An Example of How It Works
Robert and Carol treasure the financial help they’ve been able to give their children and the Fairmont Opera House over the years. Now that their kids are grown, Robert and Carol changed their estate plan so it could work harder for the people and causes they love. The couple updated their will to leave stocks and real estate to their kids. And they left us a $20,000 IRA to be transferred after their death. Because the Fairmont Opera House is tax-exempt, all $20,000 will help support our mission.
If Robert and Carol had left the IRA to their children, approximately $5,600* would have gone to pay federal income taxes—leaving only $14,400 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 percent marginal income tax bracket.
- Contact Blake Potthoff at 507-238-4900 or at firstname.lastname@example.org for additional information on beneficiary designations and how they can help support the Fairmont Opera House with our mission.
- Talk to your financial or legal advisor to learn which assets will or will not trigger taxable income when paid to a beneficiary.
- If you include the Fairmont Opera House in your plans, please use our legal name and federal tax ID.
Legal Name: Fairmont Opera House, Inc.
Address: 45 Downtown Plaza, Fairmont, MN 56031
Federal Tax ID Number: 41-1408912
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 examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.
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 and retirement plans
- Life insurance policies
- Commercial annuities
It only takes three simple steps to make this type of gift. Here’s how to name the Fairmont Opera House as a beneficiary:
- Contact your retirement plan administrator, insurance company, 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 plan administrator, insurance company, bank or financial institution.
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