that you designate, then the trust remainder passes back you or to other beneficiaries. If your estate is sizable, this plan is especially desirable as a way to leave assets to heirs because of potential savings on gift and estate taxes.
Life Insurance, Retirement and Savings Accounts
What these assets have in common is beneficiary designations. You choose who will receive them after your lifetime. You could name the Lyric Opera as either a primary or secondary beneficiary and possibly realize estate tax savings. Giving the Lyric Opera the remainder of your retirement plan is an especially cost-effective gift because it usually saves on income taxes, as well.
Real Estate
A gift of real estate to the Lyric Opera-whether it is your personal residence, a vacation home, a farm, commercial real estate or vacant land-will give you an income tax charitable deduction for the full fair market value, and you'll avoid capital gains tax on the property's appreciation. If you'd rather continue living in your home, you could deed the property to the Lyric Opera now with a "retained life estate". You'll be allowed occupancy for the rest of your life, and you'll still receive a sizable income tax deduction.
For more information regarding The Encore Society or to make a planned gift to the Lyric Opera of Kansas City, please contact Michelle LaPointe, Director of Development, at 816-471-4933.
