South Carolina Philharmonic

Planned Giving

Bequests

Bequests are gifts made through your will. They can be made in the form of a specific gift of cash or property, a general sum of money or a percentage of the remainder of an estate or trust and they are distributed at your death. The full amount of your bequest is usually deductible for estate tax purposes.
  • The following is suggested language for including the S.C. Philharmonic in your will:
    “I give, devise and bequeath to S.C. Philharmonic, Inc. located at 721 Lady Street, Suite B, Columbia, SC  29201 for its general purposes, the sum of $______ (or state a fraction or percentage of the rest, residue and remainder of your estate, both real and personal).”
  • The S.C. Philharmonic’s correct legal designation is:
    South Carolina Philharmonic, Inc.
    Federal Tax ID number 57-0742901.

Life Insurance Plans

Using a life insurance policy in your planned giving is a perfect way to make a leveraged gift to the S.C. Philharmonic. By making small payments each year into your policy for a number of years, you can leave a bequest of sizable proportions to the S.C. Philharmonic. Upon the death of the insured, the policy proceeds going to the S.C. Philharmonic  and will be an estate tax charitable deduction.

There are two ways to ways to give a gift of a life insurance policy:

  • Gift of existing policy – the S.C. Philharmonic becomes the owner and beneficiary. You get an immediate charitable income tax deduction for the lesser of current cash value or premiums paid. Any future premiums you pay are deductible as contributions.
  • Name the S.C. Philharmonic as a beneficiary of a new or existing policy – You keep control of the policy while naming the S.C. Philharmonic as a full or partial beneficiary. For this gift you are entitled to a charitable deduction for the value of the initial premium and you will receive additional deductions when you make later premium payments.

For more information on planned giving options, or to set up an appointment to explore how a charitable gift to the S.C. Philharmonic might fit into your overall estate planning, please contact Development Director Robin Hallyburton on 803.771.7937.