Why beneficiary designations are so powerful
Assets not included in your will are called non-probate assets. Examples are 401(k)s, IRAs, life insurance policies, and other accounts. Designating the Colorado Music Festival & Center for Musical Arts as a beneficiary can have a big impact and may avoid unwanted taxes for your heirs.
Common gifted assets for beneficiaries
- Life insurance
- Joint real estate
- Joint bank accounts
- Joint property ownership
Designate Colorado Music Festival & Center for Musical Arts as a beneficiary to one or more of your accounts.
We have partnered with FreeWill to offer this free online platform that will walk you through the process of setting up your beneficiaries. These gifts have a big impact and can often prevent unwanted taxation.
Planned giving helps fuel our mission
A gift in your will creates a foundation for the future. Our work today is important, but it is equally, if not more important, to ensure the Colorado Music Festival & Center for Musical Arts can continue well into the future.
Frequently Asked Questions
Yes! Gifts of any size are deeply appreciated. Many people choose to leave a percentage of their estate, which scales up or down with your estate size.
A non-probate asset is an account or other asset that won’t be governed by the decisions you make in a will. Instead, these accounts commonly have an assigned beneficiary that you choose. Types of non-probate assets include many retirement accounts, life insurance, some bank accounts and some assets (like a house or vehicle) that you jointly own with another person.
The most commonly gifted non-probate asset is an IRA or 401(k). This is because these accounts are always taxed (even for people below the estate tax threshold). Giving these accounts to charity keeps your heirs from having to pay unexpected taxes.
Yes! Even if you have a will in place you still need to designate beneficiaries for your non-probate assets.
No. You can usually make these easily and at no cost to you.
Yes. You are always free to revise or update your estate plans.
More ways to make an impact
Gifts in a will or trust
Donations in your will or trust are (by far) the most popular type of planned gift. Learn more, or get help starting your will (for free!).
Gifts that pay you back
Give assets while providing yourself or others with income for a period of time or distributions at a later date.