At the Everett Performing Arts Center
2710 Wetmore Avenue Everett, WA 98201
Box Office: (425) 257-8600 | Admin: (425) 392-1942
Tuesday-Saturday 11:00am - 7:00pm

At the Everett Performing Arts Center
2710 Wetmore Avenue Everett, WA 98201
Box Office: (425) 257-8600 | Admin: (425) 392-1942


Planned Giving / Village Guardians


Planned gifts can support Village Theatre's Endowment, which allows Village Theatre to develop new musicals and provide youth education programs that serve over 54,000 young people and their families throughout Puget Sound.

Planned gifts not only benefit Village Theatre, but they can also greatly benefit you through tax savings. Depending on the option that you choose, you may also receive cash payments that can supplement retirement income or provide support for family members and friends.

When considering a planned gift, start by asking how you want to benefit Village Theatre and how you'd like to benefit yourself and others. How would your gift make the biggest impact to both you and Village Theatre? Once the purpose of the gift has been determined, then the practical aspects such as the gift assets to be used, the financial benefits to be secured, and the documentation of the gift's purposes can be worked out. While a planned gift can often be relatively simple to arrange, you should always seek the advice and guidance of your attorney, accountant, or other appropriate advisor.

Common Planned Giving Options:

  • Bequests

    Bequests are gifts made through your will or living trust and is the most popular type of deferred gift to Village Theatre. There are many good reasons for its popularity. A bequest is revocable, meaning that you retain full control over your assets during your lifetime should you need them. It's flexible—you can name as many charitable beneficiaries as you would like, and specify the amount or percentage each will receive. In addition, your estate is entitled to an estate tax deduction for the full amount of the bequest gift.

    Different kinds of bequest gifts you can make:
    • A general or pecuniary bequest leaves a certain dollar amount.
    • A specific bequest leaves a piece of property, such as stock or real estate.
    • A residual bequest leaves all or a portion of what remains from an estate after debts, taxes, expenses, and other bequests have been paid.
    • A contingent bequest leaves assets only under certain conditions—if a spouse or other beneficiary does not survive you, for example.

    You may choose to designate your gift for current use, so that your gift can be used for pressing needs at the time it is received, or you may direct it to the Village Theatre Endowment, where principal is preserved and only income is spent. With a gift to endowment, you ensure that your annual support continues in perpetuity, for the benefit of future generations. Whichever way you choose, you truly create a living legacy at Village Theatre.

  • Retirement Plan Assets

    Your retirement plan is designed to benefit you during your retirement. However, you may name beneficiaries for your plan in case you pass away with funds still in your account. Along with family, relatives and friends, a charity may also be named as the beneficiary. This is among the easiest and most tax-wise ways to give.

    Most retirement plans are income tax-deferred, which means that you are required to pay income tax when the funds are distributed. This means that every dollar your heirs receive from retirement accounts would be subject to income tax (unless they are your spouse or the distribution derives from a Roth IRA). Depending on the size of the estate, retirement funds, like other estate assets, may be subject to estate tax as well. However, distributions from retirement accounts to a charity such as Village Theatre would be subject neither to income nor estate tax.

    Besides tax savings, a gift of retirement assets has other advantages:
    • It is easy to arrange. You merely request a Beneficiary Designation Form from your plan administrator.
    • You can designate Village Theatre as beneficiary of whatever portion you choose. For example, it might be 10 percent or 25 percent of the account.
    • If you have otherwise provided for heirs, you could leave the entire balance to Village Theatre.
    • The gift is revocable. You retain full control of your retirement funds should you need them, and you can change beneficiaries at any time.

    If you have a retirement account, and you would like to leave a legacy to Village Theatre to secure its future, the most tax-efficient gift you can make may be with some left-over funds in that account.

    Outright Gifts of Retirement Assets

    If you are over 59 1/2 years of age, you might also consider an outright gift from your IRA or 401(k) or 403(b) plan. While the withdrawal would be a taxable event, your charitable deduction would offset the taxable income.

    IRA Rollover Provision. If you are over 70 1/2 years of age, you can make charitable gifts directly from your IRA to Village Theatre without the distribution being counted as taxable income. This can have certain tax advantages, particularly if you do not usually itemize your deductions. There are some restrictions so if this is of interest to you, please let us know. We can provide you with helpful information and a form letter to use in requesting such a transfer from your plan administrator.

  • Life Insurance

    Life insurance provides security for a growing family and support in times of need. It can also be used to make a gift to Village Theatre. Options include naming Village Theatre as the beneficiary of the death benefit or transferring ownership of an existing policy to Village Theatre. There are several ways that you may make charitable gifts of life insurance policies.

    Name Village Theatre as the Beneficiary

    This may be a good option if the existing beneficiaries of a policy have preceded you in death, or if you have beneficiaries for whom you have provided through other life insurance policies or assets. (The proceeds from group insurance as well as individually owned insurance can be given to Village Theatre.) This designation can be changed if your circumstances change in the future. Any proceeds paid to Village Theatre will qualify for any estate tax charitable deduction.

    Donate a Policy that has Been Paid Up

    Often, a person’s need for life insurance declines with age. A life insurance policy purchased years ago for family protection or to collateralize a loan may no longer be needed for that purpose. If so, ownership of the policy could be transferred to Village Theatre. Because the gift is irrevocable, you receive an immediate income tax deduction. By making a gift of this essentially “idle” asset, you will receive a deduction and reduce your taxes.

    Donate a New Policy or a Partially Paid Policy

    You may have a policy that you have owned for a while but is not paid-up. You can transfer ownership to Village Theatre and continue paying the premiums. You receive a deduction approximately equal to the policy's current value along with additional deductions for continued premium payments. Or you can take out a new policy and deduct the premium payments. This is a way to assure a major future gift to Village Theatre with minimal current financial outlay.

    There are Several Benefits to Giving a Gift Through Life Insurance:
    • Allows you to make a substantial future gift through an asset you may no longer need
    • May provide an estate tax deduction or, in certain circumstances, an income tax deduction
    • Proceeds pass directly to Village Theatre outside of the probate process

  • Charitable Gift Annuities

    Simply put, a gift annuity is a contract between Village Theatre and a donor, in which for the exchange of cash or assets Village Theatre agrees to pay a fixed sum of money to the donor for the duration of the donor's life, after which the remainder is left to Village Theatre's Endowment. You can support Village Theatre and guarantee a stream of income for yourself for the rest of your life - or a loved one's life - at the same time.

    This life-long, guaranteed quarterly or yearly payment is just one benefit of a gift annuity. Other benefits include: an immediate charitable tax deduction, a portion of the payments is tax-free income for a given amount of time, you have the option to designate another person or couple as the beneficiary of the annuity - perfect for those looking to provide for loved ones.

    Payment rates are based on the age of the annuitant (the person receiving the payment) and will likely be higher than you would receive from fixed-income investments. Payments can begin immediately or deferred to a later date.

    Many donors favor charitable gift annuities, as it is a simple way to make a gift and receive income for life in return. In exchange for your charitable gift of cash, securities or other assets. Village Theatre provides guaranteed payments for life to one or two persons. The size of the payments depends on the size of the contribution and the age of the person(s) receiving the annuity. If you are married, you may choose a joint-and-survivor annuity that continues as long as either spouse lives. It is also possible to provide a lifetime annuity for someone other than yourself and your spouse--a parent or sibling, for example. Payments can begin immediately or be deferred to a later date.

  • Charitable Trusts

    With a charitable remainder trust you make a gift to Village Theatre (and possibly other charities) and receive income for your lifetime (or a period of years that you specify). You may have an asset you wish to donate to the Village Theatre, or you may have an asset that is under performing and you would like to improve your cash flow from it. You may be reluctant to sell the asset and reinvest in something more productive because of substantial capital gains taxes. As an alternative, you might consider a charitable remainder trust that can be established benefiting you and, in the long run, providing support for Village Theatre’s future.

    You transfer the assets into a trust and designate a trustee. The trustee manages the assets, which involves selling them and reinvesting the proceeds as appropriate, and pays income to you (or other designated beneficiaries). When the trust sells appreciated assets, it pays no tax on the gains. Payments can be a fixed amount (annuity trust) providing you the security of the same payment each time; or payments can be based on a stipulated percentage of trust assets (unitrust), meaning payments will vary but have the possibility of increasing over time. When the trust terminates, the remaining principal is used to benefit Village Theatre.

    The CRT has Additional Benefits:
    • Provides you and/or other beneficiaries annual payments for life or a specified time
    • Provides an immediate income tax deduction for a portion of the value of the assets transferred
    • Converts low or non-income producing assets into cash flow without incurring capital gain taxes
    • Can provide supplemental income for retirement or provide for family members or other loved ones
    • You can name one or more charities as the ultimate beneficiaries of the trust
    • May provide estate tax savings

  • Charitable Lead Trusts

    A charitable lead trust is a gift arrangement in which property is irrevocably transferred by you into a trust arrangement. The trust makes payments to Village Theatre for a specified period of time and then distributes the principal to you or to your heirs.

    Through a charitable lead trust you can support Village Theatre while significantly reducing gift and estate taxes in passing assets to your children or grandchildren. Alternatively, a charitable lead trust can be set up to provide to you a tax deduction in the year of the donation while allowing you to recover the asset at a later predetermined date.

    Income from a charitable lead trust can either be paid in a fixed dollar amount (under a charitable lead annuity trust) or at a fixed percentage of the annual trust balance (under a charitable lead unitrust). A trust can be set up during your lifetime, allowing you to see the benefit of your gift to the community, or it can be established through your will.


Need Help?

Please contact
Aileen Forde
Annual Fund Manager, Everett
aforde@villagetheatre.org
(425) 257-6344

OR

Bobbi Kotula
Individual Giving Manager
bkotula@villagetheatre.org
(425) 392-1942 x112

Village Theatre, located in Issaquah and Everett, is registered with Washington State's Charities Program as required by law. Additional information is available at (800) 332-4483 and sos.wa.gov/charities.


LOCATIONS

Everett Performing Arts Center
2710 Wetmore Avenue
Everett, WA 98201
Box Office: (425) 257-8600

Francis J. Gaudette Theatre
303 Front Street North
Issaquah, WA 98027
Box Office: (425) 392-2202

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Seattle website development. Swell Media Design