Leave a Legacy Through Planned Giving
Making a planned gift to the Westport Arts Center gives you the ability to leave a lasting legacy to support the future of an organization you have loved and supported during your lifetime.
Here’s how it can benefit you:
- Better tax planning
- Important economic advantages to you and your family
- The ability to make a much larger gift that you ever thought possible
Westport Arts Center in Your Will
If you wish to make a gift, but are concerned about preserving your current income, you can remember the Westport Arts Center in your will by making a bequest.
Here’s how it works:
- You can make a bequest of cash, securities, real estate, or personal property such as art or jewelry.
- You may designate your gift as “unrestricted” so that it can be used to meet the areas of greatest need or you can consider directing it to a specific program such as visual arts, performing arts or education.
- A bequest can reduce the taxes that would be levied against your estate in the same way that contributions during your lifetime entitle you to charitable income donations.
Sample bequest language:
The following is a sample of bequest language:
“All the rest, residue and remainder of my estate, whether real or personal property, whether now by me or hereafter acquired, and wherever located, I give, devise and bequeath to the Westport Arts Center of Westport, Connecticut, a nonprofit corporation existing under the laws of the State of Connecticut, for its general objectives and purposes.”
“I give, devise and bequeath to the Westport Arts Center of Westport, Connecticut, a nonprofit corporation existing under the laws of the State of Connecticut, ____ percent of my residuary estate to be used for its general objectives and purposes.”
“I give, devise and bequeath to the Westport Arts Center of Westport, Connecticut, a nonprofit corporation existing under the laws of the State of Connecticut, the sum of $______________ to be used for its general objectives and purposes.”
One of the easiest ways to make a significant future gift to the Westport Arts Center is to designate the Arts Center as the recipient of all or part of the proceeds of a life insurance policy that is no longer needed for family protection. Donating a paid-up policy during your lifetime can result in a charitable deduction for an amount approximately equal to your policy’s cash surrender value.
Another way of making a special gift over a period of time is to purchase a new life insurance policy in which you name the Westport Arts Center as owner and beneficiary or co-beneficiary. Such arrangements may result in a contribution that is much larger than its cost.
Retirement-plan benefits include assets remaining in Individual Retirement Accounts (IRAs) and assets held in accounts such as 401(k) plans, profit sharing plans, and Keogh plans.
Significant tax savings could result from making annual gifts using funds withdrawn from retirement accounts, eliminating income tax that would be realized otherwise. Also, naming the Westport Arts Center as the beneficiary to your retirement plan may save your family from paying income tax on those same retirement funds.
Join the Legacy Society
The Legacy Society bestows recognition to those contributors who choose to include the Westport Arts Center in their estate planning. These individuals are recognized for their philanthropic caring with lifetime membership in the Legacy Society. Through their estate gifts, they underscore a commitment to preserving the area’s rich cultural heritage and tradition of supporting and celebrating the arts.
Should you choose to include the Westport Arts Center in your will or other estate plans, we would be honored to know of your intentions and have you as a member of our Legacy Society.
You are eligible to become a lifetime member of the Legacy Society by naming the Westport Arts Center as a beneficiary of:
- A bequest in your will
- A trust arrangement
- An insurance policy
- A gift of personal property
Benefits of membership include:
- Recognition on the Legacy Society plaque in the gallery of the Westport Arts Center
- Estate planning newsletters and seminars
In recognition of your commitment, your name will be included in published listings of the Legacy Society or you may choose to remain anonymous.