Members of the Craig Noel League are ensuring a successful future for The Old Globe by including the theatre in their estate plans today. More than 135 members have planned to include the Globe in their estate plan and will contribute to the Globe’s fiscal health for generations to come. League members enjoy a number of benefits throughout the year, including recognition in Performances Magazine, invitations to the yearly Craig Noel League Holiday Luncheon, “Meet the Artists” events, “Food for Thought,” – a monthly luncheon featuring artists and actors, and special trips to theatres across the southland throughout the year.
There are many ways you can create a lasting partnership with The Old Globe that are advantageous to you, your heirs, as well as to the theatre. Please take a moment and review the options available below. These instruments include:
Bequests in Will or Living Trusts (Cash contributions)
- Many not-for-profit institutions, including The Old Globe, benefit from bequests, large and small, from their closest friends. All gifts by bequest have special importance. A bequest is not subject to federal estate or state inheritance taxes. The value of the bequest is deductible in determining the taxable estate and there is no limit on the amount of the deduction. Bequests may be written in absolute dollar amounts, as a percentage of estate value, as contingent upon other terms or circumstances, or as a residual of an estate. Whether you are writing a will for the first time, revising an existing will, or adding a codicil, an attorney should always be consulted to determine the type of bequest best suited to your needs.
Charitable Remainder Trusts
- This type of trust arrangement enables you to make a major gift to The Old Globe during your lifetime and receive the income from cash, securities, or other property given. The income from these trusts is available to you or a named income beneficiary during your lifetime and, if desired, for the lifetime of a second income beneficiary. At the time you make the gift, you will receive an immediate charitable deduction on your income tax (with a five-year carry forward) and capital gains tax is avoided. Ultimately, the assets of the trust pass to The Old Globe.
Charitable Gift Annuities (Administered through the San Diego Foundation)
- A Charitable gift annuity (CGAs) is one of the simplest and most popular forms of life income gifts. It involves a simple agreement whereby the charity accepts a gift of cash, securities, or property, and agrees to pay a specified, fixed-dollar amount to the annuitant (the donor or another beneficiary). The fixed amount is set by the American Council on Gift Annuities and is based on the annuitant's age. Because the gift is irrevocable, the charity maintains control of the gift and becomes responsible for paying income for the lifetime of each annuitant.
Charitable Lead Trusts
- A gift which provides fixed or variable current income for the Globe for the life of the donor or for a term of years, after which the remaining principal reverts to the donor or donor's heirs.
Retained Life Estate Gifts
- A life estate is a signed document that gives you the absolute right to live in a piece of property until you die. After one spouse dies, the life estate will protect the other spouse’s use of the home. At the time of the second spouse’s death, the property transfers in full to the grantee, giving that person full legal rights to occupy, rent, or sell the home.
Gifts of Real Estate
- Gifts of real estate to the theatre can generate significant tax benefits and help avoid estate settlement problems. The gift may be a home or vacation property, a farm or ranch, a commercial building, subdivision lots, or undeveloped land. The entire property or a fractional interest (part of the property) may be given. Individual financial needs and goals (outright gift, retained life tenancy, etc.) will determine the method most appropriate.
Pooled Income Funds
- Combines the tax advantages of charitable giving with the benefits of a lifetime income stream for up to two beneficiaries, which can include the donors. Securities or cash to this fund will have the potential to take an immediate partial tax deduction. Beneficiaries receive lifetime income generated by the Pooled Income Fund’s investments, in quarterly payments. The remaining value of the account is distributed to up to ten recommended charities upon the death of the last income beneficiary.
Additional avenues to explore as you consider leaving a legacy gift to the theatre:
- Gifts of Appreciated Property (Stocks, Bonds, Tangible Personal Property)
- Gift Retirement Assets (Pensions, IRAs, and 401k)
- Life Insurance Policies (if paid up by the donor)
- Charitable Deferred Gift Annuities
If you have remembered the Globe in your estate plan, please call the theatre and ask to be included as a member of the Craig Noel League. If you are thinking of including the Globe in your will, please call us so we can share with you the recognition and benefits of membership in the Craig Noel League and help you create your legacy to the Globe. As we celebrate the Globe as a local cultural landmark and national icon, it is time for us to build for the future. You can help secure the future of The Old Globe – for the next 100 years and beyond!
For more information on how you can join the Craig Noel League today, please contact Bridget Cantu Wear, Associate Director of Development, Planned Giving, by email or by calling (619) 231-1941 x2312.