Your gift will contribute to preserving and strengthening the Hardanger fiddle and dance tradition in North America for those who come after you. A bequest to the HFAA helps to ensure that the music and dance that you love will continue to flourish after you are gone.

How to make a bequest

Bequests can be easy to arrange. You should consult your attorney about the preferred wording, but it is possible for your attorney to add a bequest to your will or living trust in as little as one sentence. There are many ways to make a bequest:

• a specific sum of money

• a percentage of your total estate

• a percentage of the remaining assets (“residuary”) in your estate after other bequests

• naming the HFAA as a beneficiary of a life insurance policy

• a contingent gift, which is fulfilled if certain conditions are met, such as if your primary beneficiary does not survive you.

• making a “payable upon death” designation on a certificate of deposit or other personal financial account, naming HFAA to receive the assets on your death.

In addition to the above cash gifts, the HFAA accepts gifts of Hardanger fiddles for potential use in our acclaimed Adult Student Hardingfele Loan Program (http://www.hfaa.org/Home/adult-student-hardingfele-loan-program)

Many of these gift types may have tax advantages for you as well.

Please see the HFAA’s Gift Acceptance Policy. We encourage you to talk with your financial planner and/or attorney about the possibilities.

If you turned 70-1/2 prior to January 1, 2020 and own a non-Roth IRA, consider making a Qualified Charitable Distribution

If you reached the age of 70-1/2 prior to January 1, 2020 and own or are a beneficiary of a non-Roth IRA, you must take a Required Minimum Distribution from your IRA each year. If you do not need to use the full withdrawal amount, consider taking some of your distribution as a Qualified Charitable Distribution.

What is a Qualified Charitable Distribution? Generally, a qualified charitable distribution is an otherwise taxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by an individual who is age 70-1/2 or over that is paid directly from the IRA to a qualified charity. See Pub. 590-B, (https://www.irs.gov/publications/p590b/index.html) Distributions from Individual Retirement Arrangements (IRAs)) for additional information.

Can a Qualified Charitable Distribution satisfy my required minimum distribution from an IRA? Yes, your qualified charitable distributions can satisfy all or part of the amount of your required minimum distribution from your IRA. For example, if your 2018 required minimum distribution was $10,000, and you made a $5,000 qualified charitable distribution for 2018, you would only need to withdraw another $5,000 to satisfy your 2018 required minimum distribution. 

Why make a Qualified Charitable Distribution? A qualified charitable distribution allows donations from your IRA directly to charity to be excluded from your income, lowering your adjusted gross income. This may lower the amount of tax you would pay on your IRA distribution. The qualified charitable distribution must be done as a direct transfer from the IRA to the charity. Consult with your tax advisor for more information.