Mention the Arts in Your Will
Make a Difference Even After You're Gone!
If you love the arts and want to help even after you're gone, just make a simple ammendment to your will.
It's really easy. Insert the following language into your will, indicating the amount that you'd like to leave. You can specify a dollar amount, certain assets, or a percentage of your estate.
“I give, devise, and bequeath to Columbia Center for the Arts, a nonprofit Oregon corporation with business address of P.O. Box 1543, Hood River, Oregon 97031 or its successor, the sum_________dollars [or otherwise describe the gift or assets] for its general purposes and use at the discretion of the Columbia Center for the Arts Board of Directors.”
Become a Legacy Builder
Mentioning the arts in your will makes you a "Legacy Builder" for Columbia Arts, and it helps you make a difference for years to come. Legacy builders can leave a legacy in a number of ways other than through your will, including:
- by mentioning the arts in your revocable trust,
- by deferring part of your IRA or retirement plan,
- by indicating Columbia Arts as beneficiary in your life insurance policy
TIP: Update Your Will on a Regular Basis
Regardless of whether or not you want to remember us in your will, think about updating it on a regular basis. Some people have wills that were drafted years ago, and they have never looked at or thought about their wills again. Without regular review and updating, such wills can create confusion and needless expense for surviving family and friends.
TIP: Make Your Money Go Further
Watch for opportunities that come available every now and then, that help your money go further. One such opportunity was the tax free transfer available in 2006 and 2007, where individuals older than 70 could transfer individual retirement account (IRA) funds to charitable organizations while also enjoying a federal tax benefit.
Basically, individuals were able to make a direct tax-free transfer of up to $100,000 to a charitable organization. This means that you would avoid recognition of taxation on whatever amount you withdrew up to $100,000 – that otherwise would cost you up to 42 percent income tax.
Similar types of opportunities may be available now, and may be coming
available in the future. Please consult with your tax attorney.