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A Daughter's Love: Creating a Tribute Legacy

Given her experience as a trust officer, we asked Nancy to share some of her insights on estate planning and legacy gifts.

“First of all, I think it’s important that people realize that planned giving isn’t just for the wealthy. Though I had my estate plan in place, this inherited IRA was not anticipated. My brother and I had had some long conversations about this gift, but the truth is that you don’t want to inherit anything from a sibling. You don’t plan for that. He told me his gift would allow me to do what I needed to do and if it came to a point where I didn’t need it for my family, I could donate it to charity. When that time came, I realized that I should do what I had always advised my clients to do when I was a private client trust officer.”

Nancy explained that it was an easy choice for her, in part because IRAs are so tax-affected. “It’s the best asset to leave for a charity because estate and income taxes can total as much as 80% of the account as withdrawals are taxed as ordinary income, so it really makes sense to choose that asset first and foremost. Oftentimes, if you’re married, you’ll need your spouse’s permission, but if you have a straight IRA asset like I inherited, it’s a good choice.  My husband Alan was well aware, fully endorsed my decision, and thought it was a great idea.”

Nancy’s planned gift to the Alley is in memory of her father, Charles M. Macko. As a founding trustee of the library in her small hometown of Ardsley, New York, Mr. Macko had a passion for literature. His career as a journalist culminated as the movie and theatre critic for the Wall Street Journal. He introduced Nancy to live theatre with the Broadway production of My Fair Lady. Nancy recalled, “I was very young but I was mesmerized and loved every minute of it. It was an experience that I shared with my dad. We always went to the theatre and movies together, and so my legacy gift to the Alley is in tribute to him and will subsequently help the Alley continue to provide memorable theatre experiences for future generations.”