Legacy Giving

Bequests, or gifts through your Will or Trust, are the most common type of Legacy giving, and can be accomplished through just one sentence added to your estate planning documents, and with the consultation of your financial or legal advisors. These gifts can be made in several ways. Two of the most common are:

• A specific sum: A gift of a specific dollar amount or asset.
• A percentage gift:

Sample language:
“I give to the Las Vegas Philharmonic, a nonprofit corporation currently located at 10161 Park Run Drive, Suite 150, Las Vegas, NV 89145, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose.”

Benefits of a Bequest

• Receive an estate tax charitable deduction
• Reduce the burden of taxes on your family
• Leave a lasting legacy to the Las Vegas community through music, education and engagement programs

Next Steps

If you include the Las Vegas Philharmonic in your plans, please

1. Inform us – send a letter or email confirming your gift (including a copy of the page with the language is the most useful to the Philharmonic), so that we can recognize your contribution.
2. Seek the advice of your financial or legal advisor.
3. Please use our legal name and federal tax ID:

Legal Name: The Las Vegas Philharmonic
Address: 10161 Park Run Drive, Suite 150, Las Vegas, NV 89145
Federal Tax ID Number: 88-0398092

If you are 70½ years old or older, you can take advantage of a simple way to benefit the Las Vegas Philharmonic and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity such as ours without having to pay income taxes on the money.

This law no longer has an expiration date so you are free to make annual gifts to our organization this year and well into the future.

Why Consider This Gift?

• Your gift will be put to use today, allowing you to see the difference your donation is making.
• You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
• If you have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.

Frequently Asked Questions

Q. I’ve already named the LV Phil as the beneficiary of my IRA. What are the benefits if I make a gift now instead of after my lifetime?
A. By making a gift this year of up to $100,000 from your IRA, you can see your philanthropic dollars at work. You are jump-starting the legacy you would like to leave and giving yourself the joy of watching your philanthropy take shape.

Q. I’m turning age 70½ in a few months. Can I make this gift now?
A. No. The legislation requires you to reach age 70½ by the date you make the gift.

Q. I have several retirement accounts—some are pensions and some are IRAs. Does it matter which retirement account I use?
A. Yes. Direct rollovers to a qualified charity can be made only from an IRA. Under certain circumstances, however, you may be able to roll assets from a pension, profit sharing, 401(k) or 403(b) plan into an IRA and then make the transfer from the IRA directly to the LV Phil. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.

Q. Can my gift be used as my required minimum distribution under the law?
A. Yes, absolutely. If you have not yet taken your required minimum distribution, the IRA charitable rollover gift can satisfy all or part of that requirement. Contact your IRA custodian to complete the gift.

Q. When do I need to make my gift?
A. We must receive your gift by Dec. 31 for your donation to qualify this year. If you have check-writing privileges on your IRA account, please mail your check by Dec. 20 in order to give us time to process your gift before the end of the year.

Q. Do I need to give my entire IRA to be eligible for the tax benefits?
A. No. You can give any amount under this provision, as long as it is $100,000 or less this year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.

Q. I have two charities I want to support. Can I give $100,000 from my IRA to each?
A. No. Under the law, you can give a maximum of $100,000. For example, you can give each organization $50,000 this year or any other combination that totals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.

Q. My spouse and I would like to give more than $100,000. How can we do that?
A. If you have a spouse (as defined by the IRS) who is 70½ or older and has an IRA, he or she can also give up to $100,000 from his or her IRA.

Next Steps

If you decide to make a gift from an IRA Rollover to the Las Vegas Philharmonic,

1. Inform us – send a letter or email confirming your gift, and the institution from which we should expect the contribution, so we can keep an eye out and let you know when it is received.
2. Seek the advice of your financial or legal advisor.
3. Ask your IRA administrator about making a direct transfer to the LV Phil or have the administrator send a check from your account to us. (To be tax free, the donation must go directly from your account to the LV Phil without passing through your hands.)

Legal Name: The Las Vegas Philharmonic

Address: 10161 Park Run Drive, Suite 150, Las Vegas, NV 89145
Federal Tax ID Number: 88-0398092

Not everyone wants to commit to making a gift in their wills or estates. Some prefer the increased flexibility that a beneficiary designation provides by using:

• IRAs and retirement plans
• Life insurance policies
• Commercial annuities

It only takes three simple steps to make this type of gift. Here’s how to name the Las Vegas Philharmonic as a beneficiary:

1. Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
2. Decide what percentage (1 to 100) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form.
3. Return the completed form to your plan administrator, insurance company, bank or financial institution.

An Example of How It Works

Joe and Marjorie treasure the financial help they’ve been able to give their children and the Las Vegas Philharmonic over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left the LV Phil a $75,000 IRA to be transferred following their lifetime. Because the LV Phil is tax-exempt, all $75,000 will help support our mission.

If Joe and Marjorie had left the IRA to their children, approximately $18,000* would have gone to pay federal income taxes—leaving only $57,000 for their family’s use. The family is happy knowing they are making the most of their hard-earned money thanks to their updated estate plan.

*Based on an assumption of a 24 percent marginal income tax bracket.

Next Steps

If you include the Las Vegas Philharmonic in your plans, please

1. Inform us – send a letter or email confirming your gift (including a copy of the page with the language is the most useful to the Philharmonic), so that we can recognize your contribution.
2. Seek the advice of your financial or legal advisor.
3. Please use our legal name and federal tax ID:

Legal Name: The Las Vegas Philharmonic
Address: 10161 Park Run Drive, Suite 150, Las Vegas, NV 89145
Federal Tax ID Number: 88-0398092