Please consider leaving a legacy for New York Live Arts by making a planned gift.
Planned giving is a valuable opportunity for individuals to tailor special gifts that can benefit New York Live Arts, now and in the future. Planned gifts can provide an individual with important reductions in current estate and income taxes, while maintaining or even increasing income from the donated assets involved.
Unless otherwise specified by a donor, it is New York Live Art’s policy to apply planned gifts toward its Planned Giving Fund. The New York Live Arts Planned Giving Fund is a board-designated reserve fund established to enable New York Live Arts to take the kind of artistic risks that have become its hallmark and to provide against uncertain times. The Fund helps assure that New York Live Art’s programming will be available for many generations of future audiences to enjoy. By including a gift in your estate plans, you become a perpetual part of New York Live Art’s artistic mission.
Many vehicles exist to structure planned gifts, including bequests, charitable remainder trusts, charitable lead trusts, life insurance, retirement plans, and charitable gift annuities. Depending on your goals for yourself, your family, and New York Live Arts, one or more planned giving vehicles can be considered. New York Live Arts urges you to consult with your legal and financial advisors to determine the most advantageous ways for you to give under current applicable tax legislation.
Bequests play a critical role in helping New York Live Arts secure the future of its groundbreaking programming for generations to come.
Bequests are gifts by will-whether in the form of cash, securities or other property-and may be fully deducted in determining federal and state taxes on your estate. New York Live Arts urges donors considering a bequest to consult an attorney.
There is no minimum amount for bequests. Donors may designate either a percentage of their residuary estates after provisions for survivors or others are fulfilled or a specific sum as a gift to New York Live Arts. Donors may also designate a combination of these alternatives.
Unless otherwise specified by a donor, it is our policy to apply bequests toward the Planned Giving Fund (New York Live Arts tax identification number: 13-6206608) – in order to secure New York Live Arts and its programming for the future.
FORMS OF BEQUESTS
The most common types of bequests are:
Residual bequest, which leaves to New York Live Arts all or a portion of the remainder of the estate after specific bequests, taxes, and costs have been paid;
Percentage bequest, which provides that a stated percentage of a particular asset or of the estate be given to New York Live Arts;
Specific bequest, through which New York Live Arts receives particular property outright (for example, certain securities or a specific dollar amount of cash); and
Contingent bequest, whereby New York Live Arts is a beneficiary of part or all of the estate upon the occurrence of certain specified events.
SAMPLE BEQUEST LANGUAGE
The following sample bequest language expresses the concepts above. It is offered simply as a guideline. Once again, New York Live Arts strongly suggests that you seek expert, professional advice.
Residual Bequest: “I hereby give, devise, and bequeath to New York Live Arts for the purpose of supporting New York Live Art’s Planned Giving Fund, [all] (or) [____%] of the rest, residue, or remainder of my estate.”
Percentage Bequest: “I hereby give, devise, and bequeath to New York Live Arts for the purpose of supporting New York Live Art’s Planned Giving Fund, ____% of [__________ (description of asset)] (or) [my estate].”
Specific Bequest: “I hereby give, devise, and bequeath to New York Live Arts for the purpose of supporting New York Live Art’s Planned Giving Fund, [the sum of ______ dollars ($______)] (or) [__________ (description of property)].”
Contingent Bequest: “I hereby give, devise, and bequeath to New York Live Arts for the purpose of supporting New York Live Art’s Planned Giving Fund, _______________ [description of property] in the event that ___________________ [description of condition].”
A simple way to include New York Live Arts in a completed will is to add a codicil, or addendum. An example of this text is the following:
“I hereby give, devise, and bequeath to New York Live Arts for the purpose of supporting New York Live Art’s Planned Giving Fund [______% of my remaining estate] (or) [the sum of _______ dollars ($_______)] (or) [_____________________(description of property)].”
IDENTIFYING INFORMATION FOR NEW YORK LIVE ARTS
Legal title: New York Live Arts, Inc.
Corporate address: 219 W19th St. New York, NY 10011
Federal tax identification number: 13-6206608