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