In the 1990s when we lived in Palm Beach County, we included the Kravis Center as a part of our estate plan.
Our careers took us away from Florida for 15 years. With each move, we updated our estate plan to accommodate our new state laws, and we reconsidered our bequests. Our commitment to the Kravis Center never wavered, even though we did not know whether we would ever live in Palm Beach County again.
Why?
Because we had shared in the Kravis Center's formative years, we knew of its importance to the community and we wanted to give back to a place that had nurtured and welcomed us. The Center also met and exceeded the four criteria we use when making our decision to give money to an organization:
- Is it well-run?
- Will its value proposition and business model endure?
- Are its finances sound?
- Is the culture of the organization—its management and its board—adaptable, diverse, open-minded, visionary and strongly united around a common purpose?
Recently we returned to live in Palm Beach County and once again enjoy the diverse offerings that continue to educate and entertain audiences of all ages. We believe building an organization's endowment is the best way to ensure that it lives on and stays vibrant—across economic cycles and across generations.
Indeed, the Kravis Center is and will remain the crown jewel of Palm Beach County with income generated from a well-funded Permanently Restricted Endowment Fund.
—Sherry and Tom Barrat
Learn more about supporting the Kravis Center for the Performing Arts with a gift in your future plans by contacting Kravis Center's Development Department at endowment@kravis.org or 561.651.4230.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.