Giving your stocks, bonds, mutual funds and other appreciated securities can provide immediate assistance to the Spirit of Harmony while being part of a planned giving strategy. You can also receive tax benefits from this method of giving. These gifts require special planning and should involve consultation with your financial advisor.
There are several planned giving strategies available to donors, each designed to fulfill the donor’s charitable wishes AND to take a bite out of current and future taxes. None of the options involves writing a check or incurring a capital gains tax burden. Here are a few painless ways to leave a lasting musical legacy:
- Outright bequest in a will
- Naming SOHF as a remainder beneficiary of donor’s IRA
- Designate SOHF as a remainder beneficiary of grantor’s trust
- Establishing a charitable trust, naming SOHF as a remainder beneficiary
- Elect to have an IRA’s required minimum distribution be paid to the Foundation (or a % of the distribution)
To make a gift of publicly traded stocks or mutual funds via electronic transfer, please contact the Foundation for delivery instructions at jean@spiritofharmony.org or (312) 205-6454.
The Foundation does not publish the delivery instructions in an effort to ensure proper identification of the donor transferring the gift. Please verify the name of the securities and appropriate number of shares to be received and the designation of the gift prior to the transfer.
For mailing physical certificates, please send the certificate and stock power separately (for security purposes) to:
Spirit of Harmony Foundation
Attn: Jean D. Lachowicz, Executive Director
3536 N. Wilton Avenue
Chicago, IL 60657
Bequests of Musical Instruments:
Many of our Spirit of Harmony supporters are musicians, and an increasing number of our supporters are contacting the Spirit of Harmony to assist them in making plans for the disposition of their cherished instruments upon their death. In most cases, this will require specific instructions in your will or estate plans. Please note the ideas and considerations that follow:
The Spirit of Harmony encourages supporters to develop relationships to support music programs in their own community, and will work with a donor to identify programs or organizations in their area that would be interested in making such long-term arrangements to accept a donation of instruments/gear.
The first step is for the donor to create an inventory of the specific instruments and/or gear, clearly describing the item(s), and potentially adding a residuary clause for unmentioned items. Having these wishes clearly documented in an estate plan can help avoid confusion and disputes among heirs, ensuring the instruments/gear will be distributed as intended. It is important to include a monetary amount in these plans as well, to cover the costs of insured transportation for the instruments/gear to their intended destination, as well as refurbishing and repairs that will be needed before the instruments are distributed to children.
It is recommended that the donor consider offering an upfront donation of some instruments/gear to be made as soon as possible. This will enable the Spirit of Harmony to identify a worthy recipient program or organization in the donor’s community, and make the introduction that can result in that organization ultimately being named as a beneficiary in the donor’s will or trust for the remaining items. To make an upfront donation of some instruments/gear, please see the list of required information above.