Gift Planning Idea #3: Join the Legacy Society

Please consider joining the Legacy Society!  Members of the Legacy Society are individuals who provide generously for the Opera Association in their Wills.

To provide for the Opera, all you have to do in your Will is to state that the “New Orleans Opera Association” will receive a dollar amount or a percentage of your estate.  Or, you could provide for the Opera in a Codicil to your Will.  A Codicil, if you write it out entirely by hand, including a date and your signature, does not require any witnesses, but it should be kept with your Will so that it is not overlooked.

Recent legacies to the Opera have been as small as a modest dollar amount, and as large as 25% of the estate.  A dollar amount might be appropriate when you have a family to provide for in the Will.  In other situations you might want to divide your estate in percentages among the Opera, other charities, and/or identified individuals

The legacy can be outright to the Opera, or in trust, or payable from your estate annually for a period of years.

A trust is particularly useful if you want to provide for your spouse and for the Opera.  The trust can provide generously for your spouse, and at your spouse’s death the assets can pass to the Opera.

If you plan to leave a large amount, you might wish to create an endowed fund or add to an existing endowed fund.  An endowed fund can provide for the Opera far into the future.

If you would like to discuss any of these ideas with someone at the Opera, you can call Board member Ted Martin, at 504-582-8152, or Director of Development Bart Folse, directly at 504-267-9532.  You should also check with your own attorney.

If you provide for the Opera in your Will, with a benefit worth at least $10,000, you will be recognized as a member of the Legacy Society. You don’t need to show us your Will; just tell Bart that your Will does provide for the Opera.  Your name as a Legacy Society member will be mentioned in the Opera’s programs, unless you wish not to have your name shown.

Legacies to the Opera will be deducted from your taxable estate.

Please join the Legacy Society!

 

This is one of a series of planning ideas.  These short memos are designed to encourage you to find out more.  They are not intended as legal or tax advice.  For that advice you should consult your own lawyer and/or accountant.