Planned gifts allow donors to make significant gifts to Music Theatre Wichita, while also receiving tax exemptions. Many types of planned gifts include provisions for family members while at the same time supporting a not for profit organization. MTWichita encourages prospective planned gift donors to consult with their estate planning professional(s) to best understand what giving vehicles would be most appropriate for them.
Wallace Legacy Society
In 2014 Music Theatre Wichita created a named society of individuals who remember MTWichita as part of their planned giving. Named in honor of Velma Wallace—whose generous Endowment bequest and kind spirit have left a lasting impact on Music Theatre Wichita—the Wallace Legacy Society will be comprised of donors and friends who guarantee that Music Theatre Wichita will continue to touch thousands of lives each summer.
Planned gifts can be accomplished by naming Music Theatre Wichita as a beneficiary in a will, living trust, retirement plan, or a variety of other methods. Unless otherwise specified, legacy society gifts will be designated to Music Theatre Wichita’s Endowment. The principal of Music Theatre’s Endowment has remained untouched for several decades, but the interest earnings are used to fund jobs for talented young Midwesterners, while allowing the organization to keep ticket prices low.
To discuss a planned gift, or to receive a non-binding letter of intent, please contact Angela Cassette at the Music Theatre Wichita office (316.265.3253).
Music Theatre Wichita’s gratitude extends to Wallace Legacy Society members and their families for the thoughtful commitment to the future of MTWichita.
A bequest is the most common form of planned giving: it allows you to make a gift to MTWichita, avail yourself of an estate tax deduction for the amount of the gift, and leave a lasting legacy for the young people Music Theatre Wichita educates.
Sample bequest language to include in your will: "I give, devise and bequeath to Music Theatre Wichita (EIN: 48-0785658), a nonproﬁt organization, the sum of $ _______ (or a particular asset, or ___% of my estate, or ___% of the rest and remainder of my estate) for its general purposes." Please note that unless otherwise specified by the donor, bequests are placed into the MTWichita Endowment.
If you have questions about leaving a bequest or want to inform MTWichita of a planned gift, please contact development director Angela Cassette in the administrative office (email@example.com; 316.265.3253).
Designate MTWichita as the primary or secondary beneficiary of your 401(k), 403(b), IRA, or other tax-deferred retirement plan, and avoid paying taxes on the income from these assets as well as potential estate taxes.
For those who are at least age 70 1/2 and have a traditional IRA, a donation can be made directly from your IRA to Music Theatre Wichita. This donation can qualify as part or all of your annual minimum distribution, reducing your gross income for tax purposes.
Name Music Theatre Wichita as owner and beneficiary to a whole life insurance policy, providing a meaningful gift at relatively little cost. This can be accomplished by transferring ownership of an existing, unneeded policy, and both an income tax deduction and estate tax deduction are possible.
Charitable Remainder Trust
For gifts of $100,000 and greater, you can create a charitable remainder trust, which can be created during your lifetime or through your estate. When you transfer assets and name Music Theatre Wichita as the trustee, MTWichita invests the assets for the length of the trust term. This gift option provides you or your loved ones with annual income, for the rest of your or your loved ones’ lifetime or a term of no more than twenty years. When the trust term is over, the remaining assets are added to Music Theatre Wichita's Endowment. This giving opportunity ensures future income for you and your family while supporting MTWichita's mission.