Spring 2011

Forwarding Their Love of the Arts Jackie Mazow recalls how she and her

husband, Malcolm, have been involved“for ages” with the Alley Theatre:

I actually appeared in one of theAlley’s first productions when theperformances were held in a space thatwas used as a dance studio on MainStreet down an “alley.” Nina Vance wasthe producer as well as the director, andI somehow remember her putting upchairs for the audience.

When Malcolm was in high school, heparticipated in a program at his templethat Nina Vance directed. He becamefascinated with live performance.

Over the years, we have become whatyou might call “arts junkies.” We love allthe performing arts, with live theater atthe top of the list, for me at least. So, wehave attended the Alley as subscribersfor many years, and as patrons for quitea few years, as well. We were so proudwhen the Alley received the RegionalTheatre Tony Award in 1996.

We have recently become enchantedwith the Alley All New Festival. Howexciting is it spending the better part of

a weekend listening to readings andwatching “All New” theatre piecespresented for the first time? It’s likewatching a baby animal being born,struggling to find its feet and thengetting up and romping off into themeadow. As an example, we attendedthe reading of Rajiv Joseph’s Describe theNight at the 2017 Festival, and then sawthe world premiere this past September.We so enjoyed it, that I went to see it asecond time and took friends whoenjoyed it as well.

WHAT’S INSIDE

• How Does aCharitableRemainder Trust Work?

• ItemizedDeductions: More or Less

• Free Booklet

• Did You Know?

Dr. Malcolm and Jackie Wolens Mazow,

Nina Vance Legacy Society Members

(continued on page 2)

Photo by Eli Turner Studios

NINA VANCE LEGACY SOCIETY

Alley Theatre’s Financial, Estate and Gift Planning Newsletter Spring 2018

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Forwarding Their Love of the Arts (continued from front page)We realize that as we are growingolder – not old, just older – we have aresponsibility to make certain there aresuch quality arts experiences for ourkids’ generation and others. Several yearsago, when we began planning for ourfuture, we wanted to make provisionsin our estate plan to ensure the arts would beaccessible for future generations. We explored manyoptions, and we decided to establish a charitableremainder unitrust; the Alley has been made one ofthe beneficiaries.

We feel extremely fortunate to have such a vibrant

arts scene in Houston. Being part of agroup of outstanding, talented,dedicated and passionate individuals,as we have at the Alley, makes usproud, indeed!

In our many travels, we always seekout whatever art experiences there are

in the area we are visiting, be it on Broadway orTanglewood Music Festival. But when we return home,we are equally excited to attend the wonderfulperformances right here in our own backyard.

We are anxiously anticipating our next Alleyperformance!

“. . . we wanted to makeprovisions in our estate planto ensure the arts wouldbe accessible for futuregenerations of audiences.”

How Does a Charitable Remainder Trust Work?A charitable remainder trust is an arrangement inwhich you irrevocably place cash, securities or otherproperty, but keep an income – usually for life.When the trust ends, the property in the trust passesto a charity you name, such as the Alley Theatre,much as if you had left a gift in your will. Butbecause you chose to accelerate your gift by means ofa trust, you are entitled to a substantial income taxcharitable deduction.

How much will the trust pay me? You can choosea trust that makes fixed payments of at least 5% ofthe amount you contribute to the trust (an annuitytrust) or a trust that pays fluctuating amounts equalto a minimum of 5% of the annual value of the trustassets (a unitrust).

What will my charitable deduction be? Theamount of the deduction depends on the age or agesof the person(s) receiving payments and the amountof the benefits you want to receive each year. We canprovide you with tax and financial benefits for yourparticular situation.

Are there advantages to funding a charitableremainder trust with stock? If you transferappreciated stock that you have owned more thanone year to a charitable remainder trust, all capitalgains and net investment income taxes are avoidedwhen the trustee sells the shares. You receivepayments based on the full value of the stock.

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Itemized Deductions: More or Less

Free BookletFor more details on the recent tax legislation passed in December 2017,the Alley Theatre is offering a FREE publication entitled Planningunder the New Tax Rules. The publication is available by mail or e-mailand there is, of course, no obligation. Simply return the enclosed card inthe envelope provided.

Itemized deductions fell into three basic categoriesin the Tax Cuts and Jobs Act of 2017: those thatwere enhanced, those that were restricted and thosethat disappeared.

Enhanced

n Donors will be able to deduct more for their cash gifts to charity. Previously, a donor couldclaim deductions up to 50% of his or her adjustedgross income, while carrying over any excess to thenext five years. Cash gifts are now deductible up to60% of adjusted gross income.

nMedical expenses are deductible through 2018 if they exceed 7.5% of adjusted gross income. Thethreshold was to have been 10%.

Restricted

n The deduction for interest on mortgages on firstand second homes entered into after December 15,2017, is limited to indebtedness of $750,000.Homeowners with mortgages prior to that date cancontinue to deduct interest on up to $1 million ofindebtedness.

n The deduction for state and local taxes (income or sales tax and real estate tax) is limited to $10,000.

n Unreimbursed casualty losses are still deductible,subject to a $100 loss and to the extent they exceed10% of adjusted gross income, but only if the loss isattributable to a presidentially declared disaster.

Disappeared

n In certain cases, interest paid on home equity loans – previously limited to $100,000 ofindebtedness – is no longer deductible.

n The many expenses that fell under the headingof miscellaneous itemized deductions are no longerdeductible. These include fees for safe deposit boxrentals, investment advice, income tax returnpreparation, union dues and work tools.

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If you would like to make a gift for the future of the Alley Theatre, our legal name is Alley Theatre and our Tax ID number is 74-1143076.

Did You Know?Describe the Night premiered onSeptember 20, 2017, just three weeks afterthe deluge from Hurricane Harvey. Daysafter the flood, the Alley secured a newrehearsal space for the actors, an alternateperformance venue at the University ofHouston and moved the scene shop to ourun-air-conditioned warehouse to build anew redesigned set. The show not onlywent on, but garnered critical success andcontinues to thrive. Describe the Night hasbeen subsequently produced by theAtlantic Theater Company in New York(off-Broadway debut) and HampsteadTheatre (London).

Photo by Lynn Lane

Jeffrey Bean, Todd Waite and Liv Rooth in the Alley Theatre’s world premiere

production of Describe the Night

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).

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

615 Texas AvenueHouston, Texas 77002

713.315.3378marykayw@alleytheatre.orgalleytheatre.org/plannedgiving