OUR HOURS Tuesday - Friday: 10:00 - 4:00 Saturday: 10:00 - 1:00 Sunday - Monday: Closed |
OUR MISSION is to enhance the quality of community life by fostering broad participation in the visual and performing arts. |
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| 34 Melrose Avenue, Tryon, NC, 28782 Phone: 828-859-8322 Fax: 828-859-0271 |
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Benefits of a Planned Gift:
Developing an estate plan with the help of a professional advisor ensuresthat the distribution of your estate will be consistent with your wishes and
philanthropic vision. We highly recommend that you seek the services of
qualified and experienced estate planning professional who can best
extensive federal tax changes that it is now essential that you work closely
with an advisor who is familiar with current tax law to achieve an effective
charitable design for your financial and estate plans.
Bequests
A charitable bequest to the Tryon Fine Arts Center is the easiest way to
make a charitable gift, and offers significant estate tax savings. Bequests can
be created by will or revocable living trust. A charitable bequest may be
made with a gift of a specific sum of money, a percentage of the estate, or a
particular asset such as stocks or real estate. The the Arts Center may be
named as residual beneficiary of all or part of the estate, or as a contingent
beneficiary in the event the other named beneficiaries do not outlive the
donor. Click here for an example of standard testamentary language that
may be helpful in directing a charitable bequest to the Institute.
Charitable Remainder Trusts
The greatest opportunity to create a significant charitable contribution
occurs when strategizing estate business and major financial decisions. In
writing or revising a will, when considering the sale of a business or
appreciated assets, or when planning for retirement, a Charitable Remainder
Trust (CRT) can be a valuable tool for generating lifetime income, while also
providing substantial tax savings. What remains in the trust beyond the
lives of the income beneficiaries can become your charitable gift to the
Institute.
Here's how it works: an irrevocable CRT is created using cash, appreciated
stock, real estate, or other assets valued at $100,000 or more. The trust assets
and receipts are invested and managed by the trustee as a single fund that
generates life-long income to the donor. The charitable design of the trust
allows for substantial income tax and estate tax deductions, and bypasses
capital gains for any appreciated assets used in its creation. Designing and
investing a trust for growth, rather than income, will result in reduced tax
on your income payments. Upon signing the trust agreement and
transferring the asset, you will begin to receive income payments according
to the terms of the trust, and realize the significant tax advantages provided
by this charitable gift. Upon your death, and any secondary designees, the
remainder of the trust passes without probate to the Tryon Fine Arst Center.
Your gift may be directed to a specific program or be unrestricted, depending
on the terms of the trust agreement.
A Charitable Remainder Unitrust (CRUT) provides lifelong income to you or
your named beneficiaries. This is determined as a percentage of the fair
market value of the trust, as re-valued annually, usually between five percent
(the minimum required by law), and nine percent. With the help of skilled
estate planners, a CRUT can be a versatile instrument that provides income,
addresses specific events or family needs in your estate plan, and provides
significant tax savings. CRUTs are one of the most popular estate planning
tools used by savvy donors with charitable intent, and are often
incorporated into a will to benefit a surviving spouse or partner.
A Charitable Remainder Annuity Trust (CRAT) is similar to a CRUT in
scope, but provides lifelong income in a fixed dollar amount rather than as a
percentage of the trust value, even if the trust earns less (or more) than that
amount. The payment amount remains the same, despite volatile trends in
the stock market. Senior donors find this option especially appealing for the
predictable and secure lifelong income it provides.
Charitable Lead Trusts
The basic premise of a Charitable Lead Trust (CLT) is the reverse of a
charitable remainder trust. With a CLT, your create an irrevocable trust in
which the Tryon Fine Arts Center receives the income from the trust for the
duration of your lifetime, or a specified number of years, after which the
remaining principal of the trust is distributed to your designated
beneficiaries. The CLT is most beneficial to individuals in high federal gift
and estate tax brackets who seek favorable tax savings by benefiting charity
when transferring assets to named beneficiaries. The delayed transfer of
assets to your beneficiaries under the terms of this trust significantly lowers
applicable estate and gift taxes, preserves your estate for the benefit of family
or heirs. The added value to you get to enjoy the satisfaction of charitable
giving in your lifetime. One of the most important changes in the 2001 Tax
Act is the gradual elimination of federal estate tax by the year 2010. Gift tax
and transfer tax, though lowered, have not been repealed. However, a sunset
provision was included in the legislation that will repeal all of the changes
effective 2011, unless Congress acts to continue the tax cuts.
