Donald E. Fulton attended and participated in performances from organizations all across New England. Dr. Joyce B. Friedman volunteered with dozens of organizations, for both political causes and personal ones. In turn, the organizations benefited from their engagement, both through their presence and their philanthropy. They both knew also that the causes they loved so much depended on support from engaged, active people like them to grow. In time, those organizations, and their causes would feel acutely the loss of their support, unless they engaged in careful planning to ensure their support for the future. Donald and Joyce, each in their turn, made a choice to include New Repertory Theatre in their estate planning.
New Repertory Theatre founded the Fulton/Friedman Encore Society to honor the select community of patrons that have generously chosen to include New Rep in their long-term financial and estate plans. Their sophisticated giving choices demonstrate a belief in the mission of the theatre, and their desire to ensure access to artistic excellence for future generations.
A sophisticated giving portfolio that includes smart giving, bequests and other opportunities can provide present-day financial security as well as create a lasting positive impact on the arts in Watertown. When you include New Repertory Theatre in your estate planning, you are helping to ensure access to quality arts for future generations.
Your gift to New Rep can create for you more than just the sense of doing something good. Even if it isn’t part of why you give, this is a benefit that you are entitled to, and taking advantage of these opportunities can help you sustain your support beyond the year of donation.
Contact Ari Herbstman
at firstname.lastname@example.org or
617-923-7060, x.8210 to discuss
options for joining this select group.
As always, please speak to a tax professional to make the most of your investment in New Repertory Theatre. None of the information contained herein should be construed as tax advice.
Photo: Sarah Oakes Muirhead and Tim Spears in We Will Not Be Silent, photograph by Andrew Brilliant/Brilliant Pictures
A simple and effective way to make a meaningful gift is to include New Repertory Theatre in your will or living trust. This gift can include a specific amount, a percentage of your estate, or your residual estate (what is left after all other obligations have been met: costs, debts, taxes, and other designations). Bequests can be as straightforward as including the following language in your will, IRA bequest, or trust:
“A bequest of _____ to support the work of New Repertory Theatre should be directed to New Repertory Theatre, 400 Talcott Ave, Watertown, MA 02472 Tax-ID#22-2831171.”
A Charitable IRA Rollover allows individuals age 70½ and older to make direct transfers of up to $100,000 per year, per spouse from individual retirement accounts to New Rep without having to count the transfers as income for federal tax purposes. Since no tax is incurred on the withdrawal, gifts do not qualify for an income tax charitable deduction, but are eligible to be counted toward an individual’s minimum required distribution.
If you already know you plan to donate to New Rep in the future, one valuable option is to create a Donor Advised Fund (DAF). DAFs can be founded with appreciated stock, real estate, artwork, or other assets, making this a useful way to reduce the tax burden from non-fungible resources. When founding, and every time you contribute to the DAF, you are eligible to claim an immediate tax benefit for the value of the asset.
Anytime after that, you are able to use the DAF to “grant” funds to New Rep, anytime, without taxation. It is also possible to automate your donation by instructing your financial custodian to donate a specific amount or a percentage of the total on a regular basis. Formation and management fees vary, depending on the fiduciary you use.
An important consideration to include in any conversation is what your desires are for final distribution of the remaining funds. Preparing a “Transfer on Death” (ToD) letter makes your wishes ironclad, and ensures the funds are distributed appropriately. Without a ToD, any unallocated funds (such as those in an open-ended DAF) are usually transferred to the financial organization for distribution as it sees fit, which may or may not be to the nonprofit you’ve contributed to.