Leaving a legacy
Bequests
Bequests play a critical role in helping BAM secure the future of its groundbreaking programming for generations to come.
Bequests are gifts by will-whether in the form of cash, securities or other property-and may be fully deducted in determining federal and state taxes on your estate. BAM urges donors considering a bequest to consult an attorney.
There is no minimum amount for bequests. Donors may designate either a percentage of their residuary estates after provisions for survivors or others are fulfilled or a specific sum as a gift to BAM. Donors may also designate a combination of these alternatives.
Unless otherwise specified by a donor, it is BAM's policy to apply bequests toward its endowment-the BAM Endowment Trust (federal tax identification number: 11-3112268)-in order to secure BAM and its programming for the future.
Forms of Bequests
The most common types of bequests are:
- Residual bequest, which leaves to BAM all or a portion of the remainder of the estate after specific bequests, taxes, and costs have been paid;
- Percentage bequest, which provides that a stated percentage of a particular asset or of the estate be given to BAM;
- Specific bequest, through which BAM receives particular property outright (for example, certain securities or a specific dollar amount of cash); and
- Contingent bequest, whereby BAM is a beneficiary of part or all of the estate upon the occurrence of certain specified events.
Sample Bequest Language
The following sample bequest language expresses the concepts above. It is offered simply as a guideline. Once again, BAM strongly suggests that you seek expert, professional advice.
Residual Bequest: "I hereby give, devise, and bequeath to BAM Endowment Trust, 30 Lafayette Avenue, Brooklyn, NY 11217, for the purpose of supporting Brooklyn Academy of Music's endowment, [all] (or) [____%] of the rest, residue, or remainder of my estate."
Percentage Bequest: "I hereby give, devise, and bequeath to BAM Endowment Trust, 30 Lafayette Avenue, Brooklyn, NY 11217, for the purpose of supporting Brooklyn Academy of Music's endowment, ____% of [__________ (description of asset)] (or) [my estate]."
Specific Bequest: "I hereby give, devise, and bequeath to BAM Endowment Trust, 30 Lafayette Avenue, Brooklyn, NY 11217, for the purpose of supporting Brooklyn Academy of Music's endowment, [the sum of ______ dollars ($______)] (or) [__________ (description of property)]."
Contingent Bequest: "I hereby give, devise, and bequeath to BAM Endowment Trust, 30 Lafayette Avenue, Brooklyn, NY 11217, for the purpose of supporting Brooklyn Academy of Music's endowment, _______________ [description of property] in the event that ___________________ [description of condition]."
A simple way to include BAM in a completed will is to add a codicil, or addendum. An example of this text is the following:
"I hereby give, devise, and bequeath to BAM Endowment Trust, 30 Lafayette Avenue, Brooklyn, NY 11217, for the purpose of supporting Brooklyn Academy of Music's endowment [______% of my remaining estate] (or) [the sum of _______ dollars ($_______)] (or) [_____________________(description of property)]."
Identifying Information for BAM Endowment
Legal title: BAM Endowment Trust
Corporate address: Peter Jay Sharp Building, 30 Lafayette Avenue,
Brooklyn, NY 11217
Federal tax identification number: 11-3112268
Identifying Information for BAM
Legal title: Brooklyn Academy of Music, Inc.
Corporate address: Peter Jay Sharp Building, 30 Lafayette Avenue,
Brooklyn, NY 11217
Federal tax identification number: 11-2201344
Planned giving is a valuable opportunity for individuals to tailor special gifts.