Planned Giving Details

Here are some of the many ways you can support Berkshire Theatre Group through your estate plan:

Bequests Through Your Estate Plan:

Naming Berkshire Theatre Group (BTG) as one of the beneficiaries in your will allows you to eventually make a significant contribution to BTG without reducing those assets that you may need during your lifetime. Because charitable bequests are deductible from your taxable estate, your heirs may see significant federal and state estate tax savings if you name BTG as one of the beneficiaries.

You may use the following sample language (but always consult with your estate planning lawyer) to designate a gift to BTG in your will:

“I give and devise ($ AMOUNT) to the Berkshire Theatre Group (BTG), a 501(c)(3) charitable corporation located in Pittsfield, Massachusetts, to be used by BTG, in its sole discretion for any purpose allowed by law.”

Alternatively, if you so desire, you can also designate your bequest for a specific purpose or program (educational programs, theatre scholarships, theatre maintenance and upkeep, etc.).

You should contact the development staff at BTG if you have a specific program or purpose that you would like to fund through your will.

BTG’s federal tax ID number is: 04-6134497

Retirement Plans:

You can also name a charitable entity, such as Berkshire Theatre Group, as a beneficiary (full or partial) of your retirement plan (IRA’s, 401(k), 403(b), etc). If your retirement plan has been funded with pre-tax dollars during your working lifetime, those assets may be subject to double or triple taxation upon your death – they will be included in your taxable estate at death and may be subject to federal and state income taxes when paid out to the named beneficiaries (usually your spouse and/or children).

Naming BTG as a partial or full beneficiary of your qualified retirement plan avoids both the federal and state estate and income taxation of those retirement plan assets. Some people name their spouse as the 100% primary beneficiary (to protect their spouse) and then may name their children and a charity as the contingent beneficiaries.

Charitable Remainder Trusts

You can set up and fund an irrevocable charitable remainder trust (CRT) with cash, publicly-traded securities, mortgage-free real estate, tangible personal property or other assets and then create a generous, guaranteed income stream for life (or a shorter period of time) for yourself, and/or your spouse and possibly even for your children. A charitable remainder trust may be a smart way to turn a current asset that generates little or no income for you into an income-producing stream for you and your heirs (and the CRT may be set up to provide an increasing stream of income over time). At the end of the trust life (usually the end of the life of the last income beneficiary), the assets remaining in the trust will then be paid out to BTG.

Furthermore, highly appreciated long-term assets that are gifted into a CRT may not be subject to capital gains taxes, so the income stream paid out to you is based on the full value of the assets at the time of the gift. The donor may also receive a current income tax deduction (because the remainder gift will go to a charity) for part of the gift to the CRT. Those assets will also not be included in the individual’s taxable estate.

Another possibility is to establish a charitable lead trust, where the income from the trust would go to BTG initially and then upon the termination of the trust, the remaining assets would be distributed to named beneficiaries.

Real Estate Gifts (with or without a retained life estate):

You may give a primary residence – directly or through your will – or other real property (commercial real estate, farm, vacation home, land, etc) to BTG, or it may be used to fund a charitable trust (with an income stream) and you may even be able to donate it subject to a life estate for you (and your spouse) – where you live in the house for your lifetimes.

If an outright gift, you will get an income-tax charitable deduction for the full market value of the property in the year of the gift and it will also reduce your taxable estate upon your death.

If you are interested in possibly leaving real property to BTG, you should contact the development office first for more details in how this can be accomplished.

Life Insurance:

When you give a life insurance policy to BTG, the cash surrender value of the policy or the cost of a replacement policy is deductible as a charitable contribution. You may also name BTG as the sole or partial beneficiary on a life insurance policy (whether a term or permanent life insurance policy). If you continue to pay premiums after your gift, these premiums are also deductible.

These are a few of the many Planned Giving opportunities. When considering a planned gift be sure to consult your financial and legal advisors.

Information for Financial Advisors:

Legal Name: Berkshire Theatre Group
Federal Tax ID Number: 04-6134497
Address: 111 South Street Pittsfield, MA 01201

For information on our support opportunities:

Please contact a member of our
Donor Relations Team
at (413) 448-8084 x 102.

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