Disclaimer: All information provided is for general educational and informational purposes only. It is not intended to be, and should not be construed as, legal, tax, or financial advice. Charitable giving laws and tax benefits vary by individual situation and location. We encourage you to consult your own professional advisor(s) before making any significant financial or charitable giving decisions.
Qualified Charitable Distribution (QCD)
There are real advantages to donating using an IRA or similar retirement funds.
Ordinarily, you must report IRA withdrawals as income and pay income tax on them. For individuals over age 70½, however, gifts to a qualified 501(c)(3) charity (up to $100,000 or more) are not reportable and still count toward any required minimum distribution (RMD).
A QCD can also potentially lower your tax bracket and Medicare Part B and D premiums.
What if I don't take itemized deductions?
You get the same tax benefits even if you take the standard deduction QCDs are excluded from your income rather than deducted.
Consult your qualified professional advisors on how a gift to WCMS fits into your overall philanthropic and financial goals.
Stocks & Securities
Transfer appreciated securities — such as stocks, bonds, or mutual funds — that you have held for more than one year to WCMS and enjoy:
- an income tax charitable deduction for the full market value
- no capital gains tax on the appreciation
What about CLOSELY HELD STOCK?
Yes, you can transfer this. You get a charitable deduction equal to the appraised value of the stock with no capital gains tax due. Restricted stock can be repurchased by the corporation later.
Consult your qualified professional advisors on how a gift to WCMS fits into your overall philanthropic and financial goals.
Planned Giving/Bequest
Help secure the future of the Society by joining a forward-thinking group of WCMS supporters who have declared their intent to remember the Society through a will, trust, or other planned gift.
Legacy gifts can be arranged in simple ways that do not affect your current financial security, from naming us in your will, to designating us as a beneficiary of your life insurance policy or IRA. You may give anonymously or allow us to make your membership known; which may serve as inspiration to others, helping your gift do more.
All it takes is your pledge. No gifts need to be made now and you can reverse course if circumstances change. Simply inform us of your plans so we may honor you with membership in the Caroline Bauman Legacy Circle, named after a co-Founder and long-time leader of WCMS. We thank our Legacy Circle members with recognition, special events, and naming opportunities.
Consult your qualified professional advisors on how a gift to WCMS fits into your overall philanthropic and financial goals.
How to Make a Qualified Charitable Distribution
Simply authorize a distribution payment out of an eligible retirement account directly to WCMS:
Westchester Chamber Music Society
Attn: Nancy Mayers
21 Suzanne Lane
Pleasantville, NY 10570
Types of IRAs that are eligible for QCDs
- Traditional IRA
- Inherited IRA
- Inactive Simplified Employee Pension (SEP) IRA
- Inactive Savings Incentive Match Plan for Employees (SIMPLE) IRA
Active SEPs, 403(b)s and 401(k)s are not eligible. Neither are profit-sharing, pension or active SIMPLE plans.
Important: You must be at least 70½ at the time of the transfer and you must make QCDs by Dec. 31 for them to count toward your annual RMD.
Because QCDs are not included in your taxable income, they do not qualify for an income tax charitable deduction – resulting in a tax break for those who do not itemize deductions and for those whose charitable gifts may exceed the deduction limits.
If you have questions - let's talk about it! Click here to reach Co-Executive Directors Peter & Jen Schlactus.
Disclaimer: All information provided is for general educational and informational purposes only. It is not intended to be, and should not be construed as, legal, tax, or financial advice.
How to Transfer Securities
Gifts of this type can be used to support our general funds and operations, or can be set up as an endowment.
Your broker will need:
- Our brokerage name
- Our brokerage DTC Number
- WCMS Account Name
- WCMS Account Number
To request this information: Click here to reach Co-Executive Directors Peter & Jen Schlactus
If you have questions - let's talk about it! Click here to reach Co-Executive Directors Peter & Jen Schlactus
Disclaimer: All information provided is for general educational and informational purposes only. It is not intended to be, and should not be construed as, legal, tax, or financial advice.
Next Steps for Planned Giving
Thank you for considering a planned gift to support WCMS and sustain our mission for another 75 years or more. The next steps depend on how you may wish to give:
Charitable Beneficiary Designation:
Gifting funds from assets like retirement funds, paid-up life insurance policies, or investment or bank accounts after your lifetime is as simple as requesting and completing a beneficiary form. Once submitted, the asset is not controlled by your will and does not go through the probate process. You decide what percentage or amount goes to WCMS.
> Life insurance policy: where the policy has served its original purpose, you may contact your agent or insurer for a beneciary form and add WCMS as the beneficiary (primary, secondary, or contingent), removing it from your taxable estate, and making a tremendous difference for us.
> Investment/Brokerage Accounts: ask for a TOD or transfer on death designation form to direct your financial advisor or broker to move designated investments to a new owner after your lifetime.
> Retirement funds: IRA, 401(k), and 403(b) accounts, which are normally subject to both income and estate taxes, may be worth significantly more if you donate them rather than if you pass them to a beneficiary other than a spouse. Request a charitable beneficiary designation form from your financial institution or advisor and add WCMS for a particularly tax-efficient gift.
> Bank Accounts: if balances are not needed by heirs, you may ask for a POD or payable on death designation form.
Charitable Bequest:
Make a gift by including a provision in your will or trust. You may designate a fixed dollar amount, a specific asset, or a percentage of your estate. A bequest can be changed, costs you nothing as long as you live, and provides an estate tax deduction equal to the value of the gift.
To name WCMS in your will or living trust, you may use the following language:
“I give and bequeath to the Westchester Chamber Music Society, a New York nonprofit corporation based in Briarcliff Manor, NY, Federal Tax ID #13-6169020, the sum of $_______ (or _______% of my residuary estate) to be used for its general charitable purposes.”
Already have a will in place?
A codicil is an easy way to add a bequest to an existing will or trust. Click here to see sample language.
Please notify WCMS of your planned gift.
Download this letter of intent form. Once completed, send to our Executive Directors at info@westchesterchambermusic.org, or mail to the address on the letter.
This lets us acknowledge and celebrate your commitment, plan appropriately, and your example may inspire others to make transformational gifts of their own.
If you have questions - let's talk about it! Click here to reach Co-Executive Directors Peter & Jen Schlactus
Disclaimer: All information provided is for general educational and informational purposes only. It is not intended to be, and should not be construed as, legal, tax, or financial advice.
Let's Talk About It
Note: All communications will be kept confidential.
Telephone: 1-877-209-5200
E-mail: info@westchesterchambermusic.org
Address:
Westchester Chamber Music Society
Attn: Nancy Mayers
21 Suzanne Lane
Pleasantville, NY 10570