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What is a Bequest?

A bequest is a gift made through your will or trust that allows you to retain full control of your assets during your lifetime while leaving a lasting impact on the Academy Center of the Arts after your passing.

Benefits of Making a Bequest

  1. Create a Lasting Legacy: Your gift ensures your values and passion for the arts continue to make a difference for generations to come.
  2. Reduce Tax Burden: Bequests may lessen the tax burden on your family and estate.
  3. Potential Estate Tax Savings: Your estate may benefit from tax deductions related to your charitable giving.

How to Make a Bequest

Making a bequest is one of the simplest ways to leave a legacy. Here’s how:

  1. Consult with an estate planning attorney or financial advisor.
  2. Include language in your will or trust specifying a gift to the Academy Center of the Arts.
  3. Inform us of your plans so we can ensure your wishes are carried out effectively.

View Sample Bequest Language

Bequest Options

You have several options when making a bequest:

  1. Specific Bequest: Gift a specific dollar amount or asset.
  2. Percentage Bequest: Gift a percentage of your total estate.
  3. Residuary Bequest: Gift from the balance or residue of your estate after other bequests have been made.
  4. Contingent Bequest: Gift that takes effect only if certain conditions are met.
  5. Beneficiary Designation: Name the Academy as a beneficiary of certain assets, such as retirement plans or life insurance policies.

Steps to Get Started

  1. Consider what you’d like your legacy to be.
  2. Decide what assets you’d like to give and how you’d like to structure your bequest.
  3. Consult with your attorney or financial advisor to update or create your will or trust.
  4. Contact us to discuss your plans or any questions you may have.

Learn More

We’re here to help! If you have any questions about giving options, please contact our development office at [email protected]. 

Remember: Always consult with your legal and financial advisors to understand how a bequest may impact your specific estate planning situation.

 

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