Create Your Orlando Shakes Legacy
Founded in 1989 by UCF professor Stuart Omans, Orlando Shakes in partnership with UCF (Orlando Shakespeare Theater, Inc.) has grown into one of the region’s most acclaimed professional theaters, producing classic, contemporary, and children’s plays, as well as providing immersive educational programming for Central Florida schools and the local community. By making a legacy gift to Orlando Shakes, you become a member of the Prospero Society and join other passionate supporters of our Theater who will help sustain our mission to enrich our community with engaging professional theater, inspiring educational experiences, and thought-provoking new plays for years to come.
There are many ways to create your Orlando Shakes legacy that:
- Require no immediate donation
- Maintain your ability to change your mind at any time
- Are welcome in any amount
- Benefit both your loved ones and Orlando Shakes
Gift in Your Will or Trust
A gift in your will or trust is one of the easiest and most flexible ways you can remember Orlando Shakes in your estate. With the help of an attorney or tax advisor, you can:
- Give a specific dollar amount or asset
- Give a percentage of your estate
- Give the balance (or residue) of your estate
- Make a beneficiary designation of certain assets
Here is suggested language you can include in your will or trust:
A fixed amount of money or a designated property
“I give to the Orlando Shakespeare Theater Inc. (Orlando Shakes), tax identification number 59-2931698, located at 812 East Rollins Street, Orlando, FL 32803 $_________ (or describe the real or personal property, including exact location.)”
A percentage of the estate
“I give to the Orlando Shakespeare Theater Inc. (Orlando Shakes), tax identification number 59-2931698, located at 812 East Rollins Street, Orlando, FL 32803 ________% of my estate.”
A residual bequest:
“I give all the residue of my estate, including real and personal property to the Orlando Shakespeare Theater Inc. (Orlando Shakes), tax identification number 59-2931698, located at 812 East Rollins Street, Orlando, FL 32803
Beneficiary Designation in IRA, Retirement Plan or Insurance Plan
“$____ or ____% to the Orlando Shakespeare Theater Inc. (Orlando Shakes), tax identification number 59-2931698, located at 812 East Rollins Street, Orlando, FL 32803
Gifts in your estate and beneficiary designations can be dedicated toward a specific purpose or may be unrestricted for general use by Orlando Shakes. To have your gift applied to a specific program, please add “…for the benefit of (name of program)” to the language suggested above.
Retirement Assets
Retirement assets can be donated to Orlando Shakes. These funds grow tax-free, until the time of withdrawal. Here’s how you can contribute to Orlando Shakes and provide for your loved ones using these assets:
- Outright gift through beneficiary designation
Name Orlando Shakes as the beneficiary or contingent beneficiary of your retirement assets after your lifetime. When a retirement account is left to a charity, the organization does not pay any income tax whereas your heirs may pay income tax if they inherit your retirement funds. Your retirement plan’s administrator can provide a beneficiary form for you to name Orlando Shakes as your partial or sole beneficiary. - Charitable remainder trust after a donor’s lifetime
Name a trust as the beneficiary of excess or unused retirement assets. After your lifetime, the trust can provide income to heirs for a period of years, after which time the trust monies can fund your charitable gift. Since it is a charitable trust, there can be more money available to generate income for heirs.
Life Insurance
There are several ways to support Orlando Shakes with an insurance-related gift.
- Add a beneficiary to your policy
You can make a change to the beneficiary/beneficiaries of your insurance policy without changing your will or other aspects of your estate plan. Ask your insurance company for a form that will allow you to make Orlando Shakes a beneficiary of your insurance policy. - Give a paid-up policy
You can transfer ownership of a paid-up life insurance policy to Orlando Shakes. After the transfer, Orlando Shakes can elect to either cash in the policy or keep the policy and receive the benefit later. You would receive an immediate income tax deduction for either the cash surrender value or the basis (usually the cost), whichever is less. - Making Orlando Shakes the owner and beneficiary
You can take out a policy and make Orlando Shakes the owner and beneficiary. Premium payments can be made by you directly to the insurance company or by Orlando Shakes by way of your annual gift to the organization. You can take an income tax deduction for the premiums paid.
Charitable Remainder Trust
A Charitable Remainder Trust (CRT) provides you and your beneficiaries with a stream of income for life or for a period of years. At the end of the trust, the principal, or “remainder interest,” goes to Orlando Shakes. Unlike other life-income arrangements, CRTs are separately invested and managed trusts. Please note that Orlando Shakes does not manage these trusts for donors.
This is a powerful way for you to benefit along with your heirs and Orlando Shakes You can choose to receive a variable or fixed income (beginning immediately) for life or a term of years. There is no limitation on the number of beneficiaries of a CRT.
CDs and Other Banking Accounts
You can create your Orlando Shakes legacy by making Orlando Shakes the beneficiary of a certificate of deposit (or any bank or brokerage account). Your financial institution can help you with this easy process.
U.S. Savings Bonds
Although it is not possible to make a charitable gift of a savings bond without first paying the tax on the interest earned, it does make a great asset to contribute.
After your lifetime, the interest accumulated by the savings bonds is taxed before your heirs inherit them. However, if they are left to a charitable organization, like Orlando Shakes, that tax is not due. Ask your attorney or tax advisor about the best way to gift your savings bonds to Orlando Shakes.
The information on this website is not intended as legal or tax advice. Always consult an attorney or tax advisor when planning your estate.
The Orlando Shakes Prospero Society recognizes and thanks those who have remembered Orlando Shakes with a gift in their estate. Benefits of membership to the Society include:
- Listing in playbills as a member of the Prospero Society
- Invitation to a private annual event
- Prospero Society lapel pin
- Concierge assistance with seating
- Backstage tour as requested
You are under no obligation to do so, but we hope you will let us know if you have included Orlando Shakes in your estate. Informing us of your intention helps to ensure that we can honor your wishes.
If you have not yet included Orlando Shakes in your plans and would like to explore options for you and your family, please contact us. We would be glad to assist you. Please contact Tanneka Guice, Director of Development at 407-447-1700 x 206 or TannekaG@orlandoshakes.org.
Thank you!