There is a special group of Kingsbury Hall patrons that will guarantee the future of this great theater for future generations — those who have made provisions for Kingsbury Hall in their will or trust.
Bequests of any size have critical impact in making Kingsbury Hall performances possible.
If you’ve already made a provision for Kingsbury Hall in your estate, please let us know so we can thank you for this extraordinary commitment. Even if you share this information, your anonymity will be respected.
QUESTIONS AND ANSWERS ABOUT
Q. What is a bequest?
A. A bequest is the transfer of wealth (cash, assets or property) to an individual, a group of individuals, or a charitable organization that occurs upon a person’s death by means of a will or a trust.
Q. What is the difference between annual giving and bequests?
A. Annual gifts are put to use by Kingsbury Hall right away to bring you the best artists and thinkers to stage during the current season. Bequest gifts are generally held as investments and only the interest is expended, not the principal.
Q. Are there tax benefits to including Kingsbury Hall in my estate plan?
A. The US government provides generous tax incentives for those who partner with Kingsbury Hall through bequest gifts. When you include Kingsbury Hall in your will, the value of the bequest is deducted from your estate and is not subject to the federal estate tax. There is no limit to the amount that can be left to charity and still receive this tax benefit.
Q. Can a donor decide how their bequest gift is used?
A. Yes. Bequests can be restricted or unrestricted. A restricted bequest provides support exclusively for the purpose you specify, for example, classical music performances, or arts education. An unrestricted bequest allows Kingsbury Hall to use the gift wherever the need is greatest.
Q. Why does Kingsbury Hall need bequests?
A. Annual support is extremely important to the theater every year, but bequests make an important difference in the lives of future generations. A gift to future generations is one of the most meaningful things we can do.
Q. What is the typical size of a bequest?
A. Bequests can be any size and all are greatly appreciated. They can take several forms:
- Specific bequest – a certain amount of cash, securities, or property. Example: “$10,000.”
- Percentage bequest – a stated percentage of an estate. Example: “5% of my estate.”
- Residual bequest – all or a portion of what remains of the estate after specific bequests are distributed. Example, “25% or my estate after all specific bequests are fulfilled.”
- Contingent bequest – if circumstances make it impossible to carry out the primary provisions of the will, for example, if the spouse or other heirs predecease the owner of the will, the assets then pass to a contingent beneficiary. Example: “In the event (primary beneficiary) does not survive me, I give said amount to…”
Q. How do I make a bequest to Kingsbury Hall?
A. The first thing you should do is call your attorney and make an appointment. If you have already written your will, a charitable bequest can be added to your will by including a codicil (or supplement) to the original will.
Q. Can Kingsbury Hall help me with my will?
A. Kingsbury Hall cannot write your will, because that would be a conflict of interest, but we could provide sample language and refer you to reputable attorneys.
Q. How does Kingsbury Hall spend bequest income?
A. Unless the donor states a specific use for their bequest, all bequests to Kingsbury Hall are placed in an investment fund. Interest income from the fund is used to support the theater, but the principal remains intact. We believe this is a fitting way to perpetually honor a donor’s legacy.
Q. What if I make a bequest, then my situation changes and I need all my assets for another need, like family?
A. Bequests are revocable – they can be changed at any time. If your circumstances change and a bequest doesn’t seem possible down the line, you can always change your plans.
Q. Why do people include Kingsbury Hall in their estate plans?
A. It allows them to make a larger gift to Kingsbury Hall without affecting current income.
A. A bequest gift to Kingsbury Hall ensures quality arts performances and arts education for their children and grandchildren.
A. Patrons that are already making contributions to Kingsbury Hall may find it to be more accommodating of their unique financial situation.