Beneficiary Designation
Naming The Santa Fe Opera as a Beneficiary of Your
- IRA
- Savings Account
- Life Insurance Policy
- Donor-Advised Fund
If you now have or plan to establish any of the above, you may name The Santa Fe Opera as a direct beneficiary. Simply see the advisor or agent who assists you with that account or policy, and ask to sign the paperwork required to designate a beneficiary.
Individual Retirement Accounts (IRAs) are taxed onerously—up to 80%—under current estate tax laws when bequeathed to an heir. When a non-profit organization like the Opera is named as beneficiary, no taxes are levied and the non-profit receives the full amount of the IRA.
Life or accident insurance that you no longer need for your family's security may be a good choice for donating to The Santa Fe Opera. The Opera may be named the primary, secondary or residual beneficiary, for which your estate may be entitled to a charitable deduction. If ownership of a fully paid life policy is given to the Opera, the gift becomes irrevocable and qualifies for an immediate income tax deduction at a value determined by Internal Revenue Service regulations.
Many philanthropically minded individuals have established donor-advised funds through companies like Fidelity and Vanguard. It is important to name a beneficiary for such a fund so that it is used as you would prefer. If your donor-advised fund is established with a community foundation, a similar directive is recommended for the ultimate disposition of your fund's principal.
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