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Planned Giving: The Legacy Circle

The Legacy Circle invites donors who declare an interest in the future of Ballet Austin by including the Ballet Austin Foundation in their wills, insurance, charitable remainder or charitable lead gifts. The Ballet Austin Foundation is extremely grateful to these individuals as their generosity and foresight will enable Ballet Austin to maintain its growth and stability, enriching the lives of future generations.

Learn more about the Legacy Circle by contacting Development Director Christi Lotz at christi.lotz@balletaustin.org or 512.476.9151, ext. 124

In appreciation of The Legacy Circle members’ pledge to help ensure the future of Ballet Austin, we offer the following benefits:

  • Permanent donor signage at Ballet Austin’s Butler Dance Education Center
  • Name recognition in our Season Program
  • Name recognition on the Ballet Austin Foundation webpage

Legacy Circle Donors

Mayor Steve Adler & Diane T. Land
Becky Beaver & John Duncan
Rick Bennett
Paula & Bob Boldt
Dr. & Mrs. Ernest Butler
Darlene & Dan Byrne
Ann & Jim Downing
Martha & Cliff Ernst
Dr. Harvey Evans & Gloria Evans
Malcolm Ferguson

Jennifer Guthrie
Becky & Richard Herrington
Terry & Nikki Bryant Irion
Alex Ladage
Laraine & Leon Kentridge Lasdon
Mike Baryshnikov Le Burkien
Jennene & K. Ray Mashburn
Helen G. Miller
Michael Ellwood Owens
Forrest Preece & Linda Ball

Joanne Ravel
Wanda A. Reynolds
Cookie & Phil Ruiz
Peter Schram & Harry Ullmann
Rosemarie Schwarzer
Jare & Jim A. Smith
Karen Sonleitner
Mary & Bruce Walcutt
J. Craig Wallace
Bill & Stephanie Whitehurst

Planned Giving Opportunities

Wills & Bequests*

Example

Sue grew up attending The Nutcracker and then began taking her daughter when she was young. Now, Sue, her daughter and her granddaughter have a tradition of attending Ballet Austin’s production of The Nutcracker every year. In honor of this special tradition, Sue provided in her will that one third of her cash estate would be given to the Ballet Austin Foundation, ensuring the future of Ballet Austin and The Nutcracker.

Benefits to you:

  • You have control of your assets during your lifetime.
  • You can make modifications to your bequest.
  • No upper limit on estate tax deductions for your charitable bequest.
  • Plan now for the future by naming the Ballet Austin Foundation in your will or revocable trust.

*Note: There is no minimum gift—we appreciate and accept all cash designations.

Life Insurance

Example 

Steve owns a life insurance policy he no longer needs. He learns that if he names the Ballet Austin Foundation as the owner and beneficiary of the policy, he can deduct the cash value of the policy now as well as leave a generous gift to the Ballet Austin Foundation in the future.

Benefits to you:

  • You receive the immediate income tax deduction for the cash value of the policy.
  • You are able to make a generous gift to the Ballet Austin Foundation without affecting your cash flow.
  • As a result of transferring ownership of a life insurance policy to the Ballet Austin Foundation, the Foundation will later receive the death benefit of the policy.

Charitable Remainder Annuity Trust

Example

Jane and John have stock worth $75,000 for which they originally paid $35,000. They learn they can support the Ballet Austin Foundation by donating this stock to a charitable remainder trust. They defer the tax on the $40,000 capital gain and receive an income tax deduction this year for a portion or the trust. They also receive annual payments for the rest of their lives. The balance of the trust is donated to the Ballet Austin Foundation.

Benefits to You

  • You receive an immediate income tax deduction for a portion of your contribution to the trust.
  • You or your designated beneficiaries receive a predictable, stable income for life or specified term.
  • You defer payment of the capital gain tax on appreciated assets you donate.
  • You receive the benefits of the donation now and Ballet Austin Foundation benefits from it in the future.
  • You transfer assets to a trust that makes fixed payments to you or a beneficiary.  When the trust ends, the principal is donated to the Ballet Austin Foundation.

