Emma Endres-Kountz Society
You have the power to leave a lasting impact on Merit’s community and the future of music education through planned giving.
A Legacy of Music: Planned Giving Opportunities
You have the power to leave a lasting impact on Merit’s community and the future of music education. By including Merit in your estate planning, you become a member of the Emma Endres-Kountz Society and recognized as a dedicated and loyal supporter to thousands of deserving students for decades to come. Named after one of Merit’s co-founders, the members of the Emma Endres-Kountz Society play a pivotal role in sustaining Merit’s mission and ensuring that the transformative power of music continues to resonate in the hearts and minds of future musicians.
“I have an unrelenting passion to have every person reach his or her full potential.”
Why Include Merit In Your Estate Plans?
Perpetuate Your Passion
By including Merit in your estate planning, you create a timeless legacy that reflects your love for music. Your commitment will help nurture the talents of aspiring musicians and contribute to the cultural richness of our community.
Ensure Accessibility
Your planned gift provides vital resources to maintain and expand Merit’s scholarship programs and Duffie A. Adelson Financial Aid Fund, ensuring that talent individuals, regardless of financial means, can access quality music education. Your generosity helps break down barriers and opens doors to a world of possibilities for thousands of students each year.
Sustain Excellence
Merit celebrates a proud tradition of excellence in music education. Your planned gift enables investment in faculty, technology, facilities, and so much more, ensuring that Merit continues to provide exceptional learning experiences and stays at the forefront of music education.
Options to Include Merit in Your Estate Plans
Bequests: Gifts for the Future
A bequest is a provision in your will or living trust that designates a specific amount, a percentage of your estate, or other assets to be donated to Merit after your passing. This powerful gesture allows you to make a significant impact without affecting your financial plans for today.
Types of Bequests
- Specific Bequest: Designate a specific dollar amount or a particular asset to Merit. For example, “I bequeath $10,000 to Merit School of Music.”
- Percentage Bequest: Allocate a percentage of your estate to support music education. This ensures that your gift adjusts with the size of your estate over time. For example, “I bequeath 10% of my estate to Merit School of Music.”
- Residual Bequest: After providing for your loved ones and other beneficiaries, designate the remainder, or a percentage of the remainder, to Merit. For example, “I bequeath the residue of my estate to Merit School of Music.“
- Contingent Bequest: Specify that Merit will receive a bequest only under certain conditions, such as if other beneficiaries predecease you. For example, “If my spouse does not survive me, I bequeath [specific amount or percentage] to Merit School of Music.”
How to Include Merit in Your Will
- Speak with Your Attorney: Consult with your attorney or financial advisor to discuss your charitable intentions and ensure your wishes are accurately reflected in your will or living trust.
- Designate Merit: To include Merit in your estate documents, provide the following:
- Legal Name: Merit School of Music
- Address: 38 S Peoria St., Chicago, IL 60607
- Tax ID: 36-3028768
- Include Appropriate Text: A sample of appropriate text to include in your will is below:
- “I give, devise, and bequeath to Merit School of Music, a non-profit Illinois organization, located at Thirty-Eight South Peoria Street, Chicago, Illinois, the sum of $______ (or __ percent of my estate, or __ percent of the residue of my estate) to be used for such purposes as the Board of Trustees determines at the time this bequest becomes effective. If, at any time after this bequest becomes effective, the funds are not needed or cannot be used for this purpose, the Board of Trustees may direct the funds to be used for a purpose as closely related as possible to the original purpose described in this provision.”
- Complete Merit’s Emma Endres-Kountz Society Declaration of Intent Form: Complete this form so that Merit can begin acknowledging and celebrating your generosity as part of their planned giving society.
- Review and Update: Periodically review and update your bequest language to ensure it aligns with your current wishes and circumstances.
Charitable Remainder Trusts: Gifts for the Future and Income for Today
A Charitable Remainder Trust is a flexible and tax-efficient estate planning tool that allows you to provide income for yourself or your beneficiaries while also supporting Merit. This forward-thinking strategy enables you to make a lasting impact on the world of music.
Did you know? By placing assets in a charitable trust, you can potentially lower your estate tax liability. For example, capital gains taxes can be bypassed by transferring those assets into a charitable trust.
Advantages of a Charitable Remainder Trust
- Income Stream: Ensure financial security for yourself and/or your beneficiaries through regular income payments.
- Tax Benefits: Enjoy potential charitable income tax deductions and reduce or eliminate capital gains tax on the transfer of appreciated assets to the trust.
- Flexible Assets: Fund your trust with a variety of assets including cash, securities, real estate, or other appreciated property.
How to Establish or Update a Charitable Remainder Trust
- Consult with Advisors: Work with your financial advisor and legal counsel to determine if a trust aligns with your overall financial and philanthropic goals.
