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Osmo Vänskä /// Music Director

A Moving Experience Orchestra Performance Brings Service Memories to Mind for Retired Veteran

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Laureate Society member Gerald "Jay" Woldt and friend Linda Tetzlaff.

Laureate Society member Gerald "Jay" Woldt served as a certified registered nurse anesthetist in the Army for 21 years, with assignments throughout the United States and abroad. In 1970-71, he administered anesthesia in Vietnam, often working for several days without a break.

Years later the war movie Platoon and its use of Samuel Barber's "Adagio for Strings" had a profound effect on Jay. When he heard the Minnesota Orchestra perform this most elegiac work, Jay recalled, "Hearing the music put me right back in the hospital taking care of patients. It brought tears to my eyes. The music was outstanding."

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Jay Woldt, far left, with members of the 93rd Evacuation Hospital Nurse Anesthetist Staff in Vietnam.

Like many donors, Jay has experienced more than one unforgettably moving performance at Orchestra Hall, and he is confident that the Orchestra's powerful performances will again be heard there long into the future. Thus he made the ultimate commitment to a nonprofit—a gift through his estate. "At this stage in my life," he noted, "I felt I could give back to the things that I have enjoyed for years."

Rather than leave a gift for the Orchestra in his will, Jay named it as a beneficiary of an annuity. It wasn't complicated. "We exchanged forms and the estate gift was completed in about a week."

He was aware of the tremendous tax advantages that came with making a future charitable gift via an annuity. A family member or friend named as a beneficiary to an annuity must pay income tax on the proceeds. But as a nonprofit, the Orchestra pays no tax, and the full amount of the annuity is used according to the donor's wishes.

In Jay's case, the tax savings made for smart planning. But his true reward was in knowing what he could accomplish. "I wanted to make a gift that would enable the Orchestra to inspire young musicians and allow it to bring outstanding concerts to all of us who live in this wonderful city and state. Thanks to the annuity, I can achieve that goal."

eBrochure Request Form

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A charitable bequest is one or two sentences in your will or living trust that leave to Minnesota Orchestral Association a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

Bequest Language

"I, [name], of [city, state, ZIP], give, devise and bequeath to the Minnesota Orchestral Association [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Minnesota Orchestra or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Minnesota Orchestra as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Minnesota Orchestra as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Minnesota Orchestra where you agree to make a gift to Minnesota Orchestra and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

Personal Estate Planning Kit Request Form

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