A Guide to Leaving a Legacy Gift

Create Lasting Impact for Future Generations

A legacy gift is a powerful way to ensure that the mission of Central Music Academy endures long into the future. By including CMA in your estate plans, you provide the "evergreen" funding necessary to keep students learning from professional mentors in our classrooms for decades to come.

Why Leave a Legacy Gift?

  • No Immediate Cost: Most legacy gifts do not affect your current finances or lifestyle. You maintain full control over your assets during your lifetime.

  • Flexibility: You can choose to give a specific dollar amount, a percentage of your estate, or the remainder after taking care of your loved ones.

  • Tax Efficiency: Legacy gifts can significantly reduce the estate tax burden on your heirs.

  • A Lasting Statement: A gift in your will or trust is a testament to your values and your belief in the transformative power of music.

Popular Ways to Leave a Legacy

1. A Bequest in Your Will or Living Trust (The Most Common Way to Give): You can include a simple provision in your will or trust naming Central Music Academy as a beneficiary.

  • Sample Language: "I give, devise, and bequeath to Central Music Academy, a nonprofit corporation located in Lexington, KY (EIN 61-1466695), the sum of $_______ [OR _____% of my estate] to be used for its general purposes."

2. Beneficiary Designations (The Simplest Way to Give): You can name Central Music Academy as a beneficiary of your Life Insurance Policy or Retirement Account (such as an IRA, 401(k), or 403(b)).

  • Why it’s smart: Retirement assets are often the most heavily taxed if left to individuals, but they pass to nonprofits like CMA tax-free.

  • How to do it: Simply request a "Change of Beneficiary" form from your plan administrator and list CMA as a primary or contingent beneficiary.

3. Successor Recognition for Donor-Advised Funds (DAF): If you have a Donor-Advised Fund, you can name Central Music Academy as the "Successor Beneficiary" to receive all or a portion of the remaining funds in the account after your lifetime.

Step-by-step instructions

  1. Reflect on Your Impact: Decide how you want to be remembered. Do you want to support general operations, or perhaps establish a named scholarship?

  2. Consult Your Professional Advisors: Meet with your attorney or financial planner to discuss which legacy giving vehicle is best for your overall estate plan.

  3. Use Our Legal Details: Ensure your documents use our correct legal name and tax ID:

    Legal Name: Central Music Academy

    Tax ID (EIN): 61-1466695

    Address: 3295 Eagle View Lane, Lexington, KY 40509

  4. Let Us Know: If you have already included CMA in your plans, please let us know! We would love to thank you during your lifetime and ensure we understand exactly how you wish your gift to be used. We ask that you fill out this form to inform us of your intentions and how you would like to be recognized.

Disclaimer: While we are passionate about our mission, we are not estate attorneys. Legacy giving involves legal documents and tax considerations that vary by individual. Please consult with a qualified estate professional to ensure your gift is executed according to your wishes.