Adding the Palace Theatre to your long-term charitable giving plans is one of the simplest ways to meet your philanthropic goals and support the future of the performing arts and artistic programming in southern New Hampshire and beyond for years to come.

Planned gifts to the Palace Theatre provide lasting impact and allow you to continue overseeing your assets during your lifetime. However, they also offer important future tax benefits for your heirs.

Learn more about some of the ways you can support the Palace Theatre through your estate plan:

Adding the Palace Theatre to your long-term charitable giving plans is one of the simplest ways to meet your philanthropic goals and support the future of the performing arts and artistic programming in southern New Hampshire and beyond for years to come.

Planned gifts to the Palace Theatre provide lasting impact and allow you to continue overseeing your assets during your lifetime. However, they also offer important future tax benefits for your heirs.

Learn more about some of the ways you can support the Palace Theatre through your estate plan:

BEQUESTS

Bequests can be made in the form of a specific gift of cash or property, business interest, royalties, a general sum of money, or a percentage of the remainder of an estate or trust and they are distributed at your death. The full amount of a bequest to the Palace Theatre is usually deductible from your taxable estate.

The following is suggested language (please also consult with your estate planning lawyer) for including Palace Theatre in your will:

“I give, devise and bequeath to Palace Theatre Trust, a New Hampshire not-for-profit organization with its principal office at 80 Hanover Street, Manchester, NH 03101, for its general purposes, the sum of $______ (or state a fraction or percentage of the rest, residue and remainder of my estate, both real and personal).” If you wish, you may also designate your bequest for a particular purpose or program (youth scholarships, capital projects, etc.). Please reach out to our development team at 603.668.5588 to let us know if this is your preference.

RETIREMENT ASSETS

Retirement assets are one of the best assets to own during your life but can prove to be challenging for your family to inherit. After your lifetime, retirement plan assets are subject to income and estate taxes.

Naming the Palace Theatre as a beneficiary of funds in your retirement plan is easy and will reduce the size of the taxable assets and avoid subjecting the estate or beneficiary to income taxation.

During your lifetime, you cannot keep money in your employer-sponsored retirement plan(s) indefinitely. Once retired, individuals will need to withdraw money from these funds annually. Individuals aged 70½ or older, who own a traditional or Roth IRA, are allowed to make a charitable gift, up to $100,000, directly from their IRA to qualified charities like the Palace Theatre.

Your gift to the Palace, including your Required Minimum Distribution or RMD, is a great way to grow your philanthropic giving and can completely bypass your income going forward.

BEQUESTS

Bequests can be made in the form of a specific gift of cash or property, business interest, royalties, a general sum of money, or a percentage of the remainder of an estate or trust and they are distributed at your death. The full amount of a bequest to the Palace Theatre is usually deductible from your taxable estate.

The following is suggested language (please also consult with your estate planning lawyer) for including Palace Theatre in your will:

“I give, devise and bequeath to Palace Theatre Trust, a New Hampshire not-for-profit organization with its principal office at 80 Hanover Street, Manchester, NH 03101, for its general purposes, the sum of $______ (or state a fraction or percentage of the rest, residue and remainder of my estate, both real and personal).” If you wish, you may also designate your bequest for a particular purpose or program (youth scholarships, capital projects, etc.). Please reach out to our development team at 603.668.5588 to let us know if this is your preference.

RETIREMENT ASSETS

Retirement assets are one of the best assets to own during your life but can prove to be challenging for your family to inherit. After your lifetime, retirement plan assets are subject to income and estate taxes.

Naming the Palace Theatre as a beneficiary of funds in your retirement plan is easy and will reduce the size of the taxable assets and avoid subjecting the estate or beneficiary to income taxation.

During your lifetime, you cannot keep money in your employer-sponsored retirement plan(s) indefinitely. Once retired, individuals will need to withdraw money from these funds annually. Individuals aged 70½ or older, who own a traditional or Roth IRA, are allowed to make a charitable gift, up to $100,000, directly from their IRA to qualified charities like the Palace Theatre.

