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President & CEO
A planned gift is a way to give beyond the use of current assets, and it often offers significant benefits. A planned gift may require the assistance of a qualified volunteer, professional staff person, or legal or financial advisor to help complete the gift.
A planned gift to the Cultural Council can help you fulfill your wish to leave a legacy in your community. Gift and estate-planning professionals at the Council are here to help. Through careful gift planning, you may be able to realize the benefits of tax savings.
Why do you need an Estate Plan?
Whether you own large amounts of property or little, whether you are the head of a large household or have no dependents, good estate planning means:
- You have the peace of mind knowing that your wishes will be fulfilled
- Protecting against estate “shrinkage” brought on by federal or state estate taxes
- Continuing the support you have made throughout your life to the special institutions that have so much meaning for you.
Your favorite charities are deserving of your support not only today, but in the future. A thoughtful will, updated when needed is usually the cornerstone of an estate plan. As simple codicil will allow you to make small changes to your will, such as adding a beneficiary.
Potential Benefits of Your Gift
- Income tax deduction
- Elimination of long term capital gains tax
- Reduction of potential estate and gift taxes
Who is Alex Dreyfoos?
Alex Dreyfoos, founder of the Cultural Council, is an engineer, inventor, entrepreneur, Academy-Award-winner, and philanthropist. He established the Cultural Council in 1978 and it has become the premier support organization for the local cultural industry giving out more than $65 million in grants since 1982. Mr. Dreyfoos’ generosity can been seen across Palm Beach County through his support and generosity to The Kravis Center for the Performing Arts, The Alexander W. Dreyfoos, Jr. School of the Arts, and Scripps Research Institute to name a few. With his wife Renate, Mr. Dreyfoos has established a significant planned gift to the Cultural Council of Palm Beach County. To honor his service and support to the Cultural Council, we have established The Alex Dreyfoos Planned Giving Society.
Gifts during your lifetime
Will or Trust:
A bequest allows you to give cash, specific property or a percentage of your estate.
Assets that can be gifted/bequeathed
Gifts in the form of cash are the easiest way to receive an income tax deduction. Gifts of cash are the most common form of charitable giving.
Gifts of publicly traded securities that have appreciated in value allow you to claim a charitable deduction for the full market value of the securities on the date the gift is made. You pay no capital gains tax on the appreciation.
Designating the Cultural Council as the beneficiary on your life insurance policy allows you to give a very large gift that may otherwise not be possible.
Designation of the Cultural Council as the beneficiary of your retirement plan can help you avoid taxation of IRAs or other employee benefit plans.
Giving a gift of real estate, such as a personal home, vacation home, farm, or undeveloped property, can be a highly effective philanthropic and financial strategy.
Gifts of art, collections, and other tangible property can be an effective way to provide meaningful support. Depending on the asset given, the structure of your gift, and the purpose of your gift, there are various tax and financial benefits.
Making Your Planned Gift
It is easy to include the Cultural Council in your estate plan by adding a simple codicil to an existing will or by including language in a will you are currently having drafted. Or, in some cases, you can fill out a simple beneficiary designation form.
To make a gift online, please use our secure online donation form.
Or, to start a conversation about making a planned gift to the Cultural Council of Palm Beach County, please contact the Development Department:
Director of Development
Email: [email protected]