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Manhattan School of Music counts on the generosity and foresight
of long-time donors, alumni, friends, and music lovers to help ensure
its future for the next generation of musicians.
- To let us know of your interest in making a planned gift, please
download a Notification of Intent form, by
clicking here.
The Galaxy Society
Members of the Galaxy Society are individuals who wish to create
a living legacy that will influence both music and musicians for
generations to come. By planning today for your future, you will
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.
Manhattan School of Music has established the Galaxy Society to
recognize those individuals who have shown the foresight to remember
the School in their will or other planned gift vehicle. 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 musicians and world citizens possible.
Advantages of making a planned gift
- Estate tax savings
- Charitable income tax deduction
- Capital gains tax is deferred while maintaining an interest
income for life
- Reduction of transfer taxes on amount ultimately payable to
your descendants
- Shelter investments from capital gains tax
In recognition of your generosity and commitment to Manhattan School
of Music and its students, members of the Galaxy Society are listed
in our concert programs and all appropriate printed materials. You
will also receive news, a concert calendar, and invitations to special
events each year.
Benefits to Manhattan School of Music
- Security to plan for the future, through knowledge of your
gift
- Positive impact on the lives and careers of Manhattan School
of Music students and faculty
- Expanded musical programming and outreach
Becoming a member of the Galaxy Society
Please notify Manhattan School of Music of your interest and we
will be pleased to meet or speak with you about your interests and
plans. You will receive materials that will aid in your discussions
with your attorney and/or financial advisor. We will then be delighted
to discuss with you and your advisors how best to establish a planned
gift on behalf of the School.
You will be enrolled as a member of the Galaxy Society as soon
as you formally inform us that you have established a legacy gift
to be directed to Manhattan School of Music in your estate plans.
Planned Giving Options
A variety of planned giving vehicles is available to you: Bequests,
Charitable Trusts, Appreciated Stock, and Real Estate. When considering
a planned gift, you must review your own financial situation in
order to determine what is the best means of helping the School.
Noted below are some options you may wish to consider which will
ultimately benefit Manhattan School of Music.
Establishing expectant and deferred gifts
Bequests: Bequests are planned gifts made by a
donor for the use of Manhattan School of Music after their lifetime,
affording a donor the peace of mind that assets are available to
satisfy expenses during his or her lifetime. A bequest is a written
statement in a donor’s will directing that specific assets,
or a percentage of the estate, will be transferred to the charity
at the time of the donor’s death. To become a member of the
Galaxy Society, a donor would make a bequest pledge in writing to
Manhattan School of Music.
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 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
beneficiaries. There are two types of charitable remainder trusts:
- Charitable Remainder Annuity Trust: which pays a fixed dollar
amount, annually, based on the initial fair market value of the
property transferred to the trust.
- Charitable Remainder Unitrusts: which provides variable income
payments to the income beneficiary(ies), based on a fixed percentage
of the annually revalued trust.
Establishing current gifts
Appreciated Stock: Gifts of appreciated, publicly
traded stocks are the most common type of noncash gifts, and help
the School because of their high liquidity. These gifts are sold
instantly through a broker. While closely held stock is more difficult
to value, requires time to expedite as well as the services of a
qualified independent appraiser.
Real Estate: 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 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.
For further information
If you wish more specific information regarding a planned gift
or materials relating to the Galaxy Society, or wish to advise us
of any friends or relatives who might be interested in remembering
Manhattan School of Music in their estate plans, please contact
any member of our Galaxy team:
To let us know of your interest in making a planned gift, please
download a Notification of Intent form, by
clicking here.
c/o Department of External Affairs
Manhattan School of Music
120 Claremont Avenue
New York, New York 10027
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