Make a Gift in 3 Easy Steps
Not everyone wants to commit to making a gift in their wills or estates. Some prefer the increased flexibility that a beneficiary designation provides by using IRAs.
It only takes three simple steps to make this type of gift. Here’s how to name Caramoor Center for Music and the Arts as a beneficiary:
- Contact your bank or financial institution for a change-of-beneficiary form.
- Decide what percentage (1 to 100) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your bank or financial institution.
An Example of How It Works
Robert and Carol treasure the financial help they’ve been able to give their children and Caramoor over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left Caramoor a $75,000 IRA to be transferred following their lifetime. Because Caramoor is tax-exempt, all $75,000 will help support our mission.
If Robert and Carol had left the IRA to their children, approximately $18,000* would have gone to pay federal income taxes—leaving only $57,000 for their family’s use. Robert and Carol are happy knowing they are making the most of their hard-earned money thanks to their updated estate plan.
*Based on an assumption of a 24% marginal income tax bracket.
Next Steps
- Contact Kevin Taylor at kevin@caramoor.org for additional information on bequests or to chat more about the different options for including Caramoor in your will or estate plan.
- Seek the advice of your financial or legal advisor.
- If you include Caramoor in your plans, please use our legal name and federal tax ID.
Legal Name: Caramoor Center for Music and the Arts, Inc.
Address: 149 Girdle Ridge Road, Katonah, NY 10536
Federal Tax ID Number: 13-5643627
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. A copy of our most recently filed financial report is available from the Charities Registry on the New York State Attorney General’s website (www.charitiesnys.com) or, upon request, by contacting the New York State Attorney General, Charities Bureau, 28 Liberty Street, New York, NY 10005, or us at 149 Girdle Ridge Road, Katonah, NY 10536. You also may obtain information on charitable organizations from the New York State Office of the Attorney General at www.charitiesnys.com or (212) 416-8401.