Other Ways to Donate
In addition to donating cash, you can support the Butler Little Theatre through estate planning and donating personal property or other assets. Below are several options to consider. Please check with your legal or financial advisors to learn the many options and benefits that are available.
A will specifies what you want to be done with your assets after your death. In addition to identifying who gets what, you can also use a will to designate a charitable bequest and set up trust funds for specific charities. Naming the Butler Little Theatre as the beneficiary in your will or living trust is one of the simplest ways to donate to us through estate planning. Plus, it can lower the amount of your taxable estate and any estate taxes. Check with your attorney or estate planner for details. Here is suggested language if you wish to include a bequest to the Butler Little Theatre in your estate planning.
Residual Gift Language
A residual bequest comes to us after your estate expenses and specific bequests are paid:
I give and devise to the Butler Little Theatre (Tax ID # 23-7064108) located in Butler, Pennsylvania, all (or state a percentage) of the rest, residue, and remainder of my estate, both real and personal, to be used for its general support (or for the support of a specific fund or program).
Specific Gift Language
Naming the Butler Little Theatre as a beneficiary of a specific amount from your estate is easy:
I give and devise to the Butler Little Theatre (Tax ID # 23-7064108) located in Butler, Pennsylvania, the sum of $___________ (or asset) to be used for its general support (or for the support of a specific fund or program).
Contingent Gift Language
The Butler Little Theatre can be named as a contingent beneficiary in your will or personal trust if one or more of your specific bequests cannot be fulfilled:
If (insert name) is not living at the time of my demise, I give and devise to the Butler Little Theatre (Tax ID # 23-7064108) located in Butler, Pennsylvania, the sum of $ _______ (or all or a percentage of the residue of my estate) to be used for its general support (or for the support of a specific fund or program).
If you want to make a significant gift to the Butler Little Theatre, donating appreciated stock is one of the easiest ways. You can avoid paying any capital gains tax on your holdings when you donate appreciated stock that’s held for more than one year (and thus qualifies for long-term capital-gains treatment). Contact your tax advisor and broker about transferring specific securities or funds to the Butler Little Theatre.
While you can name the Butler Little Theatre as an IRA beneficiary upon your death, you also can choose to use a charitable tax break for IRAs now. People can give up to $100,000 per year to charities straight from their IRAs, which can count toward any required minimum distributions (RMDs). RMDs are distributions you must take from retirement accounts once you reach a certain age. However, there’s a perk to this option: Giving the funds directly to the Butler Little Theatre from your IRA is considered a qualified charitable distribution (QCD), allowing you to exclude the amount from your income so you don’t pay taxes on it. Your tax advisor can provide additional guidance.
Life insurance is a crucial part of estate planning. Your loved ones can use the proceeds from life insurance to cover funeral or other expenses. However, you can name the Butler Little Theatre as a beneficiary on your policy. Charitable giving riders are another option. They pay a percentage of the policy’s face value to a qualified charity. The riders don’t often reduce the policy’s cash value or death benefits, but they can limit how much you can gift this way. Your insurance agent can offer additional insight on giving life insurance proceeds to the Butler Little Theatre.
Not all charitable giving has to be cash. Non-cash gifts, such as real estate, OGM leases, patents, artwork, and precious metals accounts, can also be a great way to incorporate charitable giving into your estate plan. Speak with your tax advisors and then contact the Butler Little Theatre to discuss options.
If you’re looking for a way to give back while you’re still alive, setting up a charitable remainder trust is another option. This allows you to make donations tax-free and reduce your taxable income. To create a charitable remainder trust, check with your financial planner or accountant, who can help set one up using funds from your other accounts.
Many employers will match charitable gifts made by their employees. Check with your human resources department to see whether your company will match the gifts you make to the Butler Little Theatre.