Planned Gift Giving

Our Partnership in the Community

Through our partnership with Bartlesville Community Foundation and Bartlesville Regional United Way (read more) and as a service for our donors and friends, Theater Bartlesville provides complimentary, confidential, charitable tax and charitable financial planning services.

What are Planned Gifts?

Planned gifts are a variety of charitable giving methods that allow you to express your personal values by merging your family, financial, and charitable goals. Planned gifts can be made with cash, but many are made by donating assets such as stocks, real estate, art pieces, or business interests—there are multiple possibilities.

Planned gifts can provide valuable tax benefits and/or lifetime income for you, your spouse or other loved ones. The most frequently-made planned gifts are bequests to charities, made through your will. Other popular planned gifts include charitable trusts and charitable gift annuities.

Making a planned gift usually requires the assistance of the charity’s development professional and/or a knowledgeable advisor such as an attorney, financial planner, or CPA to help structure the gift. Theater Bartlesville, through our partnership with the local community foundation and United Way, is able to offer the services of a professional estate planning specialist at no cost to you. We provide advice and complete in-depth information for your charitable tax and financial planning needs, and work directly with your attorney, accountant, or estate planner if necessary.  
Please click on the links below to find out more information on our organization and the types of gifts that are possible as a result of the planning process:

  1. Planned giving brochure links:
    1. Revocable Living Trusts
    2. Your Will
    3. Charitable Gift Annuities
    4. Giving Through Retirement Accounts
  2. Donor datasheet, including an explanation of what it is and how to fill it out (donor datasheet and process for meeting with TAG is attached)

A misconception is that giving through your estate is only for the "wealthy." The truth is, even people of modest means can make a difference through planning.

Gifts can also be made to Theater Bartlesville when a donor designates Theater Bartlesville as the beneficiary on their life insurance, IRA, or Pension Plan.

Below is language that can be used when making a bequest to Theater Bartlesville:

Unrestricted Bequest

"I give devise and bequest to Theater Bartlesville, (state: " % of my estate", "the sum of _____" or "the residue of my estate") under this will after the deduction of all debts, funeral expenses, and administration expenses, but before the deduction of any death, inheritance or estate taxes, it being my intention to exonerate this bequest from contributing to the payment of any such taxes."

Planning for Women

Today’s women represent a powerful financial force.  Today’s women are accumulating, managing, and distributing more wealth than ever before.  For this reason it is important that every woman take control of her long-range financial and estate plans in order to ensure security for herself and her loved ones.

Modern women live longer than men, participate in the workforce in greater numbers, and control more than half of the wealth in America.

Because of these reasons, a will, trust or other estate planning document can be critical to making sure their wishes are carried out for the final distribution of their assets.

Ways to Give

Securities

Stock that increased in value is one of the most popular assets used for charitable giving.  Once the stock has been held for more than one year, it can be gifted.

Retirement Plan Assets

Funds in an employee retirement plan, IRA or tax-sheltered annuity contain income that has yet to be taxed.  Your beneficiaries will owe the income tax at your death, sometimes as much as 35%.  This may be a reason to provide your loved ones less heavily taxed assets and leaving your retirement plan to charity instead.

Real Estate

Your property provides a unique giving opportunity.  Many types of real estate can be donated to charity while enjoying tax benefits and potentially setting up a lifetime of income.

Closely Held Stock

A gift of closely held stock can provide a way to make a sizable contribution while providing a valuable tax benefit.

Life Insurance

The need for life insurance changes over time, providing an opportunity for its use a charitable gift.  If you no longer need the coverage to protect your loved ones, consider changing the policy’s beneficiary to support the work of charity.

