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1ALLEY THEATRE
Spring 2011
Theatre Is a Family Affair for the LangfordsWhen Beth and Britt Langford moved
to Houston ten years ago, they quicklybegan exploring the local theatre scene.“We started by buying single tickets
to a few theatres to stick a toe inthe water,” Britt recalled. “Our interestin the Alley grew because of the qualityand variety of the product that’s trulylocal and most readily apparent inthe resident company. But the Alleyis so much more: building its ownsets, designing and sewing costumes,sourcing all props and tweakingevery sound. It’s not a touring showin a box that arrives in an 18-wheeler.Each production is crafted by a familyof professionals who live here, andthey’re great.”“Theatre is very much a family thing
for us, too,” Britt continued. “My parentsencouraged my involvement in thetheatre as a child because it bolstered myself-confidence yet could be veryhumbling. When Beth and I started afamily, we wanted our kids to be involvedbecause we expected the same benefits forthem in whatever careers they chose.”The Langfords got their wish: Their
son Brooks, who lives and works inAustin, performed as a youngster ina variety of shows, including the lead ina Dallas production of Amahl and theNight Visitors. Daughter Brynn recentlygraduated with a BFA in dramatic per-
formance at the University of Cincinnati’sCollege-Conservatory of Music and is nowan actor based in Los Angeles.As the family’s involvement with the
Alley deepened, Britt became a memberof the Board and began to consider waysto participate in providing for the theatre’sfuture. The couple recently updated theirestate plans, and their wills now includebequests to the Alley, which qualifiesthem as members of the Nina VanceLegacy Society.“When reviewing your estate plan, you
take stock of what’s important to you,”Britt reflected. “Those things change overtime, and in our case the Alley hasbecome an increasingly important part ofour involvement with the community. Wefelt that the Alley needed to be on the veryshort list of entities that blessed
(continued on next page)
WHAT’S INSIDE
• Probate – It’s Not
All Bad
• IRA Gifts Make
Return Appearance
• Giving Your Executor
a Helping Hand
• Inaugural Appreciation
Event Acknowledges
Our Valued Members
• Extended Engagement
Beth and Britt LangfordNina Vance Legacy Society Members
Photo by Priscilla Dickson
NINA VANCE LEGACY SOCIETY
Alley Theatre’s Financial, Estate and Gift Planning Newsletter Fall 2013
ApplauseApplause
us in our lifetimes and that we wanted tohonor.” He added, “We wanted to makesure that we had a hand in sustaining theAlley and the art of live theatre producedat the local level. Our decision to includethe Alley was even easier because it is sohighly regarded nationally.”
Do the Langfords have favorite performances?
“Lots of them,” says Britt. “In every respect, Ithought The 39 Steps production was extraordinary.Just a small subset of our marvelous residentcompany, and they were brilliant. One of Beth’sfavorites was Rajiv Joseph’s Gruesome PlaygroundInjuries for its innovative set design within theintimacy of the venue downstairs. So typical of anAlley season’s variety: a comedy on the Hubbard andbrand new intensity on the Neuhaus.”
Britt remains grateful for his time in and around thetheatre.
“The theatre experience gave me the confidence tostand comfortably before an audience. It also taught thevalue of preparation and rehearsal. Basic life skillsdeveloped during those formative years in theatre serve
me now whether I’m leading a teamof bank colleagues or conferringone-on-one with a client to solve aproblem or pursue an opportunity.”
Britt concluded, “Our passion forthe theatre runs very deep. It’s verypersonal because of the impact it’s
had on us as individuals and as a family.”
ALLEY THEATRE2
“We wanted to make sure that we had a hand insustaining the Alley andthe art form of live theatreat the local level.”
Probate – It’s Not All BadMention “probate” and many people react
negatively. Actually, probate is simply the courtsupervision of the distribution of an estate. It can bea lengthy, costly process, but there are advantages toprobate for many estates.
n The period during which unknown creditors maybring claims against an estate is generally shorter (e.g.,six months) for the probate estate than for a trust.
n A judge oversees all aspects of the probate estatedistribution and settles disputes regarding provisionsof the will.
n The court requires precise inventory andaccounting by the executor (personal representative atdeath) for the protection of the beneficiaries.
n Because the probate estate is a separate taxpayingentity that can use a fiscal year, it may be possible to
defer taxes by timing distributions.
n An estate may hold shares in S corporation stock,but only special types of trusts may own such shares.
n The probate court can award living expenses tothe surviving spouse and children during estateadministration.
n Most states expedite the distribution of assetsfrom small estates, thereby reducing probate fees. Isavoiding probate good for your estate? That dependsupon the complexity of your estate (do you own out-of-state real estate or a closely held business?) andyour family situation (is anyone likely to contest yourwill?). Ask your attorney about the probate processin your area and whether there are advantages tohaving your estate subject to probate or if a revocableliving trust would be more appropriate.
