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Legacy Giving
Your legacy has a living impact
Legacy donors are honored permanently. Not only will your name be featured in all future programs for as long as Lyra exists, but each time our musicians take the stage, whenever a youth hears Baroque music for the first time at one of our concerts, or when an audience member is touched by a performance, it was your gift that made the impact.
Types of Legacy Giving
A Gift by Will, or Bequest
The most common form of planned giving is a Gift by Will, also known as a Bequest, which is the act of giving assets to an individual or organization through the provisions of a will or estate plan. Bequests can be made as a specific dollar amount, assets such as property, a percentage of your estate, or a residual amount after other bequests are fulfilled.
Bequests are advantageous for donors for many reasons, most significantly that bequests can be easily changed if your circumstances are altered and you will retain full use of your assets during your lifetime.
Gifting a life insurance policy
Gifting a life insurance policy is a way that you can make a significant impact through a relatively inexpensive method. Paying a modest premium over time can amount to a substantial legacy. You or your estate will receive a tax receipt for the net cash value of the policy.
Gifting a life insurance policy can be done in two ways. You could donate an existing policy, in which a portion of the net cash surrender value would be taxed, but this would be offset by your tax credit. Or, you could assign Lyra as the beneficiary of your policy. In this case, your estate would receive a donation receipt equal to the value of net cash value.
Lyra is deeply honored that you are considering trusting us with a piece of your legacy. Please contact our executive director directly with any questions about Legacy Giving.
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