The Eileen Albanese Legacy Society
Eileen Albanese was a former president of the Florida Suncoast Opera Guild and an early supporter of St. Pete Opera. She was the first person to leave a legacy to the company in her will. Planned giving is a meaningful way to create a legacy at St. Pete Opera. Participating in planned giving helps sustain St Pete Opera for future generations while also providing for income and tax benefits for you and your heirs.
Examples of Planned Giving
Bequests
A bequest is a gift made through your trust or will. You can leave a bequest of a specific amount of money, property or investments; a percentage of your estate or the remainder of your estate. It is a popular and flexible ways to support St. Pete Opera and creating a permanent legacy.
Life Insurance or Retirement Plan Assets
When St. Pete Opera is named a beneficiary of a life insurance policy, any premiums paid qualify for charitable income tax deductions. Naming St. Pete Opera as a beneficiary of all or part of your retirement plan proceeds is a cost-effective way of making a gift and will protect those assets from both income and estate taxes.
IRA Charitable Distribution
An IRA Charitable Distribution is a qualified charitable distribution (QCD) that is generally a nontaxable distribution made directly by the trustee of your IRA to an organization that is eligible to receive tax deductible contributions. You must be at least 70½ when the distribution is made. The maximum annual exclusion for QCD is $105,000. If you file a joint return, your spouse can also have a QCD of $105,000.
Charitable Gift Annuity
A charitable gift annuity is an agreement between you and St. Pete Opera that provides you with regular fixed payments annually for life in exchange for transferring assets to St. Pete Opera. You get a charitable deduction in the year the gift is given and for a certain number of years a portion of your income is tax-free.
Charitable Remainder Trust
Charitable remainder trusts allow you to make a gift to St. Pete Opera while retaining a benefit from the assets you give. These separately managed trusts can be tailored to meet your financial goals with respect to the payout rate, type of income stream (variable or fixed), and payment schedule. To establish a remainder trust, you make an irrevocable contribution of cash, securities, or other property into a trust. The trust pays an income stream to one or more named beneficiaries (which can include you) for life and/or for a set term of years (not to exceed 20), and St. Pete Opera receives the right to principal as a remainder interest. Establishing such a trust generally entitles you to claim an immediate income-tax charitable deduction.
For more information, please contact us at 727.823.2040 or development@StPeteOpera.org.
To donate stocks and other securities, please contact Cecelia Messina, St. Pete Opera Business Manager, at 727-823-2040 ext 6 or business@spo.reefcybersecurity.com.
All inquiries are completely confidential and without obligation. The descriptions above are informational only. St. Pete Opera does not provide, tax, legal or accounting advice. Please check with your professional advisor before making any gift.