- Designate Merit: When setting up your trust, you will be prompted to select the charitable beneficiary. If you have already established your trust, request a change of beneficiary form to add Merit. Provide the following information:
- Legal Name: Merit School of Music
- Address: 38 S Peoria St., Chicago, IL 60607
- Tax ID: 36-3028768
- Complete Merit’s Emma Endres-Kountz Society Declaration of Intent Form: Complete this form so that Merit can begin acknowledging and celebrating your generosity as part of their planned giving society.
- Fund the Trust: Contribute assets to the trust which will be managed for the agreed-upon duration.
Retirement Account Assets: Gifts for the Future and Tax Advantages for Your Heirs
Designate Merit as a beneficiary of your IRA, 401(k), or other retirement accounts, offering you potential tax benefits. Your heirs may face heavy income taxes on inherited retirement accounts. By gifting these assets to a charity instead, you can avoid passing this tax burden to loved ones while leaving them other, more tax-advantageous parts of your estate.
Did you know? At age 70 ½ you can begin making charitable contributions via your IRA which is tax efficient and can eventually lower your adjusted gross income.Ask your advisor about setting up a Qualified Charitable Donation (QCD) to Merit.
How to Make a Gift of Retirement Assets
- Contact Your Plan Administrator: Reach out to obtain the necessary beneficiary designation form.
- Specify Merit as a Beneficiary: Clearly designate Merit by using the following information:
- Legal Name: Merit School of Music
- Address: 38 S Peoria St., Chicago, IL 60607
- Tax ID: 36-3028768
- Complete Merit’s Emma Endres-Kountz Society Declaration of Intent Form: Complete this form so that Merit can begin acknowledging and celebrating your generosity as part of their planned giving society.
Life Insurance Policies: Modest Investment Now, Significant Impact Later
Naming Merit as a beneficiary or transferring ownership of a paid-up policy provides a significantly large future gift at a relatively low cost today.
Did you know? Permanent Life Insurance is typically the kind that people donate. Term policies can be donated but the charity only receives a payout if the insure passes away before the term ends.
Gift Options for Life Insurance Policies
- Name Beneficiaries on Your Current Policy: Simply contact your insurance broker to request a new beneficiary form.
- Transfer Ownership of a Paid-Up Policy: Contribute a fully paid policy to Merit to provide immediate support for their mission. Contact your insurer and complete a memorandum of transfer form listing Merit’s information.
- Purchase a New Policy: Secure a new life insurance policy and name Merit as the owner and beneficiary.
How to Make a Gift of Life Insurance Policies
- Contact Your Insurance Broker: Speak with your advisor to understand the options available and determine the best approach for your philanthropic goals.
- Specify Merit as a Beneficiary: Clearly designate Merit as the beneficiary or owner of the policy by using the following information:
- Legal Name: Merit School of Music
- Address: 38 S Peoria St., Chicago, IL 60607
- Tax ID: 36-3028768
- Complete Merit’s Emma Endres-Kountz Society Declaration of Intent Form: Complete this form so that Merit can begin acknowledging and celebrating your generosity as part of their planned giving society.
Leave Your Mark
Join the ranks of visionary individuals who have chosen to invest in the enduring power of music through planned giving to Merit. By becoming a member of the Emma Endres-Kountz Society, your ensure that Merit remains a beacon of musical inspiration and place of belonging for generations to come.
For more information on planned giving opportunities or to discuss your personalized legacy plan, please contact Amy Riske. Together, let’s orchestrate a future filled with the transformative magic of music.
Thank You to Our Current Emma Endres-Kountz Society Members
Duffie A. Adelson
Robert C. Anderson
Anonymous
Ninette A. Babineau
Susan (Silverman) Boldrey
David P. Bolger
Jane B. Coleman
Dottie Currie
Elizabeth B. Eaton
Linda Fetzer
Joseph B. Glossberg
Ambassador Fay Hartog-Levin
Bruce and Jennifer Lee
Diana R. Leifer
Heidi Lukas and Charlie Grode
Ken and Darrelyn Marx
John F. O’Malley
Edward H. Oppenheimer
Julia M. Pernet
Ellard L. Pfaelzer, Jr.
Raymond L. Rusnak, Jr.
Grosvenor Capital Management, LP
Nancy Schuman
Nina G. Stillman
Elionor R. Thaviu
David P. Thomas
William A. Wallace
Cathy and Brien Wloch
In Memoriam:
Morton D. Cahn, Jr.
Jim Currie
Emma Endres-Kountz
Edith Geisler
Martha Glickman
Howard Gottlieb
Leroy and Anne Hampton
Joseph Hartog
Carol W. Keenan
Tom Leopold
Goldie Bachmann Luftig
Philip Perkins and Kersen de Jong
Arlene Grob Perry
Alice S. Pfaelzer
Maxing R. Philipsborn
Tom and Sue Pick
Frances Pietch
Judith C. Pollock
Robert F. and Julia Rainer
Elizabeth Ransley
Samuel Schuman
Rosalie and Martin Snitzer
Audrey and Ted Spiegel
Elizabeth Stein
David and Barbara Stone
Beatrice W. Swartchild
William C. Vance
Lewis C. Weinberg
Karen J. Wicklund
Alison J. Zehr
