Planned Giving and Your Legacy
Your planned gift will provide an enduring legacy by allowing the Fairfield Arts & Convention Center to continue its role as the premier Southeast Iowa gathering place designed to showcase a world of arts and culture.
Estate Gifts
To make an estate gift, ask your attorney to draft a statement in your will that conveys your desire to:Give the entire residue of your estate
I give the rest, residue, and remainder of my estate, after the payment of all expenses, taxes, and debts, to Fairfield Arts & Convention Center, presently located at 200 N. Main St., Fairfield, IA 52556.
Give a fraction of your estate
I give ______ % (fraction spelled out) of the rest, residue, and remainder of my estate, after payment of all specified bequests, expenses, taxes, and debts, to Fairfield Arts & Convention Center, presently located at 200 N. Main St., Fairfield, IA 52556.
Give a specific dollar amount
I give $ ______ (number spelled out) to Fairfield Arts & Convention Center, presently located at 200 N. Main St., Fairfield, IA 52556.
Give a contingent amount
If none of the persons I have identified above as beneficiaries of my estate survive me, I give the rest, residue, and remainder of my estate to Fairfield Arts & Convention Center, presently located at 200 N. Main St., Fairfield, IA 52556.
Giving Fairfield Arts & Convention Center an insurance gift
A life insurance policy is an often-overlooked asset which can be used to leave a lasting legacy to Fairfield Arts & Convention Center. Occasionally, the reason that led you to originally purchase the insurance may no longer be valid. If so, you might consider one of these life insurance giving options:Total
Name Fairfield Arts & Convention Center, presently located at 200 N. Main St., Fairfield, IA 52556 as the beneficiary of 100% (one hundred percent) of the proceeds of the policy.
Fractional
Name Fairfield Arts & Convention Center, presently located at 200 N. Main St., Fairfield, IA 52556 as the beneficiary of ______ % (percentage spelled out) of the proceeds of the policy.
Give a contingent amount
If none of the persons I have identified above as beneficiaries of this policy survive me, I give 100% (one hundred percent) of the proceeds of this policy to Fairfield Arts & Convention Center, presently located at 200 N. Main St., Fairfield, IA 52556.
Gift the Insurance Policy Today
If you have a paid-up life insurance policy with no loans, debts, or liens against it, please consider gifting the policy to Fairfield Arts & Convention Center. Discuss this first with your legal and financial advisors, then call Fairfield Arts & Convention Center's Executive Director at 641-472-2828.
Naming Fairfield Arts & Convention Center as a retirement plan beneficiary
Due to differences in taxability of retirement plan proceeds, it may make sense to donate them to Fairfield Arts & Convention Center, while reserving other assets for your heirs.Qualified retirement plans and individual retirement accounts grow tax-deferred during your lifetime. At death, they are subject to tax. 100% of the account balance is included in the taxable estate of the decedent. Any taxable beneficiary who receives a distribution from an IRA, 401(k), or 403(b) as a result of the death of the owner must pay income tax on the entire amount received. Some plans could be taxed as much as 85% as a result of these taxes.
Fairfield Arts & Convention Center is a qualified 501(c)(3) not-for-profit organization. Therefore, a gift of plan proceeds to Fairfield Arts & Convention Center exempts the proceeds from taxes. The beneficiary designation to a 501(c)(3) charity frees your gift from being subject to estate tax. As a not-for-profit organization, Fairfield Arts & Convention Center is not subject to income tax.
Since these plans are taxed for your heirs but untaxed for 501(c)(3) not-for-profits, it may make sense in your planning to name Fairfield Arts & Convention Center as your qualified plan beneficiary. If your financial and legal advisers agree, you can name the FACC in one of these ways:
Total Amount
100% (one hundred percent) to Fairfield Arts & Convention Center, presently located at 200 N. Main St., Fairfield, IA 52556.
Fractional Beneficiary
_____ % (percentage spelled out) to Fairfield Arts & Convention Center, presently located at 200 N. Main St., Fairfield, IA 52556.
