Create a lasting legacy
The Buddy Holly Hall of Performing Arts and Sciences will create a lasting legacy for generations to come. Support the future of performing arts and arts education across the South Plains by including LEPAA in your long-term estate and financial plans. A planned gift provides significant benefits to you and ensures LEPAA will be there for future generations of artists.
WAYS TO GIVE
Talk with your financial professional about a planned gift. A planned gift is just that, a gift that is thought out and planned. It can include a gift of stock, remembering LEPAA in your will, or a gift through a life insurance policy among many other options. LEPAA encourages you to visit with your financial professional so you can make the right decision for yourself and your family through your act of generosity. A planned gift at any level is appreciated by LEPAA and all gifts are tremendously valued. Giving to The Buddy Holly Hall allows you to build a legacy that will benefit generations on the South Plains.
A gift to the Lubbock Entertainment Performing Arts Association in your will or living trust is a simple, flexible and versatile way to give. Known as a charitable bequest, a gift through your will also provide tax benefits. To make a charitable bequest, you need a current will or revocable living trust. Your gift can be made as a percentage of your estate or you can give a specific amount of cash, securities or property.
Stocks or other securities
A stock portfolio is often among the most valuable assets you own—and one that can carry substantial capital gain, or appreciation in value. If you sell appreciated securities, you will pay capital gains taxes—at a rate that could be 20 percent or more. By donating appreciated securities you have owned for more than one year to Lubbock Entertainment Performing Arts Association, you will be exempt from paying capital gains taxes and experience other tax benefits. LEPAA has established an account to receive gifts of securities, such as stocks, bonds and mutual funds.
When the original purpose for the protection of your life insurance policy no longer applies—such as to educate children now grown or to provide financial security for a spouse now deceased—your life insurance can be redirected to help support Lubbock Entertainment Performing Arts Association. One option is to name LEPAA as the beneficiary and assign us ownership of the policy as a charitable gift. Another option is to name LEPAA as primary beneficiary while you retain ownership of the policy; however, while this qualifies as an estate tax deduction, it does not qualify for an income tax deduction.
Some methods of creating a gift can actually pay you. A Charitable Remainder Trust, commonly referred to as a gift trust, is a flexible way to make a lasting impact, while providing yourself with income and reducing your tax liability. When you transfer assets to a gift trust, you are eligible for a federal income-tax deduction based on what is expected to go to LEPAA at a later time. Conversely, another option is a Charitable Lead Trust, which distributes income payments to LEPAA annually for a period of years, then the assets revert back to the donor’s heirs upon the donor’s death.
IRA Qualified charitable distribution
If you are over 70 ½ years old and would like to make a gift to LEPAA directly from your IRA, you can transfer that gift tax-free directly to LEPAA through a Qualified Charitable Distribution. Although there is no tax deduction, the distribution is excluded from your income for federal tax purposes, and no tax is due. Amounts up to $100,000 qualify.