Create a Legacy
You can create a musical legacy for our community with a gift to Chamber Music Northwest’s Endowment Fund or by including CMNW and other arts organizations you love in your will or estate plan — a lasting testimonial to your love of chamber music. Your legacy gift becomes a part of our permanent endowment, helping to create exceptional concerts, educational programs and community outreach initiatives to share chamber music throughout our region. You can even designate your gift to endow or support a musical program or project that is especially dear to your heart, promising a meaningful and memorable connection with your community.
Ways to Give
Many ways to give—your legacy to create.
At Chamber Music Northwest, we welcome the opportunity to work with you and your advisors to evaluate your charitable giving strategy. Just click on any option below to learn more about the many giving opportunities available, each with certain tax benefits and income potential. Every situation is different, so it’s important to examine your charitable goals, lifetime income needs and family situation. Together we can begin the process, determine what works best for you, choose the concepts that will help you realize your objectives and put this valuable plan in place.
- Gifts of Stock or Mutual Funds
Gifts of long-term, highly appreciated securities are the most common type of outright property gift. Donors typically give individual stocks, but bonds or mutual fund shares are also attractive gift options. Outright gifts of securities can be made quickly, and these gifts let you have a bigger impact thanks to the tax advantages.
A charitable gift of appreciated securities held long-term is not considered a sale and does not generate any capital gains tax, no matter the amount of the gain. To encourage gifts of appreciated property, Congress provides a valuable tax incentive—a charitable income tax deduction for the full fair market value of the securities (including the gain) for itemizers.
For example, if you give shares of stock worth $10,000, you can deduct the full amount on your income tax return (subject to certain income limitations) even if you bought the stock for $1,000. In addition, when we sell the stock, we keep every penny of the proceeds since we are a tax-exempt organization.
Note: Be sure to transfer the stock directly to Chamber Music Northwest. Do not sell the stock yourself and then donate the proceeds, or you will lose this important tax advantage!
Please advise our Development Department by phone or email to let us know you intend to give a gift of stock. This ensures that we know which stock gift is yours.
Then, contact your broker to request the transfer of the shares you wish to give to Chamber Music Northwest’s account at Berstein & Co., LLC.: Account Name: Chamber Music Northwest. Account #053-00206 DTC #0013
Contact our Development Department (.(JavaScript must be enabled to view this email address)) for more information about gifts of securities.
- IRA Gifts
If you are age 70½ and over and have an IRA or other qualified retirement account, you can make a substantial gift directly from your IRA. It’s easy to do.
- Instruct your IRA custodian to make a distribution directly to Chamber Music Northwest. Our Tax ID number is 23-7355562.
- Although there is no tax deduction, the distribution is excluded from your income for federal tax purposes—no tax is due!
- Up to $108,000 of your gift (annual aggregate limit in 2025) qualifies for this favorable tax treatment.
- Your gift makes an immediate impact.
- A qualified charitable distribution from an IRA counts toward a donor’s required minimum distribution (RMD) if one is due. Consider the life income option: IRA owners age 70½ or older may also choose to make a one-time, tax-free IRA distribution of up to $53,000 (in 2024) to create a new charitable gift annuity or a charitable remainder trust. The distribution counts toward your RMD if one is due. This option is worth considering if you want to make a gift from your IRA and establish a new income stream. Note that spouses may contribute up to $54,000 each (in 2025) from their individual IRAs into a single CRT or joint-life CGA. Payments may only go to you and/or your spouse.
Please contact our Development Department (.(JavaScript must be enabled to view this email address)) to learn more about planning and completing a qualified charitable distribution, or click here to calculate your required minimum distribution.
- A Gift in Your Will
A popular and enduring planned gift is a simple gift in your will. This is a powerful opportunity to leave a lasting legacy. When you make a gift in your will, you retain full use of your property during life, so there is no disruption of your lifestyle and no immediate out-of-pocket cost.
In either a new or existing will, simply designate the part of your estate that will pass directly to Chamber Music Northwest. You have remarkable flexibility in how you make this designation. For example, you can leave:
- a specific asset
- a specific sum of money
- a percentage of your estate
- what remains of your estate after you have provided for all of your other beneficiaries
Leaving an unrestricted bequest gives Chamber Music Northwest the greatest flexibility of applying your gift whenever and wherever it’s needed most. However, you may state exactly how you would like your gift to be used, such as to support education programs, the David Shifrin Musical Innovation Endowment Fund, or other area. Most importantly, you can change your gift whenever you choose—you remain in complete control of the planning process.
Contact our Development Department (.(JavaScript must be enabled to view this email address)) for more information about making a gift in your will.
- Gifts of Retirement Account Assets
Many donors use qualified retirement account assets in their charitable gift planning. This is an easy gift to make and has distinct planning advantages.
Retirement account assets left to loved ones may be subject to higher taxation than other types of assets. By using retirement account assets to make a gift (and selecting alternative assets to leave to family members), you may be able to reduce taxes that otherwise would be imposed on those assets and leave more to your intended beneficiaries.
Contact our Development Department (.(JavaScript must be enabled to view this email address)) for more information about gifts of retirement account assets.
- Charitable Gift Annuities—Make a Gift & Receive Income for Life
A gift annuity is an agreement between you and us. When a charitable gift annuity is in place, we agree to pay you fixed payments for your life (and/or the life of your chosen beneficiary). The amount of the annuity is based on the gift amount and age of the annuitant(s) at the time of the gift.
A gift annuity can be established with a modest contribution and provides a number of very attractive benefits. You can:
- fund it with cash or marketable securities
- qualify for an immediate income tax charitable deduction for the gift (subject to certain income limitations), and
- potentially spread out any capital gains tax liability.
What’s more, part of your annuity payment may be free of federal income tax for a certain number of years. As a donor, you can select the payment intervals (usually quarterly or annually) and name the annuitant(s)—one or two persons.
Those who frequently max out their annual retirement plan contributions may want to consider a deferred gift annuity strategy. Deferred gift annuities start payments at least one year after creation and offer three important benefits:
1. They can be used to supplement qualified retirement plan savings.
2. You qualify for a current income tax deduction now during your high-income years.
3. You can postpone the start of annuity payments until later—usually after retirement begins.Now is a great time to consider this giving option as gift annuity rates are the highest they’ve been in years.
Sample one-life gift annuity rates, effective January 1, 2024:
Age 70=6.3% Age 75=7% Age 80=8.1% Age 85=9.1% Age 90=10.1%
Contact our Development Department (.(JavaScript must be enabled to view this email address)) for more information about charitable gift annuities.
- Charitable Remainder Trusts
One method of making a gift that creates an income stream is a charitable remainder trust. Benefits include:
- An income for you and/or your beneficiaries for life or a period of up to 20 years
- An immediate and substantial income tax charitable deduction (subject to certain income limitations) for itemizers
- Potential to bypass current capital gains taxes when the trust is funded with long-term appreciated property
- Reduction of your assets to minimize or avoid estate taxes
- Substantial reduction of probate costs, taxes, and other estate transfer expenses.
An Immediate Charitable Deduction
A gift to a charitable remainder trust qualifies for an immediate income tax deduction, even though income will be paid to you (and/or other beneficiaries) for life. The exact amount of the charitable deduction depends on the:
- value of the property transferred to the trust
- amount of income benefits that are payable each year to individual beneficiaries
- approximate length of time the income benefits will be paid
- prevailing interest rates at the time the gift is made.
Despite the tax and financial benefits of a charitable remainder trust, you should consider this kind of arrangement only if you and your advisors determine it is compatible with your overall estate, tax, and financial plan.
Contact our Development Department (.(JavaScript must be enabled to view this email address)) for more information about charitable remainder trusts.
- Gifts of Life Insurance
Life insurance is also an excellent tool for accomplishing philanthropic goals while realizing other important financial objectives. Life insurance may even allow you to make charitable gifts you would never have dreamed possible.
