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Living Legacy

Joe Brancucci and Bill Carley

Joe Brancucci and Bill CarleyArts patrons, partners and philanthropists Joe Brancucci and Bill Carley moved to Tampa just five years ago when Joe took over the reins at GTE Financial. Bill, a Realtor, worked in Seattle before they moved to Tampa, where they beelined for the Straz Center.

"We have always enjoyed the arts and also feel a connection to Tampa. One way to be an active part in a place is to support the arts community. The Straz Center is a vital part of our community," says Bill.

"We make an annual contribution and have also included The Straz in our wills," says Joe. "This way we are both supporting the current programming and leaving a legacy to both the Straz Center and the larger community."

Joe and Bill, fans of dance and opera, count the Broadway series as their seasonal favorite although they recognize the comprehensive impact of the performing arts. "The many different types of performances enrich and broaden the experience of individuals and us as a collective. A strong arts community adds to the economic health of the entire Tampa Bay area. Theater and the performing arts have a centuries-old tradition of not only reflecting current times but of helping to shape thought as well. It is important that this outlet for creativity be continued and allowed to prosper in future generations," says Bill, and Joe agrees.

"Knowing that we are not only helping to continue these traditions but also that our legacy will provide opportunities for continuing work for years to come is the most satisfying aspect of supporting The Straz," he says. "We're not just supporting the arts but the community as a whole."

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A charitable bequest is one or two sentences in your will or living trust that leave to Straz Center 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

"I, [your name], of [city, state, zip], give, devise and bequeath to The TBPAC Foundation, Inc. [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 the Center 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.

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 the Center 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 the Center 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 the Center where you agree to make a gift to the Center 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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