Planned Giving
FLORIDA THEATRE LEGACY SOCIETY
The people who opened the Florida Theatre in 1927 and restored it in 1983 left a lasting legacy to the City of Jacksonville and the First Coast. There are many ways that you, too, can have a lasting impact on the Florida Theatre. One of them is to become a member of the Legacy Society by including the historic, nonprofit Florida Theatre in your will and estate planning.
You will receive a tax benefit to your overall estate planning, which might allow you to leave more of your estate to your other beneficiaries, and in some cases, even receive a tax benefit during your lifetime. Including the Florida Theatre in your planned giving allows you to defer your gift until after your lifetime. In some cases, this might make it possible to give more to the Theatre than you could afford during your lifetime.
If you have included the Florida Theatre in your estate planning, do let us know so we can recognize your generosity by acknowledging you as a Florida Theatre Legacy Society member. We can also acknowledge you as anonymous if you prefer. While we always prefer to know that someone has planned a gift for the Florida Theatre, it is unnecessary. You can include the Theatre in your estate planning without telling anyone other than your attorney.
If you would like to let us know about your planned gift, you can go ahead and download, fill out and submit this Letter of Testamentary Intent.
MOST COMMON TYPES OF PLANNED GIFTS:
BEQUESTS
A bequest is a donation defined in your will. This is the most common way to make a planned gift. With the help of your attorney, you will be able to hold on to the full use of your estate during your lifetime, while still making a charitable contribution to the Florida Theatre. Here are a few examples of how to structure and word your bequest:
- I give, devise, and bequeath to the Florida Theatre, currently located in Jacksonville, Florida, all the rest, residue and remainder of my estate, both real and personal, to be accepted and used in the discretion of its Board of Directors.
- I give, devise, and bequeath to the Florida Theatre, currently located in Jacksonville, Florida, __________ percent of the rest, residue and remainder of my estate, both real and personal, to be accepted and used in the discretion of its Board of Directors.
- I give, devise, and bequeath to the Florida Theatre, currently located in Jacksonville, Florida, the sum of ____________________ to be accepted and used in the discretion of its Board of Directors.
LIFE INSURANCE
A planned gift of life insurance allows you to make a charitable gift to the Florida Theatre, and receive a beneficial tax deduction, without an increased cost to you during your lifetime. Your attorney can help you decide how much you would like to donate, and determine if you can use an existing policy, or need to create a new one.
GIFTS OF REAL ESTATE
A gift of personal property, such as real estate, as opposed to a cash donation, allows for even greater tax benefits because you can deduct the full fair market value of the property, and reduce the estate taxes on other assets passed down to your family.
GIFTS OF APPRECIATED SECURITIES
Using your estate plan to contribute appreciated stocks or bonds to the Florida Theatre gives you a charitable deduction for the full present fair market value, with no capital gains tax on the appreciation. (Note that you can also contribute appreciated securities to the Florida Theatre at any time during your lifetime, and receive a similar tax advantage.)
RETIREMENT PLAN, IRA OR 401(K)
You can name the Florida Theatre as the sole beneficiary, or as one of the beneficiaries, of all or part of the remaining funds in your retirement plan, IRA or 40(k), and receive a charitable tax deduction for the amount of your gift.
CHARITABLE LEAD AND REMAINDER TRUSTS
The Charitable Lead Trust and the Charitable Remainder Trust are complicated instruments, and not right for every donor. You will need professional assistance from your attorney and financial professionals, but these options can be meaningful tools for the right donor.
- In a Charitable Lead Trust, you contribute cash or other assets to fund the trust, and are immediately eligible for a tax deduction. The trust makes payments to the Florida Theatre on a fixed schedule for term of the trust. When the trust term expires, any remaining assets pass back to you, your estate or another designated beneficiary. Ultimately, the tax deduction means that more of your estate can be passed down to your beneficiaries.
- In a Charitable Remainder Trust, you contribute cash or other assets to fund the trust, and receive an immediate tax deduction. The trust pays an income stream to you and any other beneficiaries for the term of the trust, including during your lifetime, and when the term expires, the Florida Theatre receives the remaining assets.
If your existing attorneys or financial advisors are unable to assist, we will be pleased to recommend an objective third party.
FOR MORE INFORMATION
For more information, or to have a confidential conversation about including the nonprofit Florida Theatre in our will and estate planning, please contact:
Michelle Adams
Development Director
Florida Theatre
128 Forsyth Street
Jacksonville, FL 32202
Office: 904-562-5973
Michelle@floridatheatre.com