A Legacy of Support
By remembering the School in their wills or other planned gift vehicles, members of the Galaxy Society create living legacies that will influence both music and musicians for generations to come. Galaxy Society members provide financial support for the conservatory training of undergraduate and graduate students at Manhattan School of Music, as well the young musicians in our Precollege Division, who range from elementary through high school age.
The name of the Society was inspired by the School’s motto—“Those who excel, reach for the stars”—and embodies the School’s mission to help our students become the very best artists and citizens possible. In recognition of their generosity and commitment to Manhattan School of Music and the young musicians it trains, Galaxy Society members are listed in our concert programs and all appropriate printed materials. They receive invitations to special events, as well as our newsletter and concert calendar.
Advantages of Planned Giving
- Estate tax savings
- Charitable income tax deduction
- Deferral of capital gains tax while maintaining interest income for life
- Reduction of transfer taxes on amount ultimately payable to your descendants
Planned Giving Vehicles
We would be delighted to send you materials to discuss with your attorney and financial advisor or to meet with you to discuss establishing a planned gift to the School. Please email Brian Dailey in Advancement. Here are some options for you to consider:
Expectant and Deferred Gifts
Charitable Remainder Trusts
A charitable remainder trust is an irrevocable trust in which the donor transfers cash or property to Manhattan School of Music, and in return the donor or other individuals named by the donor as income beneficiaries receive income from the trust for life, or for a specified term not to exceed twenty years. When the trust terminates, the corpus will be distributed to Manhattan School of Music as the charitable remainder trust.
A bequest is a written statement in a donor’s will directing that specific assets, or a percentage of the estate, be transferred to Manhattan School of Music at the time of the donor’s death.
Publicly Traded Stock
The most common type of noncash gift is publicly traded stock. These gifts—which help the School because of their high liquidity—are sold instantly through a broker. We also welcome gifts of closely held stock and can help guide the donor through the process of securing an independent appraisal of its value.
Gifts of real estate are also noncash gifts that may be given if the donor is the sole owner of the property being donated to the School. Such gifts require planning time for the School and the approval of the Board of Trustees.
Charitable Lead Trusts
A charitable lead trust is an agreement that pays current annual income to Manhattan School of Music for a specified period of years, with the trust principal reverting to the donor or the donor’s family when the trust ends.