Estate Planning: Frequently Asked Questions
Create or update your estate plans — useful information and options to consider.
Legal Name: Chicago Symphony Orchestra
Address: 220 South Michigan Avenue, Chicago, IL 60604
Tax ID Number: 36-2167823
Sample Language for a Will or Trust:
For a specific bequest: “I hereby give and bequeath $___ from my estate to the Chicago Symphony Orchestra, an Illinois not-for-profit corporation, Chicago, Illinois, for its general purposes.”
For a remainder gift: “I hereby give and bequeath all (or ___%) of the rest, residue, and remainder of my estate to the Chicago Symphony Orchestra, an Illinois not-for-profit corporation, Chicago, Illinois, for its general purposes.”
The Chicago Symphony Orchestra’s legally stated mission is “…to enrich, inspire and transform lives through music, community engagement and education”.
Therefore, to support the everchanging nature of specific programs and initiatives that meet that mission, please direct all planned gifts to the Chicago Symphony Orchestra and not individual programs. Restrictions added to estate plans without discussion with CSOA staff could reduce the impact of the donor’s legacy.
Frequently Asked Questions
What is planned giving?
Planned gifts allow you to support the future of the music you love for future generations and ensure that the CSO has funding to remain a leader in the musical field.
Also called gift planning, it refers to plans created for gifts made after a donor’s lifetime.
The most common planned gifts are specific or percentage gifts in a will or trust or a beneficiary designation on a retirement account.
How can I make a planned gift to the CSOA?
Depending on your financial goals, planned gifts range from something as straightforward as a bequest in your will or trust, to a charitable gift annuity which can provide life income, or naming the CSO as a beneficiary of your retirement fund.
Use our confidential online Planned Gift Calculator to see how a variety of gifts could work for you.
Peruse our Planned Giving Brochure to learn about available options.
How can my planned gift have the biggest impact?
Gifts of all sizes have an impact because they are invested and used over time.
Your legacy at the CSO will have the biggest impact if your gift is unrestricted, so that the board in its governance capacity can direct it to where it is most needed in support of the CSO’s stated mission.
Can my planned gifts be designated for a specific purpose?
When a gift is unrestricted you can be sure it will be used to support the mission of the CSO in the most beneficial way for the organization’s future.
If you have a particular passion, staff would be happy to discuss it with you. Restrictions added to estate plans without discussion with CSOA staff could reduce the impact of the donor’s legacy.
The organization prefers unrestricted gifts, which allow the Board of Trustees to direct them to the area of greatest need.
Please contact Karen Bippus, Director of Endowment Gifts & Planned Giving, using this form or at 312-294-3150 if you have questions.
Conversations are confidential and not commitments.
How do I benefit from a planned gift?
There are a variety of benefits available to you, including reduced taxes, current cash payments (income) and supplemental support for family members and friends. Having a plan also gives you peace of mind that your wishes are clearly defined.
When you share with staff that you have created a planned gift, you become a member of the CSO’s Theodore Thomas Society (TTS). TTS members receive behind-the-scenes benefits as well as access to VIP Ticket Services.
How do my family members and loved ones benefit from a planned gift?
Depending on the specific gift you plan, there are arrangements (such as Charitable Gift Annuities) that can provide income for family members or friends. Other plans can reduce income taxes owed by family from your retirement assets.
How does the CSOA benefit from a planned gift?
Planned gifts ensure the long-term fiscal stability that allows the CSO to remain a leader in the musical field. Additionally, unrestricted gifts allow the CSOA to develop mission-focused programs and initiatives that support the future of the organization you love.
Gifts left to the Chicago Symphony Orchestra are invested. Draws from the fund are governed by the CSO’s investment policy. Additionally, all draws are directed and approved by the Board to provide the most impact for the CSO over time.
What is the Theodore Thomas Society?
Named in honor of the founding music director of the Chicago Symphony Orchestra, the Theodore Thomas Society is the CSO’s planned giving society. All donors who have included the CSOA in their estate plans are invited to join. Through the Thomas Society, we seek to honor these donors and their commitment to the legacy of the Chicago Symphony Orchestra. The Theodore Thomas Society offers special activities and access to VIP Ticket Services, and honors its members by enhancing their appreciation of music and their sense of belonging to the CSO family.
How do I name the CSOA as a beneficiary of my retirement plan or life insurance plan?
Most retirement plans or life insurance policies have beneficiary designation forms that you can fill out online or download to print and complete. Your financial advisor can help you if you are not easily able to find the forms.
Naming the CSO as a beneficiary of your retirement plan usually offers an important tax advantage, since most retirement plans are subject to income taxes — and possibly estate taxes — if left to an individual. If the CSO is named as a beneficiary, the Chicago Symphony Orchestra Association does not pay income or estate taxes on the distribution.
What is the legal name and tax ID for the Chicago Symphony Orchestra?
Legal Name: Chicago Symphony Orchestra
Tax ID: 36-2167823
Address: 220 South Michigan Avenue, Chicago, IL 60604
Phone: 312-294-3100
The Chicago Symphony Orchestra Association encourages you to contact your financial or estate planning professional for legal advice.
Learn More
To learn more about making a planned gift to the Chicago Symphony Orchestra or becoming a member of the Theodore Thomas Society:
- Read the CSO’s Guide to Planned Giving
- Check out our latest Planned Giving Newsletter
- Complete our Bequest Intention Form
For More Information
We would be happy to help you understand the options available and the ways to go about setting up a plan that is just right for you. Contact a member of our team to help answer any questions you might have.
Karen Bippus
Director, Endowment Gifts and Planned Giving
312-294-3150
Joe Bauer
Manager, Endowment Gifts and Planned Giving
312-294-3192
220 S. Michigan Ave.
Chicago, Illinois 60604