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Osmo Vänskä /// Music Director

Music Lover's Legacy Gift Hits All the Right Notes George Grim's Estate Gift Helps to Cement a Solid Future for the Orchestra


George Grim

The late George Grim made an indelible imprint on the social fabric of the Twin Cities. This beloved journalist was widely recognized as a columnist, foreign correspondent, and radio and television personality.

But only a few people knew he was a member of the Minnesota Orchestra's Laureate Society, the circle of donors honored for taking the visionary step of including a future gift for the Orchestra in their estate plans. In this area, George chose anonymity, not wanting to reveal his generosity during his life.

Dorothie "Dottie" Dekko, a longtime friend of George, was among the few who knew of his plans for the Orchestra. George's estate gift for the Minnesota Orchestra was always there," she says. "I cannot remember a time when it wasn't."

George's appreciation of classical music and the Minnesota Orchestra can be traced to the symphony concerts his parents took him to when he was growing up in New York. Studying to be a concert pianist, he was good enough to perform in Carnegie Hall while quite young. He abandoned his plans to be a professional musician, Dottie recalls, only when "he realized how much practicing it involved." Still, throughout his life he remained anaccomplished organist.

George knew that experiencing the power of classical music while young had shaped him in countless ways. It also made him a big fan of the Minnesota Orchestra's educational programs.

"George believed that if you have exposure to music when you're young—no matter what happens later in life—it will always stay with you," Dottie says. "That's why the Orchestra's Young People's Concerts were so important to him. Many of these children wouldn't have come to Orchestra Hall if the concerts weren't availableto their schools."

After traveling the world, George retired to Key Biscayne, Fla., and despite the distance from the Twin Cities, he never wavered in wanting to assist the Minnesota Orchestra. Dottie understands clearly whyGeorge chose to make the Orchestra part of his legacy.

"He wanted to be sure Minnesota would always have the Minnesota Orchestra. He knew thatleaving a future gift would help realize this dream, and he would never have considered anything else."

As Dottie reflects on George, their many years of friendship, his life's work and his deep appreciation of music, she captures the essence of a man who made a living expressing his views publicly while privately holding a charitable vision close to his heart.

"I know George would be very, very pleased about the gift he made through his estate," she says. "He would have a big smile on his face. In fact, he'd probably write a column right now encouraging people to make their own estate gift, no matter the size, and would share with us how happy he is to have done so himself."

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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.

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