JAVS Spring 2024

A charitable giving rider(s) is available on most life insurance policies.7 When attached to a policy (for little or no cost) the rider directs the policy company to pay a certain percentage of the face value of the policy to the charity of the owners’ choice. This is a relatively easy way to give and eliminates the need to create a separate gift in a will or trust. Of course, the charity must be a qualified 501(c)(3) such as your place of worship or the American Viola Society. Gifting an entire policy can be a substantial windfall to any charity. It is a bit more complicated than simply including a charitable rider to an existing policy and would make sense only to an upper-income taxpayer interested in reducing estate taxes. In any case, a move such as this needs to involve a chat with a financial advisor, perhaps the donor’s family and the life insurance company. Thank you for keeping the American Viola Society in mind as you continue to create your legacy. There are other “Smart Moves” that will enhance your journey that we will take up in the next issue of – The Development Corner. This article is for educational and entertainment purposes only and is not intended as a substitute for tax advice. Please consult your tax advisor for guidance.

Footnotes: 1 There are several kinds of trusts. If you have sufficient assets it may be good to check into implementing a trust. A trust can be more detailed in your wishes and can also produce significant tax advantages. 2 If you wish we can send you information about any of the above. Check with the AVS office at: info@ americanviolasociety.org 3 Musicians rarely fully retire; there are always students in need of experienced instruction, competitions to be judged, and clinics to give sharing your acquired knowledge etc. 4 There are many ways you can help. We can accept the following donations for the AVS Viola Bank: violas, bows, adjustable cases, sets of strings, and monetary contributions for maintenance and repair. If you would like to help, please contact Madeleine Crouch, General Manager of the American Viola Society at: info@ americanviolasociety.org or (972) 233-9107 ext. 204. 5 Please contact the curator, Dr. David Day (david_day@ byu.edu, 801-422-6119). 6 He donated the music to the viola organization; the claimed value of the music for tax purposes was what it sold for at the event. 7 There are many kinds of riders so, be sure to check with your insurance company.

Journal of the American Viola Society / Vol. 40, No. 1, Spring 2024

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