Charitable Lead Trust

Example

Mike establishes a lead trust, valued at $500,000, to benefit the Ballet Austin Foundation. The trust will pay the BAF an annual income of 5% of the trust’s value for 15 years, starting with an initial payment of $25,000. Mike may receive an income tax deduction for the present value of the payments. After 15 years, the remainder of the trust passes to Mike’s family. The trust’s appreciation goes tax-free to his family.

Benefits to you:

  • You receive a gift tax deduction for the present value of the annuity payments to the Ballet Austin Foundation.
  • The gift transfer tax can be lessened or eliminated based on the structure of the annuity payments and the term of the trust.
  • Your heirs receive the appreciation on the trust tax free.
  • You are able to make a generous donation to the Ballet Austin Foundation now, while reducing the taxes on transfers to your heirs.
  • You transfer assets to a trust that makes fixed payments to the Ballet Austin Foundation for a specified term. When the trust ends, the principal goes to your heirs.

IRA or 401(k) Beneficiary Designation

Example

Jennifer is employed with a company that offers a 401(k). She is thinking about ways to support Ballet Austin in the future and learned she can name the Ballet Austin Foundation as a beneficiary of her 401(k). After she retires, she will continue to make withdrawals, but will be able to leave the remainder to the BAF upon her passing.

Benefits to you:

  • You can avoid income and estate taxes on the residual in your account.
  • You can continue to make withdrawals during your lifetime.
  • You can change beneficiaries throughout your lifetime.
  • You can name Ballet Austin Foundation as a beneficiary of your IRA or 401(k).

Planned Giving FAQs

What is the Legacy Circle (Planned Giving)?

The Legacy Circle is a group of donors who are securing the future of Ballet Austin by making a gift to the Ballet Austin Foundation in their wills, revocable trusts or other planned giving instrument.

What action do I need to take to become a member of The Legacy Circle?

You become a member of The Legacy Circle upon notifying the Ballet Austin Foundation of your intention to make a gift in a will or other vehicle for planned giving by signing The Legacy Circle Letter of Intent.

Do I have to go to my lawyer to add the Ballet Austin Foundation to my will, and if so, what do I need to ask my lawyer to do?

Yes, you should always seek legal counsel in order to make sure that your intentions are clearly and accurately stated, and to avoid unnecessary expense and frustration to your family due to ambiguity in your documents. Although all circumstances are different and vary in levels of complexity, it could be as simple as asking your lawyer to add a codicil to your will or amendment to your revocable management trust. If you are unsure of exactly what you need to ask your lawyer, the Ballet Austin Foundation’s legal advisor, Derry Swanger, would be happy to have a complimentary confidential conversation to discuss your situation. Brooke Holmes can put you in touch with Derry.

How much will it cost (on average) to add the Ballet Austin Foundation to my will?

Depending on the level of complexity associated with your own situation, you can expect to require 1-5 hours of your lawyer’s time to add the Ballet Austin Foundation to your will.

What language do I need to use in my will?

We always suggest that you seek legal counsel for any changes to your will, but if you would like to see some sample language for adding a gift in your will, please contact Brooke Holmes.

Is a designation to the Ballet Austin Foundation revocable?

Yes, you can always change your will. Your Letter of Intent to the Ballet Austin Foundation is not binding.

Do I have to give Ballet Austin a copy of my will?

We welcome the opportunity to retain a copy in our files, but it is not a requirement for membership in The Legacy Circle

May I designate either a specific amount or a percentage of the estate to leave as my gift to the Ballet Austin Foundation?

Yes, either option is available and your lawyer should be able to explain to you the various options for including the Ballet Austin Foundation in your will.

What is the minimum amount I can designate?

There is no minimum gift—the Ballet Austin Foundation appreciates and will accept cash designations of any amount.

How will the funds I designate be used?

The funds you designate will go directly to the Ballet Austin Foundation account, which is managed by J.P. Morgan Private Banking. All donations in this account stay intact as the principal is never spent. The annual grant the Foundation gives to Ballet Austin is funded through the earnings on the account including interest, dividends and unrealized gains. As the account grows, the grant to Ballet Austin grows supporting Ballet Austin’s exceptional artistic programming, arts education, scholarships, and access for the entire Central Texas Community.

How will I be recognized?

The names of the members of The Legacy Circle are listed in the Ballet Austin production programs and on our website. In addition, we honor the members of The Legacy Circle by displaying their names publically at the Butler Dance Education Center.

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