Planned Giving

Thank you for considering a gift to the Lake Champlain Chamber Music Festival in your estate planning. Planned gifts are an important source of support of our artistic and educational leadership. The Lake Champlain Chamber Music Festival’s Legato Society recognizes those who have notified us of their intent to provide financial support of by a special gift. Because the Festival is a 501(c)(3) nonprofit corporation, your gift can have important tax benefits.

Gifts of all sizes are welcome and help support our mission. A gift as part of your estate plan may be accomplished via a will, trust, retirement plan, annuity, or life insurance when the Lake Champlain Chamber Music Festival is named as a beneficiary to take effect at your death. Some options are revocable and simple to accomplish while affording estate tax benefits. Other irrevocable gift options may be more complex and may provide additional tax benefits during your lifetime.

The following brief descriptions are only a sample of options you may wish to consider as a potential donor and should discuss further with your financial and legal advisors.

At any time, please feel free to contact Executive Director Peter Espenshade at (802) 846-2175 regarding Planned Giving and the Lake Champlain Chamber Music Festival.

Irrevocable Gifts

Irrevocable gifts may include, among others, an irrevocable pledge or establishment of a separate irrevocable charitable trust during lifetime.

Pledges

You may make an irrevocable pledge by simply writing to LCCMF and stating your wishes as to the amount of the gift and the number of years over which the gift is to be fulfilled. Should you die before the pledge has been fulfilled, your estate would be obligated to pay the balance of the pledge.

Charitable Trusts

Charitable Trusts include charitable remainder trusts and charitable lead trusts and come in various forms. Charitable remainder trusts (“CRTs”) not only benefit LCCMF but also provide you with a stream of income during your lifetime. With a CRT, you gift assets to the trust, receive some income annually for your lifetime and, upon your death, the balance is distributed to LCCMF. CRTs provide a charitable tax deduction when you make the initial gift to the CRT and can save on capital gains taxes when funded with appreciated assets since LCCMF doesn’t pay capital gains taxes. A charitable lead trust (“CLT”) is the opposite of a CRT, so that the annual income payments are made to LCCMF for a specific period of time which may begin during your lifetime.

Charitable Gift Annuities Or Advised Funds

LCCMF does not currently have the resources to establish and administer charitable gift annuities. The Vermont Community Foundation (VCF) is generally able to serve as the not-for-profit trustee for such annuities. In addition, the VCF establishes donor advised funds from which targeted gifts may be made. The VCF is available for consultation at no cost to you or the LCCMF.

Revocable Gifts

Revocable gifts may be modified by you during your lifetime if your circumstances change.

Bequests By Will Or Revocable Trust

Your Will or Revocable Trust can specify a gift to LCCMF to be made following your death such that your assets are not decreased during your lifetime by the amount of the gift. If you have an existing Will or Revocable Trust, a Codicil or an Amendment can be prepared to incorporate your intended gift.

Retirement Accounts

LCCMF may be named as a primary or contingent beneficiary to receive a percentage of one or more of your retirement accounts following your death. This is easily accomplished by changing the beneficiary designation for your account(s), usually by completing a beneficiary designation form online or after contacting the administrator or custodian of your account to obtain the required form. The funds from a traditional IRA or 401(k) account that are distributed to LCCMF are not subject to income tax (where such distributions to individual beneficiaries are generally taxable as income) and usually entitle your estate to a charitable deduction equal to the amount to be distributed to LCCMF.

Life Insurance Policies

Similar to retirement accounts, LCCMF may be designated as the primary or contingent beneficiary to receive all or a portion of the proceeds from a life insurance policy following your death. Designating the LCCMF as a beneficiary generally will entitle your estate to a charitable deduction equal to the amount paid to LCCMF.

Information

Your retirement plan organization may request the following information about LCCMF:

Mailing Address
Lake Champlain Chamber Music Festival
20 Winooski Falls Way, Suite 7
Winooski, VT 05404

Telephone
802-846-2175

Tax Id and Date Established
26-2757906, September 15, 2009