Four Steps to Creating Your Will:

  1. The Basics:  start by getting yourself organized.  Determine your objectives, the value of your property, inventory of your major assets, estimate of outstanding debts, and a list of family members and other beneficiaries to whom you want to pass assets.
  2. The Choice:  if you have minor children or an adult child, a parent, or a spouse with special needs who is your dependent, you have to think about who will care for them when you are gone.  Talk to your proposed guardian ahead of time about what you expect of them, and understand that if do not name a guardian, the courts will make the choice for you.
  3. The Executor:  your executor undertakes such responsibilities as notifying all interested parties and agencies of your death, paying creditors and outstanding taxes, and distributing your assets according to your will.  Without a will or executor, the courts will appoint one for you.
  4. The Professional:  to make sure that you have taken care of heirs properly, seek the counsel of an estate planning professional to help you record your wishes in a legally sound will document.

For more information about how to start the planning process, or if you have questions, please contact Ken Wright at eat0@eau0eav0eaw0 or 918-336-1900.

This information is not intended as legal, tax or accounting advice.  For tax advice, please consult your financial professional.

 

Planning for your Appointment with The Advancement Group

In preparing for your planning appointment, please bring the following information with you to your meeting:

  • Spouse – if you are married, please make sure you both attend the appointment
  • Confidential Data Sheet – please complete as much as possible and bring it with you
  • Existing Wills/Trusts – if you have any existing estate planning documents, such as a will or trust, please bring that with you
  • Copy of Deeds – if you own real property, please bring a copy of the deeds
  • Corporate Books – if you own a business, please bring in your corporate records

Please bring in anything else that you think is important for the meeting, such as:  divorce decree, copies of investment or retirement account statements, life insurance policies, etc…

The process of estate planning, beginning with the planning appointment includes the following sequence –

If no plan in place…

  1. TAG will create a visual image (flow chart) of the process of estate planning and financial planning, as it relates to your estate, during your meeting with TAG (this appointment is free as a result of THEATER BARTLESVILLE’S partnership with BCF).
  2. TAG will focus on your financial and estate planning goals and integrate philanthropic strategies into your plans considering family, financial, and philanthropic objectives.
  3. After the explanation and any subsequent discussion of the plan, TAG will work with you to schedule a time with an attorney, this is where the drafting of estate planning documents occurs (and cost is incurred).
  4. If you have an attorney, TAG will work with them to describe the objectives discussed in the planning appointment, the datasheet, the flowchart, and notes taken from the meeting so they may prepare your plan.
  5. If you do not have an attorney that you work with, TAG can recommend one for you and set your appointment with them.  
  6. You will receive a copy of your flow chart from TAG.
  7. The attorney will receive a copy of the flow chart (from TAG) and any other supporting information gathered during the planning appointment to be able to create the plan.
  8. Due to TAG providing a flow chart of your plan, the cost for document execution with the attorney can be reduced up to 60%.
  9. You will meet with the attorney to sign your estate planning documents and will pay the attorney at the time of signing.
  10. If a gift has been made to a charity, a copy of the page(s) in the estate plan pertaining to the gift amount is requested by TAG to value and calculate the gift for the THEATER BARTLESVILLE gift report.
  11. The gift and donor name is reported to THEATER BARTLESVILLE, if the donor provides permission to release their name and gift amount.

If a plan (will or trust) is in place…

  1. TAG will review the current estate plan and provide a flow chart of how the plan works (first death, second death, child/children, retirement account(s), etc…).  This appointment is free.
  2. TAG will focus on your financial and estate planning goals and integrate philanthropic strategies into your plans considering family, financial, and philanthropic objectives.
  3. After the explanation and any subsequent discussion of the plan, TAG will work with you to schedule a time with an attorney, this is where the drafting of estate planning documents occurs (and cost is incurred).
  4. PLEASE REFER TO STEP 4 THROUGH STEP 11 ABOVE FOR THE REST OF THE PROCESS.

**IN REGARD TO ANY GIFTS THAT ARE MADE TO THEATER BARTLESVILLE FOR THE BCF PLANNED GIVING CHALLENGE GRANT, THE LANGUAGE IN THE ESTATE PLANNING DOCUMENTS MUST INCLUDE THE FOLLOWING:

Bartlesville Community Foundation (73-1575838) for the benefit of THEATER BARTLESVILLE’S Endowment Fund, Bartlesville, Oklahoma.

To schedule your appointment or to find out more about this process and service, please call 918-491-0079.