Why create a will?

A will is a very important estate planning tool.  It allows you to determine who will receive your property after your death, in what amounts and proportions and under what circumstances, with tax considerations factored in.  If necessary, it also allows you to name guardians for your minor children.

It is important to note:  if you die without a will, the laws of the state where you reside—not you—will determine how your property is distributed. This includes any bank accounts, securities, real estate, and other assets you own at the time of death.

Most experts agree that hiring an experienced estate planning attorney will save you and your beneficiaries time and money in the long run. While you determine what goes into your will, your attorney will make sure it is a proper legal statement of how you wish your possessions to be distributed.

Making a Charitable Bequest Through Your Will

Through your will, you can provide your family and friends through designated bequests. You can also choose to provide support for the organizations that you care about most through the designation of charitable bequests. We hope that you will consider SITI Company to be one of those organizations.

Sample Charitable Bequest Language for your Will

The following is sample language you may wish to review with your estate attorney as you consider including SITI Company in your will or living trust. It can be tailored to address your specific wishes or concerns.

There are several options you can choose from when establishing a charitable bequest:

• Specific bequest: Determine a specific dollar amount or asset that you would like to leave to SITI Company
• Residual bequest: After you have provided for your loved ones, name SITI Company to receive a percentage or all of your residuary estate
• Contingent bequest: Name SITI Company as a beneficiary only in the event that the primary beneficiary is unable to assume those assets, such as in the case of death

Sample Charitable Bequest Language for your Will

The following is sample language you may wish to review with your estate attorney as you consider including SITI Company in your will or living trust. It can be tailored to address your specific wishes or concerns.

“I give to SITI Company, a New York corporation with its principal offices at 520 8th Avenue, Suite 310, New York, New York, 10018, [the sum of $___/all/percent] of my residuary estate, to be used for its general purposes.”

It is possible to designate a specific purpose for your bequest, but it is important to remember that the needs and programs of SITI Company can change over time and, therefore, that the purpose you designate may not exist at the time of your passing. If it is important to you that you designate a specific purpose for your bequest, we ask that you provision in your will be written to allow flexibility. Please consider the following suggested language in that circumstance:

“I direct but do not require that SITI Company use these funds for [cause or purpose”

Making a Charitable Bequest via Retirement Accounts

Designating SITI Company as the beneficiary of your retirement accounts is a very tax efficient way to make a charitable bequest. Since your money was deposited into these accounts with pre-tax dollars and grew on a tax-deferred basis, it would be taxed as regular income upon distribution to an individual beneficiary and could also be subject to estate tax. By designating SITI Company as a charitable beneficiary the entire amount would be distributed directly to our organization and would not be included in any calculation of taxes owned by your estate.

Please be aware that if the plan is a Roth IRA, as opposed to a deferred retirement plan, income taxes have been paid before the contribution so the full tax benefit as described above would be minimized.

No changes to your will are required to name SITI Company as the beneficiary of your retirement accounts. You simply need to request a “Change of Beneficiary” form from your plan administrator and list SITI Company, with our tax identification number, as the beneficiary. Our legal name is Saratoga International Theater Institute, Inc. and our Federal Tax ID number is 13-3730731.

Other Ways of Making Charitable Bequests to SITI Company

• Life Insurance Ownership: SITI Company will accept transfer of ownership of existing, paid-up life insurance policies. The theater must be named as both beneficiary and irrevocable owner of the policy, and if premiums remain to be paid, the donor must agree to pay the amount of the premiums to SITI Company. There are additional criteria that must be met before this type of gift will be accepted by SITI Company.
• Real Estate: Gifts of real estate may include developed property, undeveloped property, or remainder interest in a property and may be accepted by SITI Company if the property is unencumbered by a mortgage or similar lien or restriction. Due to the extensive administrative time and expense likely to be involved, such gifts must be readily marketable, located within the continental United States, and be of sufficient vale to warrant the expenses entailed. There are additional criteria that must be met before this type of gift will be accepted by SITI Company.