Your gift to the Palace, including your Required Minimum Distribution or RMD, is a great way to grow your philanthropic giving and can completely bypass your income going forward.

LIFE INSURANCE POLICIES

Using a life insurance policy in your planned giving is a perfect way to make a leveraged gift to the Palace Theatre. By making small payments each year into your policy for a number of years, you can leave a bequest of sizable proportions to the Palace Theatre. After your lifetime, the policy proceeds going to the Palace Theatre will be an estate tax charitable deduction.

There are two ways to ways to give a gift of a life insurance policy:

Gift of existing policy

Palace Theatre becomes the owner and beneficiary. You get an immediate charitable income tax deduction for the lesser of current cash value or premiums paid. Any future premiums you pay are deductible as contributions.

Name the Palace Theatre as a beneficiary of a new or existing policy

You keep control of the policy while naming the Palace Theatre as a full or partial beneficiary. For this gift, you are entitled to a charitable deduction for the value of the initial premium and you will receive additional deductions when you make later premium payments.

SECURITIES

You may designate and name the Palace Theatre as a transfer on death (TOD) or payable on death (POD) beneficiary.

LIFE INSURANCE POLICIES

Using a life insurance policy in your planned giving is a perfect way to make a leveraged gift to the Palace Theatre. By making small payments each year into your policy for a number of years, you can leave a bequest of sizable proportions to the Palace Theatre. After your lifetime, the policy proceeds going to the Palace Theatre will be an estate tax charitable deduction.

There are two ways to ways to give a gift of a life insurance policy:

Gift of existing policy

Palace Theatre becomes the owner and beneficiary. You get an immediate charitable income tax deduction for the lesser of current cash value or premiums paid. Any future premiums you pay are deductible as contributions.

Name the Palace Theatre as a beneficiary of a new or existing policy

You keep control of the policy while naming the Palace Theatre as a full or partial beneficiary. For this gift, you are entitled to a charitable deduction for the value of the initial premium and you will receive additional deductions when you make later premium payments.

SECURITIES

You may designate and name the Palace Theatre as a transfer on death (TOD) or payable on death (POD) beneficiary.

CHARITABLE REMAINDER TRUSTS

A Charitable Remainder Trust (CRT) is created by a transfer of assets to a trust that will pay you or another beneficiary income for life or for a period of years. At the death of the last beneficiary, the remaining property in the trust passes to the Palace Theatre.

There are two basic kinds of charitable remainder trusts:

      • Annuity Trust: provides beneficiary(s) a fixed dollar income and is determined when gift is made.
      • Unitrust: provides beneficiary(s) a fixed percentage of the fair market value of the trust assets, recalculated annually or at some other fixed period.

There are many tax advantages of charitable remainder trusts: You receive an immediate charitable income tax deduction; the trust pays no capital gains tax on the sale of trust assets; and, finally, the entire value of the trust at your death is excluded from your estate and is not taxed.

CHARITABLE LEAD TRUST

A Charitable Lead Trust (CLT) is created by a transfer of assets to a trust that will pay the Palace Theatre income for a term of years. At the end of the term, you or a beneficiary receives the remaining trust assets. A CLT can be created during life or at death (under the terms of your will). This planned giving option is a great way to transfer assets to future generations while benefiting the Palace Theatre today. The tax advantage is that it removes assets from your estate and minimizes your estate and gift taxes.

GIFT DESIGNATION

Palace Theatre staff will work with you to make sure we understand your philanthropic intent. All options may be designated to a specific program or purpose. Agreements and memorandums of understanding may be discussed and outlined outside of a will. Gifts may also be made in honor or in memory of a loved one and/or kept anonymous.