Making a gift of life insurance is quite simple. If you are the insured policy owner, you simply transfer physical possession of your paid-up policy to Chamber Music Northwest and file an absolute assignment or transfer of ownership form with your insurance company. Your company will then send a letter to us showing that we are the sole owner of the policy.
Hypothetical Example
Emmett owns a $100,000 life insurance policy with a cash value of $40,000. No further premiums are due, and he no longer needs the coverage. He can ensure that Chamber Music Northwest will receive $100,000 at his death by making CMNW the beneficiary, or he can transfer ownership of the policy to us now. When he transfers ownership, Emmett receives an itemized charitable deduction equal to the lesser of his cost basis or the policy’s replacement value.
Contact our Development Department (.(JavaScript must be enabled to view this email address)) for more information about gifts of life insurance.
- Gifts of Real Estate
A donor who gives Chamber Music Northwest appreciated real estate owes no capital gains tax on the appreciation and qualifies for a charitable income tax deduction for the full fair market value of the property.
Gift of a Remainder Interest in a Personal Residence or Farm
A special provision of the tax law allows an immediate income tax charitable deduction for a gift of a remainder interest in your home or farm. With a remainder interest gift, you retain an absolute right to occupy the home or farm for your life (or the life of a family member). The property passes to Chamber Music Northwest only after termination of the life estate(s).
The charitable deduction allowable for this future gift is the present value of our right to receive the property at some later date. The age of the life tenant is the primary factor in determining the present value of our deferred interest and the charitable deduction. The gift is deductible in the year of the transfer (subject to certain income limitations and assuming the donor itemizes).
Gift of a Fractional Interest in Real Estate
Federal tax laws let donors take a charitable deduction for gifts of fractional interests in real estate. This type of gift can be especially rewarding when you own a vacation home that you use only part of the year.
Example: Mary and Jim own a $300,000 vacation home that they use for only two months of the year. They can give Chamber Music Northwest a 50% interest in the property, qualify for a tax deduction for the value of our interest in the property, and still have a right to use and occupy the property for up to half the year.
Contact our Development Department (.(JavaScript must be enabled to view this email address)) about gifts of real estate.
- Other Gifts
Donor-Advised Fund
Make an irrevocable gift to a fund maintained by a charitable organization and enjoy an income tax charitable deduction for the full amount of the gift. As the name implies, you can advise the fund regarding distribution; however, you may not place material restrictions on the fund.
Revocable Living Trust
Create a trust that can be revoked or changed during your lifetime that directs the disposition of your assets, including charitable gifts. Used alone or in conjunction with a will, a revocable living trust can minimize the cost and delays associated
with probate, facilitate asset transfer, provide privacy and, unlike a will, ensure asset management continuity in the event of disability.Gift from an IRA
Transfer up to $108,000 (annual aggregate amount in 2025) directly from an IRA to CMNW. The gift, available to those age 70½ or over, counts toward your RMD if one is due, and you pay no tax on the distribution.
Retained Life Estate
Donate a home and retain the right to live in the property for the rest of your life. Qualify for a current income tax charitable deduction for the value of our remainder interest in the home.
Charitable Lead Trust
Create a charitable lead trust that benefits us for a number of years, returns assets to your beneficiaries, and minimizes taxes.
Closely Held Stock
Donate closely held stock. You enjoy a charitable deduction equal to the appraised value of the stock with no capital gains tax due.
Tangible Personal Property
Donate gift property that can be used for our exempt purposes, and qualify for an income tax deduction for the full fair market value.
Contact our Development Department (.(JavaScript must be enabled to view this email address)) for more information about additional methods of giving.
Nautilus Circle
The Nautilus Circle recognizes individuals who have created a musical gift for CMNW in their will or estate plan, as well as those who have made significant gifts to the CMNW Endowment Fund. If you are planning or have already made provisions to remember CMNW with a legacy gift, we would be pleased to honor you as a member of our Nautilus Circle. You need not provide details of your plans. Simply contact our Development Department (503-546-0184) or email .(JavaScript must be enabled to view this email address) and let us know you would like to be included in our Nautilus Circle listing.