By naming the Loudoun Symphony as the beneficiary of your IRA, annuity, life insurance policy, or employer retirement plan, assets avoid both income tax and estate taxation upon passing to charity at death. However, taxpayers do not benefit from a deduction during their lifetime and the assets will not be available to their heirs.
How does it work?
Bob and Sandy recently updated their will to leave stocks and real estate to their kids. They left Loudoun Symphony a $100,000 IRA to be transferred following their lifetime. Because Loudoun Symphony is tax-exempt, the entire $100,000 will support our mission.
If Bob and Sandy had left the IRA to their children, approximately $24,000 (assuming $24% marginal income tax bracket) would have gone to pay federal income taxes, leaving only $76,000 to their children.
How do you update beneficiary designations to support Loudoun Symphony?
Start by requesting a change-of-beneficiary form from the administrator of your IRA, annuity, life insurance policy, or employer retirement plan, or simply download a form from the provider's website.
Decide the percentage you would like to donate to Loudoun Symphony Association, Inc. and name us, along with the percentage you chose, on the beneficiary form. Return the completed form.
Please contact our Executive Director by completing the form below to let us know your goals for the gift so we can ensure it is used as intended.
Loudoun Symphony Association, Inc.
Loudoun Symphony Association
P.O. Box 4478, Leesburg, VA 20177
Federal Tax ID Number
Check for required fields and resubmit.