The following designation options are available:

 

      • Outright gift to the annual fund (unrestricted or restricted for specific purpose
      • Designation to the Palace Theatre’s endowment fund (unrestricted or restricted for specific purpose)
      • Create a named scholarship fund (minimum of $25,000) to be used for youth theatre tuition and graduating senior scholarships
      • Create a named endowment fund (minimum of $50,000) for one of the following purposes: (1) unrestricted, (2) education, (3) historic preservation, and/or (4) arts programming

CHARITABLE REMAINDER TRUSTS

A Charitable Remainder Trust (CRT) is created by a transfer of assets to a trust that will pay you or another beneficiary income for life or for a period of years. At the death of the last beneficiary, the remaining property in the trust passes to the Palace Theatre.

There are two basic kinds of charitable remainder trusts:

      • Annuity Trust: provides beneficiary(s) a fixed dollar income and is determined when gift is made.
      • Unitrust: provides beneficiary(s) a fixed percentage of the fair market value of the trust assets, recalculated annually or at some other fixed period.

There are many tax advantages of charitable remainder trusts: You receive an immediate charitable income tax deduction; the trust pays no capital gains tax on the sale of trust assets; and, finally, the entire value of the trust at your death is excluded from your estate and is not taxed.

CHARITABLE LEAD TRUST

A Charitable Lead Trust (CLT) is created by a transfer of assets to a trust that will pay the Palace Theatre income for a term of years. At the end of the term, you or a beneficiary receives the remaining trust assets. A CLT can be created during life or at death (under the terms of your will). This planned giving option is a great way to transfer assets to future generations while benefiting the Palace Theatre today. The tax advantage is that it removes assets from your estate and minimizes your estate and gift taxes.

GIFT DESIGNATION

Palace Theatre staff will work with you to make sure we understand your philanthropic intent. All options may be designated to a specific program or purpose. Agreements and memorandums of understanding may be discussed and outlined outside of a will. Gifts may also be made in honor or in memory of a loved one and/or kept anonymous.

The following designation options are available:

 

      • Outright gift to the annual fund (unrestricted or restricted for specific purpose
      • Designation to the Palace Theatre’s endowment fund (unrestricted or restricted for specific purpose)
      • Create a named scholarship fund (minimum of $25,000) to be used for youth theatre tuition and graduating senior scholarships
      • Create a named endowment fund (minimum of $50,000) for one of the following purposes: (1) unrestricted, (2) education, (3) historic preservation, and/or (4) arts programming

The Palace Theatre Legacy Society welcomes all who have included the Palace Theatre in their estate plans and/or as a beneficiary of a charitable trust, retirement plan or life insurance policy.

In recognition of your gift to ensure another century of the performing arts in New Hampshire, legacy givers are named in our playbill and annual report.

*The information above is only intended to provide an overview of possible giving options. The Palace Theatre is not qualified to render tax or legal advice.

Information for Financial Advisors:

The Palace Theatre’s federal tax ID number is 23-7356019.

Legal name and address:

Palace Theatre Trust
80 Hanover Street
Manchester, NH 03101

The Palace Theatre Legacy Society welcomes all who have included the Palace Theatre in their estate plans and/or as a beneficiary of a charitable trust, retirement plan or life insurance policy.

In recognition of your gift to ensure another century of the performing arts in New Hampshire, legacy givers are named in our playbill and annual report.

*The information above is only intended to provide an overview of possible giving options. The Palace Theatre is not qualified to render tax or legal advice.

Information for Financial Advisors:

The Palace Theatre’s federal tax ID number is 23-7356019.

Legal name and address:

Palace Theatre Trust
80 Hanover Street
Manchester, NH 03101

If you have any questions or would like to discuss how you want to include the Palace Theatre in your estate plans, please contact Shannon Sullivan, Director of Corporate and Community Partnerships at 603-668-5588 or via email at [email protected] We look forward to working with you and your legal/financial advisors to create an arrangement that works best.

If you have any questions or would like to discuss how you want to include the Palace Theatre in your estate plans, please contact Shannon Sullivan, Director of Corporate and Community Partnerships at 603-668-5588 or via email at [email protected] We look forward to working with you and your legal/financial advisors to create an arrangement that works best.