Planned Giving

Members receive:

• Special invite to an annual donor reception
• Recognition in concert program books
• Bi-annual updates on the impact of planned gifts to the New Jersey Symphony
• Behind the-scenes access

We suggest a statement similar to this:

Unrestricted Gift

“I, NAME, of CITY, STATE, ZIP, give, devise and bequeath to the New Jersey Symphony (written amount or % of estate or description of property) for its unrestricted use and purpose.”

Gifts to the Endowment

“I, NAME, of CITY, STATE, ZIP, give, devise and bequeath to the New Jersey Symphony (written amount or % of estate or description of property) to be held in its endowment.”

For most people, a will is one of the easiest ways to leave a gift, but there are other types of future gifts that could also provide a benefit to you now, including:

• Stock: You claim a federal income tax deduction for the full, appreciated value of your securities.
• Life Insurance: You make a significant gift through income instead of capital, and you avoid an estate tax.
• Retirement Plan: You can continue to draw from the funds during your lifetime, while avoiding an estate tax for your heirs.
• Charitable Gift Annuity: You receive lifetime income and an immediate charitable income tax deduction.
• Charitable Remainder Trust: You receive a lifetime income, or a fixed amount of time, and a charitable income tax deduction for a portion of your gift.
• Charitable Lead Trust: You can pass assets, such as a family business, onto your heirs with a reduced tax liability by making the New Jersey Symphony a beneficiary.

Before you meet with your attorney, you should compile important information:

• Your legal name and social security number
• A list of residences, if you live in more than one state during the year
• A list of your assets, including bank and brokerage accounts, retirement accounts and pension funds, interests in businesses, real estate, items of significant value or sentiment, and life insurance
• The general value of your estate will help your attorney determine what level of planning is needed, and the list will also help your executor
• Legal names and addresses of all beneficiaries, both individuals and organizations, as well as information on any “estranged” relationships
• Copy of your present will and any codicils, if you have a prior will
• Marriage records, if any, including any prenuptial agreements
• Locations of pertinent documents

While it is possible in some states to prepare your own will, it is highly advisable to use an attorney. The requirements for a valid will vary by state, and properly prepared wills are less likely to become a problem in the future. An estate attorney can also advise you on ways to save money and taxes. If you need assistance finding an attorney, your local branch of the American Bar Association can make a referral. We can also prepare a list of estate lawyers in your community for you.

You can specify who is to receive tangible personal property, including heirlooms, and specify the individuals and organizations who will share in your estate, either through specific amounts or percentages.

Your executor will be responsible for ensuring that the provisions in your will and any legal requirements are carried out. Your executor must be comfortable with financial matters. If you do not have a trusted individual, you can ask a bank or trust company. If you do not have a will when you die, the state can name a professional executor to complete your affairs.

Changes in your personal life—marital status, new family members, the loss of loved ones—may require you to alter your will. Tax laws may change. You may decide to make additional charitable gifts. If you move, new state tax laws may prevail. Many people find that the easiest and most cost-effective way to modify a will is with an amendment known as a codicil.

You can specify a gift of a particular dollar amount or particular asset for the New Jersey Symphony. Your attorney may wish to incorporate language similar to the following in your will or living trust:

“I give, bequeath, and devise $(dollar amount or description of gift) to the New Jersey Symphony Orchestra now or formerly in the City of Newark, 60 Park Place, Ste. 900, in the State of New Jersey, to be used for its general purposes.”

You can give all or part of the property in your estate after debts, expenses, and specific bequests are paid. Your attorney may wish to include language such as the following in your will or living trust:

“I give, bequeath, and devise (all, or % of) the rest, residue, and remainder of the property, both real and personal, wherever situated, which I may own or be entitled to at my death, to the New Jersey Symphony Orchestra now or formerly in the City of Newark, 60 Park Place, Ste. 900, in the State of New Jersey, to be used for its general purposes.”