Gifts of Savings Accounts and Certificates of Deposit
Another way you can make a significant gift to Symphony Space is to name Symphony Space a joint owner of your savings accounts and certificates of deposit with rights of survivorship only. In this way, funds from these accounts will come to Symphony Space at your death, without delays or unnecessary expense. This is a revocable gift — you may withdraw the money at any time and close the account(s). Thus, you retain complete control of the gift. In addition, the gift amount is deductible from your taxable estate.
A professional advisor at your financial institution can give you more information about this type of gift.
Gifts of Life Insurance
Some of the life insurance coverage you purchased may no longer be needed for the reason it was originally purchased, because of changes in your family circumstances. A simple way for you to make a significant legacy gift is to name Symphony Space to receive all or a portion of the proceeds of a policy that you no longer need for its original purposes. You might also choose to contribute a paid-up policy during your lifetime and receive a charitable tax deduction for an amount approximately equal to the policy's cash surrender value.
You can also purchase a new policy, naming Symphony Space as owner and beneficiary or co-beneficiary. Such a gift may result in a contribution much larger than its cost, possibly making this a convenient way to make a large gift over a period of time.
Other options for planned giving: