Consider a Planned Gift for the Ottumwa Symphony Orchestra

A planned gift to the Ottumwa Symphony Orchestra Foundation ensures the Symphony will continue to serve the Ottumwa Community and southeast Iowa. The avenues of giving below are opportunities to keep live classical music alive for our future generations. 

bequest

A bequest is a provision in your will or trust that directs a portion of your estate to a named beneficiary, such as the Ottumwa Symphony Orchestra Foundation.  Charitable bequests reduce your taxable estate and may also provide significant estate tax savings.

life insurance

This is an affordable way for donors to make a significant gift to the Ottumwa Symphony Orchestra Foundation. 
  1. You may  own a whole life policy where the original purpose for purchasing the protection no longer applies. By naming the Ottumwa Symphony Orchestra Foundation as owner and irrevocable beneficiary of your policy, you will receive a charitable deduction for the lesser of the total policy premiums paid or the net cash value of the policy.
  2. If you purchase a new policy and name the Ottumwa Symphony Orchestra Foundation as owner and irrevocable beneficiary, your periodic premiums are considered a charitable contribution each year they are paid.
  3. You may also name the Ottumwa Symphony Orchestra Foundation as the primary beneficiary of your life insurance policy without transferring ownership but since this is considered a revocable arrangement for a future gift, no current tax deduction would be available.

retirement plan assets

​Current law states that any remaining balance in your qualified retirement plan is fully included in your estate for tax purposes and can be subject to both income tax and estate tax.  By naming the Ottumwa Symphony Orchestra Foundation as a beneficiary of your retirement plan, both forms of tax are avoided.  The value of the estate is reduced for tax purposes, which could benefit heirs.
This information is presented for illustrative purposes only.  Donors should consult their professional advisors in making their planned gifts.
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The Ottumwa Symphony Orchestra Foundation is certified 501 ( c ) 3 by the Internal Revenue Service – as such all gifts are tax-deductible to the extent allowable by law.
Questions? Email theottumwasymphonyorchestra@gmail.com
or call Maggie Morrissey at 641-680-0516

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