Planned Giving

Accomplish Your Personal and Philanthropic Goals with CIM

Through planned gifts, the Cleveland Institute of Music offers alumni and friends many ways to achieve personal financial goals while making a substantial impact on the financial stability and strength of CIM far in to the future.

While the benefits of a planned gift may include significant tax advantages and guaranteed life-long income for you and/or family members, the most enduring benefit is the legacy you will create. Your planned gift will support the education and artistic development of some of the world's best young classical musicians by faculty of the highest caliber.

Your family will benefit from a carefully planned estate. And, CIM will be forever grateful for your gift that will help to ensure the school's world-renowned excellence.

When you are ready to help ensure the financial and artistic vitality of CIM through a planned gift, please complete and return to CIM the simple one-page Declaration of Intent.

Planned Gifts include Bequests, Charitable Gift Annuities, Charitable Remainder Trusts, Charitable Lead Trusts, gifts that involve retirement assets, and more. The links below will take you to a page with more information about how you might benefit from each of these planned giving arrangements.

Upon making a planned gift, you will become a member of The CIM Legacy Society. A description of the Legacy Society as well as a list of current members is provided in a link below.

You may specify how you wish your gift to be used. CIM welcomes the opportunity to consult with you to determine how your legacy can best support a particular area of need. If you have interest in planned giving vehicles in addition to those identified below, please contact the CIM Development Office.

Types of Planned Giving

• Planned Giving Overview (in PDF format)
  
  
• Bequests
  
  

A bequest is a gift made through your will. It can easily be added as a codicil to an existing will or as an amendment to a living trust. With a bequest you are able to designate the Cleveland Institute of Music as the recipient of a particular asset or of a share of your total estate.

You may specify how you wish your gift to be used. CIM welcomes the opportunity to consult with you to determine how your legacy can best support a particular area of need. Although creating the bequest is easy, determining which portion of your estate to donate through your bequest may best be determined in discussion with your advisor(s).

There are several types of bequests:

• With a pecuniary bequest, you designate that a certain sum be bequeathed.
• Under a specific bequest, you leave CIM a particular asset or assets such as shares of stock or works of art.
• Another type is the residual bequest whereby you gift all or a portion of what remains in your estate after any pecuniary or specific bequests have been made and taxes, debts and other expenses have been paid.
• With a contingent bequest, a pecuniary, specific or residual bequest takes effect only under certain circumstances.

For examples of the language you need to add a bequest to your will, view our bequest sample language pdf.

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• Charitable Gift Annuity
  
  

A Charitable Gift Annuity (CGA) is a simple agreement between you and the Cleveland Institute of Music. In exchange for an irrevocable transfer of assets, CIM will pay you, or the beneficiaries you choose, a fixed income for life. When the annuity matures following the death of the beneficiary(-ies) the remaining principal comes to CIM to be used as you have determined.

A CGA offers a number of attractive benefits, including:

• Income for life for up to two beneficiaries (i.e. yourself and your spouse/partner, your parents, and/or children). The amount of payment is determined in part by the age(s) of the beneficiary(-ies).
• Tax-free income in most cases. The amount of tax-free income is determined by IRS tables.
• Potential additional tax benefits including a charitable income-tax deduction, estate-tax savings and partial avoidance of capital-gain taxes.
• You may designate how CIM will use your gift. We welcome the opportunity to consult with you to determine how your legacy can best support a particular area of need.
  
  

Sample CGA Rates:

One-Life Annuity			Two-Life Annuity
Age	Annuity Rate*		Ages	Annuity Rate*
65	5.3%		68,64	5.0%
70	5.7%		70,69	5.2%
75	6.3%		75,72	5.4%
80	7.1%		83,79	6.2%
85	8.1%		85,84	6.9%
90+	9.5%		92,90	8.6%
* Rates are as of July 2009. Annuity rates are potentially subject to change and are determined by the timing of your investment.

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• Charitable Remainder Trust
  
  

A Charitable Remainder Trust enables donors to create personalized income and tax benefits while making a generous gift to CIM for a purpose of their choosing. The investment is managed according to the rules and regulations of the financial institution with which the investment is made. CIM will not be the trustee.

A Charitable Remainder Trust offers a number of attractive benefits, including:

• Income for life and/or a period of years for yourself, your spouse/partner, other family members or important people in your life.
• A variable OR guaranteed annual payment. You choose from a Charitable Remainder Unitrust (CRUT) for an annual payment that will vary based on the investment performance, or a Charitable Remainder Annuity Trust (CRAT) for a fixed annual payment. The amount of the payment must be at least 5% of the trust's value and is negotiated so that both you and CIM will benefit from the trust over time.
• A charitable income-tax deduction for those donors who itemize deductions.
• Potential additional tax benefits including estate-tax savings and avoidance of capital-gains taxes.
• You designate how CIM will use your gift. CIM welcomes the opportunity to consult with you to determine how your legacy can best support a particular area of need.
  
  

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• Charitable Lead Trust
  
  

A Charitable Lead Trust (CLT) is a charitable gift option for those individuals with substantial estates (e.g. estates that could be subject to the federal estate tax) who wish to transfer assets to family members and make a generous gift to CIM.

A CLT offers the following benefits:

• Your potential estate taxes can be greatly reduced.
• Taxes due for the transfer to family are paid when the CLT is created. At the end of the trust, the transfer is entirely tax-free.
• Each year, the CLT pays an amount you specify to CIM. The Cleveland Institute of Music will use the funds for a purpose of your choosing.
• Because the gift to CIM is made before distribution to family, you can enjoy the benefits of philanthropic giving to CIM during your lifetime.
• Since the funds are received by CIM now, a CLT can be used to fund a building project or other outright expense you wish to support.
  
  

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• Retirement Plan Assets
  
  

You may wish to consider a portion of your retirement assets as an option for a charitable gift to CIM. Retirement assets can be taxed heavily if bequeathed to family or friends. It may be advantageous to direct IRA assets to CIM and direct other assets to family and non-charitable legatees.

You need simply to designate that CIM receive all or a portion of what remains in your IRA (regardless of the type of IRA) or in most qualified retirement plans, such as a 401(k) or a 403(b) plan. The custodian of the account can supply a form for this purpose that can be completed and returned to the custodian.

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• The CIM Legacy Society