If you, a family member or friend have fond memories of the Lake Worth Playhouse, we hope you'll consider making a gift to us.
Providing a gift establishes a living tribute that allows you to:
- Honor a loved one or yourself
- Support our continuing efforts
- Receive personal financial benefits from your contribution.
Giving Now or Later
A gift today—An outright gift can help fund our immediate needs or an upcoming project. The financial benefits include an income tax deduction and possible elimination of capital gains tax.
A gift through your will or living trust—You can include a bequest in your will or living trust stating that a specific asset, certain dollar amount or a percentage of your estate will pass to us at your death in honor of you or your loved ones.
No matter which method you choose, you have the ability to endow your gift so that it lasts forever. Endowments are structured so that a small portion of your gift, rather than the whole amount, is used each year to fund a particular purpose. To perpetuate the fund forever, the majority of the fund always remains intact and is invested for the future.
How to Complete Your Gift
1. Choose what to give:
2. Decide how you would like the Lake Worth Playhouse to use your gift.
- A specific bequest gives us a particular piece of property. If you disposed of the property before your death, we won't receive your intended gift because we cannot claim any other property.
- A general bequest gives us a stated sum of money. If there is insufficient cash in your estate to cover the bequest, other assets will be sold for cash to honor your wishes for us.
- A residuary bequest gives the "rest, residue and remainder" of your estate, or, more commonly, a percentage of the residue after all other bequests, debts and taxes have been paid.
- A contingent bequest requires a certain event to occur before the gift can happen. For example, you could bequeath funds to a family member provided that person survives you; if not, the funds would then go to the Lake Worth Playhouse.
Choose from one of these three options.
- An unrestricted bequest allows us to use the assets in the most beneficial way.
- A restricted bequest allows you to specify how we are to use the funds. Contact us in advance to be certain your intent can be fulfilled.
- An endowment bequest allows you to restrict the principal of your gift and use only the investment income or a small portion of the principal to support our mission each year. This means that your gift may continue giving in perpetuity.
3. Meet with your estate planning attorney.
Whether you need to create a will or trust, or simply update an old document, you'll want to seek the help of an estate planning attorney.
The official bequest language for the Lake Worth Playhouse is: "I, [name], of [city, state, ZIP], give, devise and bequeath to the The Lake Worth Playhouse, Inc. (Federal Tax ID# 59-6138280) [written amount or percentage of the estate or description of property] for its use and purpose."
4. Let us know of your plans.
Please contact Executive Director Stephanie Smith at 561-586-6169x205 or email@example.com to let us know when you have made plans for such a gift. We would love the opportunity to thank you for your generous act. We are also happy to honor your wishes regarding anonymity.
The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.
Putting Your Family First
When planning a future gift, it's sometimes difficult to determine what size donation will make sense. Emergencies happen, and you need to make sure your family is financially taken care of first. Including a bequest of a percentage of your estate ensures that your gift will remain proportionate no matter how your estate's value fluctuates over the years.