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Not everyone wants to commit to making a gift in their wills or estates. Some prefer the increased flexibility that a beneficiary designation provides by using:
It is very simple to name Lyric Opera of Chicago as a beneficiary. Start by requesting a change-of-beneficiary form from your policy administrator or download the form from your provider's website. Make your desired changes and return the form to establish your gift.
Download our free guide Beneficiary Designations: Easy Ways to Leave Your Legacy.View My Guide
Robert and Carol treasure the financial help they have been able to give their children and Lyric over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left Lyric a $75,000 IRA to be transferred following their lifetime. Because Lyric is tax-exempt, all $75,000 will help support our mission.
If Robert and Carol had left the IRA to their children, approximately $18,000* would have gone to pay federal income taxes—leaving only $57,000 for their family's use. Robert and Carol are happy knowing they are making the most of their hard-earned money thanks to their updated estate plan.
*Based on an assumption of a 24 percent marginal income tax bracket.
Legal name: Lyric Opera of Chicago
Address: 20 N Wacker Drive, Chicago, IL 60606
Federal tax ID number: 36-6008929