Planned Gifts include:
A Bequest in Your Will
Making or changing your will to include a bequest for Park Square Theatre is easy. Simple bequest language can designate a specific amount, a percentage, or the remainder of your estate to the Theatre. This type of gift could include cash, stock, bonds, or personal property. The size of your taxable estate will be reduced by the size of your gift, which may lead to a reduction of estate taxes – perhaps making it possible for your heirs to actually receive more of your estate.
Gift of Retirement Plan Assets
Retirement plan assets may include a gift of an individual retirement account (IRA), 401(k), 403(b), or Keogh plan. By transferring assets to Park Square upon your death you may avoid both income and estate taxes, providing a gift at considerable tax savings.
Gift of Life Insurance Policy
Name Park Square Theatre as an owner or beneficiary of an existing life insurance policy or purchase a new policy to benefit the Theatre.
Life income gifts provide an opportunity to support Park Square while providing you and/or a loved one an income stream for life or a specific number of years. By irrevocably transferring cash or appreciated assets to the Theatre through a life income gift, you receive an immediate income tax deduction and an income stream for your designated beneficiaries.
Life income gifts include:
Charitable Gift Annuity
A minimum $10,000 charitable gift annuity provides a fixed, annual income payment to you and/or a beneficiary for life, and afterwards continues to provide for the future of Park Square. This type of planned gift allows an income tax deduction in the year the gift is made and removes the asset from the taxable estate.
Retained Life Estate
You can contribute a private residence, vacation home or farm while retaining the right to live in and use the property. You receive a charitable deduction in the year the gift was made.
Charitable Remainder Trust
A minimum of $100,000 in cash or property is transferred to a trust, which pays one or more income beneficiaries either a fixed annual amount or a fixed percentage of the trust's fair-market value as determined each year. Upon the death of the beneficiaries, the remainder (or a designated amount) provides for the future of Park Square. This type of planned giving allows an immediate income tax deduction and removes the asset from the taxable estate.
Charitable Lead Trust
The charitable lead trust provides income to the Theatre for a specific period of time, then distributes the assets to the donor or other heirs. This type of gift can provide significant estate and/or gift tax savings.
Artistic Director and Founder’s Society Member, Richard Cook
“Clearly this is not just a job for me. I love Saint Paul and I love the community here. I have a lot of faith in the community’s willingness to invest in the arts. I expect that the Theatre will be around for awhile – and that it will change to serve changing audiences. My dream is to make Park Square a long-standing ‘institution’ that belongs to the town. This is not “Richard’s Theatre” or the “artists’ theatre” – it’s Saint Paul’s theatre.”
Working for Park Square for more than 20 years – from the days when it was a little volunteer company to its growth as a professional theatre – was certainly not the path to material riches. “Making Park Square a beneficiary in my will is the easiest way for me to make a truly significant gift. The process was not difficult, all I had to do was just decide. I needed to prioritize and clarify my estate plans and add simple language in my will to include Park Square Theatre. I am proud of the Theatre we’ve built – proud of the artists who choose to challenge themselves here, and the audiences who have embraced us.”
For more information
To discuss a planned gift to the Theatre, please contact Michael-jon Pease, Director of External Relations and Certified Fund Raising Professional (CFRE) at 651-767-8497 or pease@parksquaretheatre.org.
