By leaving a gift to the Bear Valley Music Festival in your estate plan, you will help ensure that the Festival continues to bring world class music to our small mountain town for generations to come. These gifts can provide you with significant tax benefits and allow flexibility as you may change your planned gift at any time if your circumstances change.
Following are some suggestions to consider when planning a legacy contribution to the Festival. If you include the Festival in any of your planned gifts, please let us know so that we can celebrate your membership in our newly formed Bear Valley Music Festival Legacy Society. All gifts will be added to our Endowment Fund.
You may make a bequest to the Festival through your will or trust. Bequests are flexible and may be for a specific dollar amount, a percentage of your assets, specific assets, or what’s remaining after making other dispositions of your assets. Sample bequest language is provided below. You should consult an attorney to add such a gift to your will or trust.
“I give ____________________ [amount or percentage] to Music from Bear Valley, Inc.
(DBA Bear Valley Music Festival), P.O. Box 5068, Bear Valley, CA 95223,
Federal Tax-Exempt ID #23-7083360.”
GIFT FROM A RETIREMENT ACCOUNT
You may name the Festival as a beneficiary of a retirement account. While your family and friends are subject to paying income tax on retirement plan gifts they receive, charities like the Music Festival are not. You can help loved ones save taxes by giving them other assets and making a gift to the Festival from a retirement plan. To name the Festival as a beneficiary of a retirement account, access a beneficiary form from your account administrator.
LIFE INCOME PLANS
A charitable gift annuity or charitable remainder trust provides you and/or loved ones with an income stream and significant tax benefits while funding the Festival with the remainder. With this type of gift, you, or other beneficiaries of your choosing, receive regular income for life (or for a period of up to 20 years). At the end of the trust term, the balance in the trust will go to the Festival. You can fund a charitable trust with cash, but by funding your trust with long-term appreciated assets, you can eliminate up-front capital gains tax.
SEEK PROFESSIONAL GUIDANCE
To make a legacy gift, please seek guidance from an estate planning attorney, CPA, and/or other professionals who are thoroughly versed in the laws regarding planned giving. You may want to consider options not listed here.