140 West Tampa Ave. Venice, Florida 34285
Box Office: 941-488-1115
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You can make a major investment in Venice Theatre and avoid major taxes on your retirement assets.
How It Works
Retirement plan assets are subject to income taxes. By making Venice Theatre the beneficiary of these assets, it can reduce the amount that normally would be passed to heirs by up to 35 percent.
How You Benefit
Leaving retirement plan assets to Venice Theatre avoids heavy taxes for your heirs and gives you the ability to give them other assets that are not as heavily taxed.
Betty plans to leave $250,000 to her niece, Karen, and $250,000 to Venice Theatre. Among her assets, Betty owns a $250,000 IRA. If she leaves the IRA to Karen, it will be subject to income taxes at Karen's marginal income tax rate (35 percent). To avoid her niece having to pay these taxes, Betty names us the beneficiary of her IRA and leaves less tax-burdened assets to Karen.
A Second Gift Option
You can also consider creating a charitable remainder trust for heavily taxed retirement plan assets. Such a trust could be set up to receive the proceeds of your retirement plan at your death. The trust would pay income for life to a family member of your choosing, after which the remaining assets pass to us.