Ways to Give
Charitable giving can be done in many thoughtful ways, and for the Norshor Theatre Capital Campaign, gifts may be pledged and payments spread over several years. Pledges can be paid over a period of up to 5 years. Here are a few examples of gifts that may suit your philanthropy planning:
- Checks, cash, or credit card.These are the most common gifts made. Your gift will be deductible at its full value on your income tax return if you itemize your deductions; up to 60% of your adjusted gross income (tax deduction can be spread over multiple years and carried forward to future tax years if limitations exist; consult your tax advisor).
- Publicly Traded Stocks.These are easy to give and can offer you great tax advantages. If you have held the stock for more than 1 year, and it has appreciated in value, you can make a gift of publicly traded stock to Duluth Playhouse and avoid paying capital gains tax on the transaction. Your broker can make the transaction electronically, upon your authorization.
- Qualified Retirement Assets.Your retirement fund can be taxed at a high rate if passed on to heirs but can pass to charities without taxation. Leaving your remaining retirement assets to the Duluth Playhouse as part of your estate planning is a very simple gift to make. Of note, if you wish to contribute from your IRA during your lifetime and you are age 70 ½ or older, you can contribute up to $100,000 directly from your IRA and avoid paying income taxes on the distribution (again, consult your tax advisor).
- Life Insurance. Life insurance can be an excellent tool for making charitable gifts. Through a relatively small annual cost (the premium), a benefit far in excess of what would otherwise be possible can be provided for the Duluth Playhouse. Consult your financial advisor to discuss your options.
- Real Estate. Residences, vacation homes, farmland, and other real estates can be given, subject to Duluth Playhouse’s Gift Acceptance Policy.
- Bequest. While this involves longer-term planning, a gift made through your will can benefit the Duluth Playhouse in years to come. In your will, you can name the Duluth Playhouse to receive a specific amount, a percentage of your estate, or to be a contingent beneficiary.
Thank you for investing in the arts and in your local Duluth community!