Leave A Legacy

Join your friends and neighbors as members of Ballet Lubbock’s Legacy Circle.

Ballet Lubbock’s Legacy Circle are people who name Ballet Lubbock in their estate plans or establish deferred gifts.

These individuals are leaving a legacy – making an impact that will never end.

Joining the Legacy Circle is easy and can be done today!

Step 1)

Name Ballet Lubbock as one of the beneficiaries in your Retirement Account (like your IRA), or leave a bequest in your will*. The gift can be a specific amount or a percentage.

*Other charitable fund options include a life insurance, charitable remainder trust, charitable lead trust, or other estate planning vehicles

Step 2)

Simply let us know that you’ve made such a gift by calling us (806.785.3090), or emailing us! We will work with you to make sure we understand how you want your gift to be used, and what you want a potential fund to be called.

There is no need to tell us the amount (although we would appreciate it).

Step 3)

Know that you’ve possibly just made the most thrilling, rewarding, and satisfying gift of your life – a gift that will last forever, impacting generations.

Learn more about legacy gifts.

 

 

 

Nicholas Dragga,
Executive Director

(806) 785-3090

Legacy Circle Honors

We like to thank our donors personally. As a Legacy Circle member, you’re always invited to member gatherings. You’ll learn new things, have fun and meet interesting people, including other philanthropists living here in Lubbock, Texas.

We also celebrate your decision to make a gift in your will by including your name in every annual report and on our website.

Of course, if you prefer to join the Legacy Society and remain anonymous, that’s fine, too. You’ll still be invited to all events, and you’ll receive all our updates; but your name will not be mentioned in print or online.

Planned Giving Opportunities

IRA or 401(k)

Retirement Accounts like IRAs and 401(k)s are ideal for charitable giving purposes because these assets are most heavily taxed. They offer an opportunity to avoid income and estate tax while donating a significant gift.

Example: Joy is employed with a company that offers a 401(k). She learned she can name Ballet Lubbock 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 Ballet Lubbock upon her passing.

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

Wills & Bequests

Naming Ballet Lubbock in your will or trust is simple. A charitable bequest can be for a specific dollar amount, a percentage of your estate, or what remains after other bequests – including those to family members – are made.

Or, your will or trust can specify that your heirs receive lifetime income from your estate, with the remainder going to Ballet Lubbock for charitable purposes.

Example: You grew up attending The Nutcracker and then began taking your daughter when she was young. Now, you, your daughter, and your grandchildren attend Ballet Lubbock’s The Nutcracker every year as a family tradition. In honor of this, you provided in your will that one third of your cash estate be given to Ballet Lubbock, ensuring the future of Ballet Lubbock 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 and name the Ballet Lubbock in your will or revocable trust.

Life Insurance

You can make a gift of life insurance by irrevocably designating Ballet Lubbock as the owner and beneficiary, or the partial or contingent beneficiary of a policy on your life. Tax benefits depend on whether the policy is paid off or if you continue to pay premiums.

Example: Jackie owns a life insurance policy she no longer needs. When she transfers ownership of the policy to Ballet Lubbock, she can deduct the cash value of the policy now as well as leave a generous gift to Ballet Lubbock in the future.

Benefits to You:
  • You may receive the immediate income tax deduction for the cash value of the policy.
  • You are able to make a generous gift to the Ballet Lubbock without affecting your cash flow.

Charitable Remainder Trust

You can realize the tax advantages of making a gift now — especially of appreciated assets — while still receiving income from the assets through a charitable remainder trust. After providing income to you during your lifetime, the remaining assets can be donated to Ballet Lubbock.

The Ballet will not accept appointment as trustee of a charitable remainder trust.

Example: Jack and Jill have stock worth $55,000 for which they originally paid $25,000. They can support Ballet Lubbock by donating this stock to a charitable remainder trust. They defer the tax on the $30,000 capital gain and receive an income tax deduction this year for a portion of the trust. They also receive monthly payments from the trust until the time of their death. The balance of the trust is donated to Ballet Lubbock.

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 Lubbock 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 Ballet Lubbock.

Charitable Lead Trust

A Charitable Lead Trust (CLT) distributes income to Ballet Lubbock for either your lifetime, or a set number of years. After the designated time period, the assets return to you or your surviving family members. A CLT can allow you to make a significant gift to charity and transfer assets to family members while saving taxes.

The board of Ballet Lubbock will not accept an appointment as Trustee of a charitable lead trust.

Example: Mark establishes a lead trust, valued at $500,000, to benefit Ballet Lubbock. The trust will pay Ballet Lubbock 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 present value of the payments. After the 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 Ballet Lubbock.
  • The transfer taxes due when the principal is paid to your heirs 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.
  • Your lifetime available estate tax exemption (currently $3.5 million per person) can be applied to reduce taxes on transfers to your heirs.
  • You are able to make a generous donation to Ballet Lubbock now while reducing the taxes on transfers to your heirs later.
  • You transfer assets to a trust that makes fixed payments to Ballet Lubbock for specified term. When the trust ends, the principal goes to your heirs.
  • You are able to make a generous gift to the Ballet Lubbock without affecting your cash flow.

Frequently Asked Questions (FAQ’s)

Why would I leave a bequest to Ballet Lubbock?

Leaving a bequest is leaving a legacy. Your gift will be invested with the interest supporting Ballet Lubbock and the programs you care about the most.

Thus, your gift’s impact will never end and will, in fact, only grow over time.

A bequest is a way to support the causes that are important to you – forever.

How long will my gift help Ballet Lubbock?

FOREVER!

Your impact will never end. Plus, your initial gift will grow over time!

Is it easy to add a charitable gift to my will?

Yes!

A short phone call or meeting with your lawyer does the job.

How do I let you know I’ve made a bequest so that I can join the Legacy Society?

It’s a one-step process: Just let us know about your charitable bequest.

Call us at (806) 785-3090, or simply email us at [email protected]. You can also drop us a note in the mail.

We will work with you to make sure we understand the intent of your gift.

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

We welcome the opportunity to retain a copy for our files, but it is not a requirement.

Do I have to reveal the amount of my bequest?

No.

We’d appreciate knowing, but the choice to tell us the amount (or percentage) of your gift is entirely up to you.

What is the minimum amount I can give?

There is no minimum gift—Ballet Lubbock appreciates and will accept gift designations of any amount.

You can leave any amount to go into an existing fund at Ballet Lubbock. If your gift will be for $25,000 or more, you can choose to start a named fund and determine its purpose (e.g. for scholarships, outreach programming, production support).

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

Yes.

Either option is available, and your lawyer should be able to explain to you the various options for including Ballet Lubbock in your will.

Will $25,000 make a difference?

YES!

A $25,000 endowed fund will yield roughly $1,000 income in its first year. That’s equivalent to 4 percent of the fund. But, remember your fund is permanent. So, your endowed fund will grow over time, as will the money put to work.

Is any designation to Ballet Lubbock revocable?

Yes, you can always change your gift. Your Letter of Intent to Ballet Lubbock is not binding.

Does my bequest gift have to be cash?

No.

You have several options:

  • Physical assets such as a house or condominium
  • Financial investments such as stocks, bonds, or certificates of deposit
  • A life insurance policy or retirement plan. You can arrange for this type of gift by making Ballet Lubbock your beneficiary.