Planned gifts expand our endowment, improve programming, and keep Walker|West affordable for future students. These gifts give us the opportunity to thank you today for the support you provide in the future.
When you make a planned gift to Walker|West, you’re creating extraordinary opportunities for future generations of artists and community members. And you can put your assets to work any way you choose—you can enhance the affordability of a Walker|West education by endowing a scholarship fund, or ensure continued academic excellence by making an unrestricted gift or supporting a specific academic program.
Whatever the purpose, your planned gift is an investment in the future and a powerful way to give back to the creative community.
Gifts from your Will
Including Walker|West in your will or trust allows you to make a gift that costs you nothing during your lifetime. While a bequest offers no immediate income tax benefits, it can reduce or even eliminate estate taxes. You can make a bequest to the school through your will, trust, or estate plan. To include Walker|West in either of these documents, we suggest the following language:
“I give, devise, and bequeath to Walker|West Music Academy, a nonprofit Minnesota corporation, located at (addy) the sum of $________ (or, ___ percent of my estate, or ____ percent of the residue of my estate) to be used for such purposes as the Board of Directors determines at the time this bequest becomes effective.
Walker|West development staff or board members are happy to talk with you and your legal advisor regarding a designation for your gift.
Gifts that Give Back
Certain gifts to Walker|West can create a stream of income and a charitable income tax deduction for the donor. These gifts include:
Charitable Gift Annuities
Charitable Gift Annuities (CGAs) are one of the most popular planned gift options. Gift annuities can provide you with a guaranteed fixed income for your lifetime as well as significant tax benefits. In an uncertain economy, the stability of a CGA is very attractive to donors who wish to avoid risk.
A Charitable Gift Annuity is a contract between the donor and Walker|West. In exchange for a gift of cash or property, Walker|West agrees to make fixed payments to the donor for the remainder of their life and/or the life of another individual.
Payments are based on a rate schedule determined by the American Council on Gift Annuities. The rate is calculated based on the age of the donor. In addition to this fixed income for life, the donor receives a federal income tax deduction at the time the gift is made. Charitable Gift Annuities require a minimum gift of $10,000. When the donor or other named beneficiary dies, Walker|West’s financial obligations are completed.
Gifts from Your Retirement Plan Assets
A Charitable Remainder Trust (CRT) is a special tax-exempt irrevocable trust arrangement written to comply with federal tax laws and regulations. Generally used as part of a complex estate plan, CRTs involve a donor transferring cash or assets (especially appreciated assets) to the trust in order to preserve these assets and to receive income for life or a certain term of years. Payments can be fixed or variable, and special tax advantages may apply. Most CRTs involve gifts of $250,000 or more.
Charitable Remainder Trusts
It is important to handle retirement plan assets (IRA, 401(k), 403(b), etc.) carefully in your estate because these funds can be significantly diminished by both estate and income taxes. But by making a tax-free charitable gift of your retirement plan assets, you can maximize the impact of your hard-earned savings. To establish Walker|West as a beneficiary of your retirement plan assets, simply complete a change of beneficiary form (available through your plan administrator) and notify Walker|West of your gift. If needed, we can also assist you with the proper language for your beneficiary designation.
Life Insurance
Naming Walker|West as a primary or secondary beneficiary of an insurance policy is a very simple way to give a significant gift. This can be done with an existing policy or by establishing a new one.