Bequest | Los Angeles Philharmonic

We all enter a time in our life when we need to have documents in place for the distribution of those possessions and assets that we have accumulated over a lifetime. This is best accomplished by having a will or trust that is the roadmap for this distribution. More than you may realize, your will or trust also tells the story of your life and values.

Understandably, you will leave assets to loved ones. But what else defined your life and the values you are hopefully imparting to your next generation? These values are often demonstrated by the organizations and causes you supported during your lifetime, such as the LA Phil.

As you plan for the future, please consider a gift to the LA Phil. Doing so ensures that what you love about the LA Phil is available for future generations.

A gift to the LA Phil in your will or trust gives you maximum flexibility

Flexible - Assets remain in your control during your lifetime should you need them. Also, you can make your gift conditional on another event, such as if your spouse does not survive you.
Easy to arrange - If you don't already have a will, you should consult legal counsel to prepare one. If you already have a will, a simple amendment (called a codicil) can be used to add a gift to the LA Phil.
Revocable - A gift designation can be changed in the future.
Possible tax savings - If your estate is subject to federal estate taxes, your gift to the LA Phil will qualify for an estate tax charitable deduction.

Select the type of gift for your will or trust that works best with your estate plan

There are various types of estate gifts. Determine which works best for you.

General - for a certain dollar amount - "the sum of $25,000"
Specific - a particular asset – "1,000 shares of XYZ stock," or "my real estate located at 1234 Main Street"
Residual - a gift of the remainder of your estate, after all other distributions and administration expenses have been paid – "fifty percent of the rest of my estate"
Contingent bequest - under certain conditions – "in the event my spouse does not survive me"
Unrestricted bequest - where the need is greatest at the LA Phil
Restricted bequest - for a specific program or initiative (please contact us to ensure your gift will have the desired impact)

Suggested wording for your legal advisor

I give to Los Angeles Philharmonic Association, a California non-profit (Tax ID #95-1696734), or its successor, the sum of $___________________, for any purpose as Los Angeles Philharmonic Association deems appropriate.

I give to Los Angeles Philharmonic Association, a California non-profit (Tax ID #95-1696734), or its successor (the real estate located at __________________ or 1000 shares of XYZ stock), for any purpose as Los Angeles Philharmonic Association deems appropriate.

I give to Los Angeles Philharmonic Association, a California non-profit (Tax ID #95-1696734), or its successor, ________% of the rest of my estate, for any purpose as Los Angeles Philharmonic Association deems appropriate.

Next steps

If you already have a will or trust, review the documents to determine if any changes in your family or other circumstances warrant revising the document.
If you wish to add the LA Phil for a gift in your existing will or trust, contact the attorney who drafted the document and request a simple amendment.
If you don't have a will or trust, contact your attorney to have these documents prepared. If you don't know who to contact, seek a recommendation for an estate planning attorney from family members, friends, or colleagues at work. You may also contact your local bar association lawyer reference service for a referral.