Retirement Plans
Diligent investors spend years of careful retirement planning to generate a
sizeable nest egg that they plan to leave behind to loved ones. This is usually
in the form of IRAs or other qualified retirement plans, savings bonds or
long-term certificates of deposit with accrued interest. Often, these
investments add up to become the largest assets in the estate. Income in
Respect of a Decedent, or IRD, is how the Internal Revenue Service classifies
these assets once you die. What is IRD? Simply put, IRD is income generated
from an inherited asset on which the inheriting party must pay income
taxes. Assets subject to IRD include: deferred annuities, immediate annuity
payments made to beneficiaries, IRAs, pension plans including 401(K)s and
similar plans, EE bonds, and any other income that would have been taxable
to the deceased owner. IRD is included in the recipient's personal income for
the year in which it was received and can cause a jump into a higher tax
bracket. The income taxes due on IRD can cause an additional significant
loss of inheritance on top of the estate tax cost. Careful attention to IRD is
required when designing an effective tax-wise estate plan. Thoughtful
planning can significantly reduce the taxes on IRD assets. By using IRD
assets for charitable gift planning, you can make a significant gift to charity
from an asset that would otherwise be subject to both income and estate tax.
A significant charitable gift can be made at the cost of only a nominal
reduction in the inheritance for your heirs. In some cases, IRD can be used to
fund a CRT to provide an income stream to heirs.
TYPES OF CHARITABLE GIVING FUNDS
Donor Advised Funds allow you to become a philanthropist and name your
own fund with a minimum gift of $10,000. You receive a charitable deduction
at the time of the contribution and can recommend grants for projects of
your choice, immediately or in the future. You can also continue your
philanthropy by adding to the fund at any time. For individuals and families
seeking active involvement in philanthropy, Donor Advised Funds create a
working partnership with the Institute. You are able to chart the course of
your giving according to your own principles and convictions by making
specific recommendations for grants for specific projects. You may establish
the fund in your own or your family's name. Or, you may select a different
name to protect your confidentiality.
Unrestricted Funds preserve your legacy as permanent named funds that
provide the Tryon Fine Arts Center the flexibility it needs to meet ever-
changing needs.
WAYS TO GIVE
To open a fund, you can give from a range of assets, depending on your
financial circumstances:
Outright Gifts - include cash, securities, real estate, or other assets
Bequests - all, or a portion of, an estate
Other Planned Gifts - These are vehicles that allow assets to be committed
now and received by the Institute at a specified future date or upon your
death.
 | Offers substantial income tax savings | |
| Can produce secure, lifetime income for donor or heirs | |
| Usually created with capital, not current income | |
| Creates a lasting philanthropic legacy in the community |
Developing an estate plan with the help of a professional advisor ensures
philanthropic vision. We highly recommend that you seek the services of
qualified and experienced estate planning professional who can best
extensive federal tax changes that it is now essential that you work closely
with an advisor who is familiar with current tax law to achieve an effective
charitable design for your financial and estate plans.
Bequests
A charitable bequest to the Tryon Fine Arts Center is the easiest way to
make a charitable gift, and offers significant estate tax savings. Bequests can
be created by will or revocable living trust. A charitable bequest may be
made with a gift of a specific sum of money, a percentage of the estate, or a
particular asset such as stocks or real estate. The the Arts Center may be
named as residual beneficiary of all or part of the estate, or as a contingent
beneficiary in the event the other named beneficiaries do not outlive the
donor. Click here for an example of standard testamentary language that
may be helpful in directing a charitable bequest to the Institute.
Charitable Remainder Trusts
The greatest opportunity to create a significant charitable contribution
occurs when strategizing estate business and major financial decisions. In
writing or revising a will, when considering the sale of a business or
appreciated assets, or when planning for retirement, a Charitable Remainder
Trust (CRT) can be a valuable tool for generating lifetime income, while also
providing substantial tax savings. What remains in the trust beyond the
lives of the income beneficiaries can become your charitable gift to the
Institute.
Here's how it works: an irrevocable CRT is created using cash, appreciated
stock, real estate, or other assets valued at $100,000 or more. The trust assets
and receipts are invested and managed by the trustee as a single fund that
generates life-long income to the donor. The charitable design of the trust
allows for substantial income tax and estate tax deductions, and bypasses
capital gains for any appreciated assets used in its creation. Designing and
investing a trust for growth, rather than income, will result in reduced tax
on your income payments. Upon signing the trust agreement and
transferring the asset, you will begin to receive income payments according
to the terms of the trust, and realize the significant tax advantages provided
by this charitable gift. Upon your death, and any secondary designees, the
remainder of the trust passes without probate to the Tryon Fine Arst Center.
