Planned Giving to Joye in Aiken


Legacy gifts on the part of our donors (whether through bequests, life income gifts, life insurance or another vehicle) help us ensure that the world-class performances and top-tier outreach programs offered through Joye in Aiken will continue well into the future.  These forward-looking forms of support help us build our Endowment and are critically important for the sustainability of our organization.  More vitally, they are a gift of joy, discovery and hope to the generations that follow.

 

A legacy gift can take many forms, including:

A bequest in a will:  The most common and easiest way of making a planned gift, a bequest can be for a specific amount, a percentage of your estate, or a specific asset.  You may also name Joye in Aiken as a contingent beneficiary.

Life insurance:  You may donate a policy to Joye in Aiken that is no longer needed, name the organization as the beneficiary of an existing policy, or establish and donate a new policy.

Life income gifts:  Gifts such as Charitable Remainder Trusts provide you and/or your designated beneficiary income for life.  They disperse income to the beneficiaries for a specified period, then the remainder of the trust is donated to the charity.  These gifts offer significant benefits to the donor in that they generally reduce or eliminate certain taxes and generate income, while supporting the individual’s charitable goals. 

 

To express your intention to make a legacy gift, please complete the following Declaration of Intent. For more information, please contact our Executive Director, Janice Jennings at director@joyeinaiken.com or Buzz Rich at brich@buzzrich.com.

 
 
 

Planned Giving Options


Please note:  These descriptions are informational only, and do not constitute legal or tax advice.  Please consult with a financial or estate planning professional to understand the implications of a gift for your particular circumstances and goals.

 

GIFTS FROM YOUR ESTATE

Bequest in your Will or Trust:

  • Give a percentage of your estate, the remainder of your estate, or a specific dollar amount

  • The estate may receive a tax deduction in the amount of the charitable bequest

  • If you already have a will or trust, an attorney can help with a simple codicil or trust amendment

Sample Bequest Language:

“I give, devise and bequeath ________________ (state a percentage or dollar amount, or specific property or other asset) to Aiken Music Festival d/b/a Joye in Aiken.”

Retirement Plan 401(k) or IRA Designation

  • Name one or more charities as a beneficiary or a percentage of a retirement plan

  • Retirement plan distributions to beneficiaries can be taxed at higher rates, whereas retirement plan distributions to charities incur no taxes

  • You can specify a percentage, a specific amount, or the remainder of the account

  • Contact your plan administrator for a form. We can also help you, your family, your CPA, or your Pension/IRA Administrator.

GIFTS YOU CAN GIVE NOW

In addition to cash, you can give:

Appreciated, Marketable Securities

  • Incurs no capital gains tax

  • Provides a tax deduction for the fair market value

Life Insurance

  • A new policy or a policy that is no longer needed

  • Provides a tax deduction for the value of the policy

  • If Joye in Aiken is the owner and beneficiary of the policy, instead of paying premiums to the insurance company, you make tax-deductible gifts to Joye in Aiken and we pay the premiums

  • Upon the death of the insured, the proceeds will fund your legacy gift

 

IRA Required Minimum Distribution (RMD)

  • Individuals aged 70-1/2 and older can donate up to $100,000 of their RMD’s each year to charity tax-free; couples in that age bracket can donate up to $200,000

  • Amount transferred does not count as income to be taxed; may reduce exposure to Alternative Minimum Tax. This can also decrease Annual Gross Income tax liability.

  • Funds must be transferred directly from the IRA by the IRA Trustee to a qualified charity in order to qualify for the tax break

Charitable Lead Trust

  • Tax-smart method of giving both to family and charity

  • Established with real estate or other income-generating property

  • Makes charitable payments regularly

  • At the end of the term, transfers property to children with reduced gift and/or estate taxes, and no taxes on appreciation

 

GIFTS THAT PROVIDE INCOME

Charitable Remainder Trust

  • Enables you to make a gift that produces income for you or for loved ones

  • Take a pro-rated tax deduction now and leave the remainder to charity

  • May reduce estate taxes

  • Can make fixed payments, or payments that change with the size of the trust

  • At the end of the term, the remainder of the trust becomes your legacy gift to Joye in Aiken

 

For more information, please contact our Executive Director, Janice Jennings, at director@joyeinaiken.com or 803-640-6348.