Name The Opera As Your Beneficiary
San Francisco Opera supporters can easily make a legacy gift simply by naming the Opera as their beneficiary. Just name San Francisco Opera Association in your will or living trust. Or, fill out a designation form provided by firms holding the following types of assets:
- Retirement assets (IRA, 401(k), 403(b), and other pension assets)
- Life insurance
- Individual stocks and bonds
- Donor advised funds
- Commercial annuity
- Checking or savings account
For gifts in your will or living trust, we recommend you consult an attorney. For the other gifts mentioned above, you can usually set them up without help, although you might want to coordinate with your professional advisor in arranging this type of gift. You can often do so without incurring an hourly fee or document drafting charge.
The key to setting up gifts of retirement assets, etc. is to contact the firms that hold your assets. Ask them for a beneficiary form — sometimes called a designation or “payment on death” form. In addition to seeking basic information (your name and account number), the form will ask whom you want to benefit and the percentage you are giving away. Some companies also allow you to state a specific dollar amount. For a gift to San Francisco Opera, please use the following information:
San Francisco Opera Association
301 Van Ness Avenue
San Francisco, CA 94102
Taxpayer ID# 94-0836240
Or simply write in “San Francisco Opera Association.” If you are married, you will likely need your spouse’s consent. In some instances, this will require a notarized signature. Note that the distribution of assets stated on your designation form controls over any contrary language you might have used in a will or living trust. A designation form is part of your contract with the company. They distribute the asset directly to beneficiaries, not through your estate.
What You Should Know About Giving Retirement Assets
Retirement assets are taxed heavily when directed to heirs — as much as 80% through income and estate taxes. Even if your estate is not subject to estate tax, the income tax will take a big bite. Instead, give your loved ones non-retirement assets and pass your retirement assets on to San Francisco Opera.
If you would like to learn more about any of these types of legacy gifts or other options, please contact us for more information:
Maude Engström
Legacy Giving Manager
(415) 565-3242
mengstrom@sfopera.com
Alondra Orellana
Associate Director of Individual and Legacy Giving
(415) 565-6431
aorellana@sfopera.com