The Mid-Atlantic Symphony Orchestra is a 501(C)(3), not-for-profit organization dependent in major part on the financial support of donors, including through planned giving. We have outlined below some of the assets and mechanisms that donors can use to provide planned giving support to the MSO. These planned gifts are designated for the “MSO Permanent Endowment” to assure the Orchestra’s continuing viability. Such gifts have a lasting impact on the MSO’s future and its ability to pursue and fulfil its mission to bring live orchestral music and music education to generations of audiences of students on the Eastern Shore and Delmarva.
By making, or committing to make, a planned gift of any nature, you become a member of the “MSO Legacy Society” – the MSO’s way of recognizing and honoring such donors. Please let us know of any such gifts. You can call 1-888-846-8600, email: info@midatlanticsymphony.org or simply mail us the information at Mid-Atlantic Symphony Orchestra, P.O. Box 3381, Easton, MD 21601.
If you are considering a planned gift, you should consult with your legal, tax and/or financial advisor, who can advise you regarding the options that may be most appropriate to your individual circumstances.
Here are some of the ways you can make a gift.
CURRENT GIFTS
Stocks or Bonds: If you have owned securities for more than one year and the fair market value has increased since your purchase, you may be able to avoid capitals gains taxes and receive a charitable income tax deduction equal to the fair market value of the securities by making a gift of the stocks or bonds to the MSO.
Employer Matching Gifts: Corporate matching gifts are a type of philanthropy by which a company financially matches donations that their employees make to charitable organizations, such as the MSO. Depending on an employer’s matching ratio, such matches can double your own individual donation.
Donor Advised Funds: This is a charitable investment account for the sole purpose of supporting charities you care about. In general, donations to such a fund, which can be created by your bank, are eligible for an immediate tax deduction. The donations are invested by the fund for tax-free growth, and you can recommend grants to the MSO, as a qualified charitable organization.
Retirement Plans. Individuals who are over 70½ years of age may make a charitable donation up to $100,000 annually directly from a taxable IRA account, instead of taking minimum deductions.
Real estate: A gift of real estate that has been held for more than one year also has the advantage of providing you with a charitable deduction based on its current market value.
DEFERRED OR PLANNED GIFTS
Will: A bequest in a will makes it possible for you to make your wishes known today, without relinquishing assets during your lifetime. Such a transfer can be of a specific asset in its entirety, a specific amount, or a percentage of the estate value after costs and taxes.
Beneficiary Designation: Such a designation is a legal document that directs that the MSO inherit an asset in the event of the asset owner’s passing. Common examples of mechanisms to designate beneficiaries include life insurance policies, annuities, and retirement accounts. These designations are an efficient means for you to transfer assets and help avoid the potentially lengthy and expensive probate process.
GIFTS THAT GENERATE INCOME FOR YOU
Charitable Gift Annuity: This is a contract between you and the MSO whereby you make a gift to the MSO using cash, securities, or other assets and, in return, you become eligible to take a partial tax deduction for the donation and receive a fixed stream of income for the rest of your life.
Deferred Payment Gift Annuity: Under such an annuity, you irrevocably transfer cash, securities or other assets to the MSO and, beginning at a designated date, the MSO (through a third party, usually a bank) begins to make fixed annuity payments to you, or up to two beneficiaries, for life. The principal passes to the MSO after the lifetime of you or, if applicable, the beneficiary(ies). This annuity has the advantage of potentially higher income rates because the payments to you, as the donor, are deferred, and it may qualify you for a larger charitable tax deduction than a charitable gift annuity.
Charitable Remainder Trust: In general, this is an irrevocable trust whereby you transfer assets, such as cash or property, to the MSO and draw income for life or a specified period of time. This type of trust offers such potential benefits as predictable income for life or a specific time period, deferred income taxes, and a potential charitable deduction.
Charitable Lead Trust: This is an irrevocable trust that would pay the MSO a fixed amount annually for a period of time, after which the remaining assets would go to family members and/or your other beneficiaries. In the meantime, you benefit from the tax savings that result from supporting the MSO. This trust is often considered the inverse of the Charitable Remainder Trust.
Life Insurance: As noted in several of the gifts descriptions above life insurance is a popular way to enhance a charitable gift plan.
In creating estate documents, it may be important for your legal, tax or financial advisor to know that the MSO’s legal name is Mid-Atlantic Symphony Orchestra Society Inc. and the MSO’s Tax I.D. Number is 52-2038928.
