(The following is for informational purposes only, and is not intended to provide legal advice or to create an attorney-client relationship)
What is a "legacy gift”?
For MLA’s purposes, a "legacy gift” is any gift given to the MLA at the time of a person’s death.
What is my "estate”?
Your "estate” is any asset you own at the time of your death. This includes real property (such as your home), accounts you have at financial institutions (such as bank accounts or investment accounts), and any personal property you own (such as the contents of your home, a car, jewelry, and clothing). Your estate may also include your share of assets that you own jointly with a partner or another person.
Is a will the only way I can leave someone an asset that I own?
Not necessarily. If you own an asset that allows you to name a beneficiary designation (such as a bank account, a retirement account, or a life insurance policy), you can simply designate in the document the name of the person or entity who will receive that asset at the time of your death. These gifts do not typically pass through your will unless you provide that your estate is the beneficiary of that asset; however, in most instances, these assets will be a part of the value of your estate. You and your attorney will decide what is best for you.
Do I have to leave a specific amount of money in a bequest?
No. You can leave a specific dollar amount, or you can leave a certain percentage of your estate. You can also make a "contingent bequest,” which means that MLA would become the beneficiary of your estate or a portion of your estate only if your partner or other beneficiary predeceases you.
Can I specify that my bequest be designated for a particular purpose?
Yes. The minimum donation to MLA in order to establish a fund that is designated for a specific purpose—scholarships, publications subventions, travel grants, and research—is $50,000. Approval by the MLA Board of Directors is needed to designate an endowment for a specific purpose. Any conditions placed on a bequest must be worked out with the MLA Board at the time your will is drawn up. Endowment funds will be designated as "temporarily restricted” as mandated by the Association’s investments policy.
Do I have to leave a gift of money only?
No. You can leave a piece of property (for instance, you can leave your home or a piece of personal property, for instance, your vehicle), by directing that the property be sold and the proceeds of the sale of that property be given to a named beneficiary.
What is the official name and address of the Music Library Association, Inc.?
Your gift should be directed to the Music Library Association, Inc., 8551 Research Way, Suite 180, Middleton, WI 53562. The MLA, incorporated August 20, 1945 in the District of Columbia, is a tax-exempt organization pursuant to IRS 501(c)(3). Our federal identification number is 52-6056338.
The MLA strongly recommends that anyone who is considering a legacy gift to the Association contact an attorney who is experienced in estate planning.