Creative Ways to Give During Your Life and Beyond

There are many ways you can show your support for the LA Phil. The best choice for you will depend on your unique circumstances.

Make a Difference Now

OUTRIGHT GIFTS

An outright gift is one that you make now and is immediately available for use by the LA Phil. Outright gifts are the most direct way you can help and provide you with the greatest tax advantages.

Gift of Money

The simplest gift is a contribution of money either by check or by credit card. You can receive a charitable deduction that can reduce your income taxes.

Gift of Appreciated Securities

A gift of securities that have increased in value provides you with double tax savings: an income tax deduction and elimination of the capital gains tax you would owe if you sold the securities. There is no capital gains tax when you give securities to the LA Phil, and you receive an income tax deduction for the full value of the securities.

Gift from Your IRA

If you are at least age 70½, there are tax advantages with a gift from your Individual Retirement Account. A Qualified Charitable Distribution (QCD) from your IRA directly to the LA Phil avoids the income tax you would owe on a regular withdrawal. If you have Required Minimum Distributions (RMD), your QCD gift would count toward your RMD.

Create a Lasting Impact

ESTATE GIFTS

You can make a difference in the future by including a gift to the LA Phil in your estate plans. An estate gift would not take effect until after you are gone and is an excellent way to leave a lasting legacy. Your estate gift can take many different forms, and you have the flexibility to change or even revoke your estate gift if circumstances change.

Charitable Bequest

A charitable bequest is a provision in your will or trust directing a contribution to the LA Phil at the end of your lifetime. You can give a percentage of your estate or a specific amount. A contingent bequest directs that your gift be made only under certain conditions, for example, only if your spouse has predeceased you.

Beneficiary Designation

Many financial accounts—bank, investment, or retirement accounts, insurance policies, and annuity contracts—allow you to designate a beneficiary to receive the account upon your death. You can make an estate gift by designating all or a portion of your account to the LA Phil.

Retirement Plans

Designating the LA Phil as the beneficiary of your retirement plan provides special tax savings. In most cases, income tax is owed on the money left in your retirement plan when you die. However, there will be no tax if you designate the LA Phil as the beneficiary. A tax-wise strategy is to leave other, non-taxed, assets to your heirs and your retirement plan to the LA Phil.

Produce Income

LIFE INCOME GIFTS

A life income gift—a charitable remainder trust or charitable gift annuity—is a great way to secure a lifetime income for you or your loved ones while you support the LA Phil. You receive an immediate income tax deduction for the charitable value of your gift, and you can avoid capital gains taxes if you contribute appreciated assets. The amount of the payments you receive can be a variable or a fixed amount. At the time you create your life income gift, you select the type of gift plan, the amount or percentage you wish to be paid, and the income beneficiaries. These choices are irrevocable; they cannot be changed once you have made your gift.

Ordinary People Make Extraordinary Gifts 

Proud members of the William Andrews Clark Society, John Watson and Katie Gundersen have included the LA Phil in their estate plans to support future generations of young musicians. “We may not be leaving millions, but we’re honored to be part of this community,” Gundersen says. “The Clark Society has given us so many meaningful experiences and connections. It’s elegant, thoughtful, and full of joy—just like the music.”

To learn more about ways to remember the LA Phil in your estate, please contact legacy@laphil.org.