If you would like more information on makinga bequest to an organization such as the AlleyTheatre, please return the enclosed card in theenvelope provided to request a FREE publicationon Planning Your Bequests. The publicationcan be e-mailed or mailed to you. There is, ofcourse, no obligation. We also hope to see you atYou Can’t Take It with You, which opens the AlleyTheatre’s 67th season on September 25.
You Can’t Take It with You . . .But You Can Darn Well Make Sure Who Gets It
Theatre Is a Family Affair for the Langfords (continued from page 1)
3APPLAUSE
IRA Gifts Make Return AppearanceThe American Taxpayer Relief Act of 2012
reinstated qualified charitable distributions fromIRAs for those age 70½ and older for 2013. If youqualify, you may direct your IRA custodian to send acheck from your account to the Alley Theatre andowe no income tax on the distribution. Normally,withdrawals from IRAs are taxed at ordinary incomerates, up to 39.6%.
Although no income tax charitable deduction isallowed, your gift can satisfy your required minimumdistribution, saving taxes that you would otherwisehave to pay. For example, suppose your requiredminimum distribution for 2013 is $5,000. Whenyou withdraw that amount, you’ll pay tax of $1,400in a 28% tax bracket (more in higher brackets). Butif you direct the IRA custodian to send the $5,000directly to the Alley Theatre, you’ll avoid the $1,400tax, while making a satisfying gift.
Donors may give up to $100,000 from IRAs in2013, but the distributions cannot be used to establishcharitable remainder trusts or fund charitable gift
annuities. Distributions may be made only to publiccharities such as the Alley Theatre, not donor advisedfunds or private foundations. Gifts must come fromtraditional or Roth IRAs, not from 401(k)s or otherretirement plans.
If you’re planning an IRA gift, please contact usfirst before you take a withdrawal. That allows us towork with your IRA custodian and give you theproper receipt for your gift.
Did You Know?Under this law, which expires on
December 31, 2013, donors who donot itemize their Federal income taxreturns may make qualified IRA giftsand exclude such gifts from theirreportable income.
Giving Your Executor a Helping HandAsking someone to be your executor is asking a big favor. Whether it’s a relative or close friend, you
owe him or her the courtesy of making the job as simple as possible.
Attach a list to your will detailing:
n names, addresses and contact information of your advisers;
n locations of bank accounts, along with account numbers;
n life insurance policies, including the name of the insurer, location of the policies and value;
n where old income and gift tax returns can be found;
n user names, passwords and PIN numbers for your “digital estate;”
n the location of real estate deeds, birth certificates, marriage licenses, trust documents and other important papers.
ApplauseApplause
Inaugural Appreciation Event Acknowledges Our Valued MembersOn March 27, members of the Nina Vance Legacy
Society were treated to a reception in their honor at theAlley Theatre. The special guest for the evening wasJames Black, who celebrated his 25th anniversaryseason as an Alley Resident Artist. During the evening,Mr. Black shared insightful and amusing stories abouthis experiences at the Alley and Managing DirectorDean Gladden provided members a preview of therenovation plans for the Alley Theatre building. Inattendance were Gina Fish, planned giving chair, andher husband Dr. Richard Fish. The evening wasdelightfully memorable and plans are to offer this eventannually. To learn more about the Nina Vance LegacySociety and the benefits of membership, please contactour office.
If you would like to make a bequest for the future of the Alley Theatre, our legal name is Alley Theatre and our Tax ID number is 74-1143076.
Extended EngagementHopefully you have heard the exciting news that the Alley is renovating its theatre. This will be the first
major renovation of the Hubbard Stage and building since the Alley opened in 1968 – 45 years ago. Thebuilding refurbishment is part of the Alley’s multi-pronged Extended Engagement Capital Campaign toensure that the Alley remains in the forefront of Houston’s cultural life for the next 50 years. One way tosupport the campaign is to include the Alley Theatre in your estate plan to benefit the Endowment. Formore information on the scope of the campaign, specific details and to share your thoughts, please visit theAlley’s website at alleytheatre.org.
Richard and Gina Fish and Elizabeth and James Black at the Nina Vance Legacy
Society Appreciation Event
Photo by Peter Yenne
Masthead photos: Jeffrey Bean in Cyrano de Bergerac (photo by Michal Daniel). Jennifer Laporte and John Feltch in To Kill a Mockingbird (photo by T. Charles Erickson).
615 Texas AvenueHouston, Texas 77002
www.alleytheatre.org
This publication is prepared exclusively for the information of our friends and donors. Its purpose is to point out current tax developments which may be helpful in your tax and financial planning. This materialis based on recent court decisions and current laws and regulations. You should, of course, consult your own legal, tax or financial planner as to the applicability of any item to your own situation.
Mary Kay WittrockDirector of Planned Giving