Your gift may be directed to a specific program or be unrestricted, depending
on the terms of the trust agreement.
A Charitable Remainder Unitrust (CRUT) provides lifelong income to you or
your named beneficiaries. This is determined as a percentage of the fair
market value of the trust, as re-valued annually, usually between five percent
(the minimum required by law), and nine percent. With the help of skilled
estate planners, a CRUT can be a versatile instrument that provides income,
addresses specific events or family needs in your estate plan, and provides
significant tax savings. CRUTs are one of the most popular estate planning
tools used by savvy donors with charitable intent, and are often
incorporated into a will to benefit a surviving spouse or partner.
A Charitable Remainder Annuity Trust (CRAT) is similar to a CRUT in
scope, but provides lifelong income in a fixed dollar amount rather than as a
percentage of the trust value, even if the trust earns less (or more) than that
amount. The payment amount remains the same, despite volatile trends in
the stock market. Senior donors find this option especially appealing for the
predictable and secure lifelong income it provides.
Charitable Lead Trusts
The basic premise of a Charitable Lead Trust (CLT) is the reverse of a
charitable remainder trust. With a CLT, your create an irrevocable trust in
which the Tryon Fine Arts Center receives the income from the trust for the
duration of your lifetime, or a specified number of years, after which the
remaining principal of the trust is distributed to your designated
beneficiaries. The CLT is most beneficial to individuals in high federal gift
and estate tax brackets who seek favorable tax savings by benefiting charity
when transferring assets to named beneficiaries. The delayed transfer of
assets to your beneficiaries under the terms of this trust significantly lowers
applicable estate and gift taxes, preserves your estate for the benefit of family
or heirs. The added value to you get to enjoy the satisfaction of charitable
giving in your lifetime. One of the most important changes in the 2001 Tax
Act is the gradual elimination of federal estate tax by the year 2010. Gift tax
and transfer tax, though lowered, have not been repealed. However, a sunset
provision was included in the legislation that will repeal all of the changes
effective 2011, unless Congress acts to continue the tax cuts.
Retirement Plans
Diligent investors spend years of careful retirement planning to generate a
sizeable nest egg that they plan to leave behind to loved ones. This is usually
in the form of IRAs or other qualified retirement plans, savings bonds or
long-term certificates of deposit with accrued interest. Often, these
investments add up to become the largest assets in the estate. Income in
Respect of a Decedent, or IRD, is how the Internal Revenue Service classifies
these assets once you die. What is IRD? Simply put, IRD is income generated
from an inherited asset on which the inheriting party must pay income
taxes. Assets subject to IRD include: deferred annuities, immediate annuity
payments made to beneficiaries, IRAs, pension plans including 401(K)s and
similar plans, EE bonds, and any other income that would have been taxable
to the deceased owner. IRD is included in the recipient's personal income for
the year in which it was received and can cause a jump into a higher tax
bracket. The income taxes due on IRD can cause an additional significant
loss of inheritance on top of the estate tax cost. Careful attention to IRD is
required when designing an effective tax-wise estate plan. Thoughtful
planning can significantly reduce the taxes on IRD assets. By using IRD
assets for charitable gift planning, you can make a significant gift to charity
from an asset that would otherwise be subject to both income and estate tax.
A significant charitable gift can be made at the cost of only a nominal
reduction in the inheritance for your heirs. In some cases, IRD can be used to
fund a CRT to provide an income stream to heirs.
TYPES OF CHARITABLE GIVING FUNDS
Donor Advised Funds allow you to become a philanthropist and name your
own fund with a minimum gift of $10,000. You receive a charitable deduction
at the time of the contribution and can recommend grants for projects of
your choice, immediately or in the future. You can also continue your
philanthropy by adding to the fund at any time. For individuals and families
seeking active involvement in philanthropy, Donor Advised Funds create a
working partnership with the Institute. You are able to chart the course of
your giving according to your own principles and convictions by making
specific recommendations for grants for specific projects. You may establish
the fund in your own or your family's name. Or, you may select a different
name to protect your confidentiality.
Unrestricted Funds preserve your legacy as permanent named funds that
provide the Tryon Fine Arts Center the flexibility it needs to meet ever-
changing needs.
WAYS TO GIVE
To open a fund, you can give from a range of assets, depending on your
financial circumstances:
Outright Gifts - include cash, securities, real estate, or other assets
Bequests - all, or a portion of, an estate
Other Planned Gifts - These are vehicles that allow assets to be committed
now and received by the Institute at a specified future date or upon your
death.
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| Tryon Fine Arts Center Beth Child, Executive Director 828-859-8322 ext. 211 beth@tryonarts.org |