4 Simple Ways to Make a Planned Gift

4 Simple Ways to Make a Planned Gift

2021-02-05
CATEGORY: Starlight
TAGS: donate Legacy Society
  

Starlight’s 70 for 70 Legacy Giving campaign is already on its way to securing 70 Legacy Society donors in honor of 70 years of Starlight by the end of 2021. Our Legacy Society members all have deep Starlight memories and a vested interest in keeping the Starlight tradition alive for generations to come.

Want to become an inaugural 70 for 70 Legacy donor? 

While there are many different ways to make a legacy gift, it doesn’t need to be complicated. Explore four of the most popular and simplest legacy gift options below.

  1. Wills and Living Trusts

Designate Starlight in your will or trust.

Adding Starlight as a beneficiary to an existing will or trust is easy. Your bequest can be used to gift a dollar amount or a percentage of your estate to Starlight.

Sample bequest language you can send to your estate planning attorneys is below:

“I give to Starlight Theatre, a 501(c)3 nonprofit organization currently located at 4600 Starlight Road Kansas City, MO 64132, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose.”

  1. Retirement Plan

Make Starlight a full or partial beneficiary in your retirement plan.

It only takes a few minutes to include Starlight in your IRA. Simply designate a specific dollar amount or a percentage of your retirement savings to Starlight.

Oftentimes, naming charities as beneficiaries of your IRA or 401(k) can be a simple process where you don’t even have to pay for an attorney.

Most people like this option because it ensures that the entirety of your gift can go to the charity of your choice, since charities do not pay income tax, as well as your children, grandchildren or a loved one. Otherwise, if your loved ones inherit your tax-deferred IRA or 401(k), they would be required to pay income taxes on the distribution of the assets. 

  1. Life Insurance

Gift all or part of your life insurance policy to Starlight.

Life insurance can be a convenient and easy asset to give. Name Starlight as a full or partial beneficiary of your life insurance policy. You may also be able to give Starlight your life insurance policy outright and thus claim a deduction now.

Beneficiary designations can often be edited without additional legal fees and are easy to set up.

  1. Donor Advised Funds

Designate Starlight as a beneficiary of your donor-advised fund.

Work with a financial institution or community foundation to invest your funds so they grow over time and go to charities that you care about.

Donor Advised Funds (DAF) have become an increasing popular giving vehicle over the past few years, and are easy to get established. Here is what you need to know:

      • It takes as little as $5,000 to create your DAF.
      • Common gifts like cash, stock and real estate are tax-deductible when contributed to your Donor Advised Fund.
      • You can give individuals like your children, grandchildren or another loved the opportunity to continue using your DAF, thus ensuring that charitable giving will continue long after you’re gone.

Looking for more ways to make a planned gift to Starlight? Visit our Legacy Society webpage to learn more.

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