Planned Giving
Other Ways to Contribute
Tax-smart ways to make a lasting gift to the Fredericksburg Symphony Orchestra — through your IRA, estate plans, or appreciated securities.
Give From Your IRA
Why Consider a QCD?
Donating an IRA or other retirement assets to charity can be a tax-smart estate planning strategy.
For taxpayers age 70½ or older, a Qualified Charitable Distribution (QCD) allows you to gift directly from your IRA up to $100,000 per year to qualifying charities. QCDs are tax-free distributions and count toward satisfying your required minimum distribution (RMD). No deduction is allowed since the distribution is not taxable. This strategy is beneficial if the taxpayer will not itemize their deductions in the current year. It could also help taxpayers control their adjusted gross income (AGI) which is used to determine many tax-related limitations.
Note: The amount of the QCD you are able to exclude from your income is reduced by any deductible IRA contributions you make in the year you reach age 70½ or after.
✓ Your donation will be put to use today, allowing you to see the impact of your gift.
✓ Beginning in the year you turn 72, your gift can be used to satisfy all or part of your required minimum distribution (RMD).
✓ You pay no income taxes on the gift. You benefit even if you do not itemize your deductions because the transfer generates neither taxable income nor a tax deduction.
✓ Since the gift doesn't count as income, it can reduce your annual income level.
How to Make a Qualified Charitable Distribution
1
Seek the advice of your financial or legal advisor.
2
Request that your advisor/broker selects Qualified Charitable Distribution when processing an IRA distribution. It is a standard option on IRA withdrawal forms.
Leave a Legacy
How to Leave Your Legacy
Naming the Fredericksburg Symphony Orchestra in your estate plans is one of the most impactful ways to make a meaningful and lasting gift to your community.
Planned gifts not only strengthen the FSO's artistic excellence and allow for growth in our education and outreach programs, they can also provide tangible tax benefits to you and your family or heirs. We gratefully acknowledge donors who make provisions for the Fredericksburg Symphony Orchestra in their wills.
Bequests
Making a bequest to the Fredericksburg Symphony Orchestra is an ideal way to make a significant gift, but retain the use of your assets during your lifetime. Through a will, a family can bequeath a specific dollar amount, a percentage of an estate, or a residual value after other gifts have been satisfied. Bequests can be for a designated purpose.
Beneficiary Designations
Naming the Fredericksburg Symphony Orchestra as a beneficiary of a life insurance policy, annuity, or retirement fund [e.g., IRA, 401(k), 403(b)] is a great way to eliminate substantial estate and income tax on these assets at the time of your death.
Direct Gifts of Cash
Legacy gifts of cash, publicly traded securities, or life insurance cash value from a policy that's no longer needed can be given to the endowment fund at any time, providing tax-saving benefits for you and immediate benefits to the Symphony.
Give Appreciated Stock
Why Give Appreciated Stock?
Donating appreciated stock is one of the most tax-efficient ways to give to the Fredericksburg Symphony Orchestra.
Taxpayers are allowed a charitable deduction generally equal to the fair market value of the security and avoid paying capital gains tax on the unrealized gain. Thus, they are potentially giving more to the charity than if they had liquidated the asset and donated the cash net of taxes. Taxpayers must itemize in order to claim a charitable deduction.
Note: When deciding to make a direct gift of stock or cash to the FSO, remember that your deduction may be limited by your income. Cash gifts to a public charity are limited to 60% of AGI, while stock held for more than 12 months is limited to 30% of AGI. Excess deductions may be carried forward for up to five additional years. Your tax advisor can assist in determining whether these limitations apply.
✓ You receive a charitable deduction generally equal to the fair market value of the security.
✓ You avoid paying capital gains tax on the unrealized gain.
✓ You may be able to give more to the FSO than if you had liquidated the asset and donated the cash net of taxes.
✓ Your gift supports world-class live music and education in Fredericksburg.
How to Make a Gift of Stock
1
Seek the advice of your financial or legal advisor to confirm this strategy fits your situation.
2
Contact the FSO to notify us of your intended transfer and obtain the brokerage account details for delivery.
3
Instruct your broker to transfer the shares directly to the FSO's brokerage account.
Make Your Gift To
Legal Name
Fredericksburg Symphony Orchestra
Mailing Address
P.O. Box 5190, Fredericksburg, VA 22403
Federal Tax ID#
37-2006304