Our hope is to serve you and your family with helpful information about planned giving gifts. We have an increasing number of friends and supporters who now are benefiting from life income gifts, gift annuities and other plans. Thank you for taking the time to explore the benefits of gift planning. If you have further questions, please feel free to contact Greg Eklund at 224-585-4378 or email with any questions about making a planned gift to the Center of Concern. To receive Center of Concern planned giving information please complete this form and we’ll send you the information.
The Center is also pleased to offer you a free wills planning guide. This guide will help you begin the will planning process. To request a copy or to download the guide complete this form.
Gifts can take multiple forms and can help you address your personal goals and dreams. Do you want to make a significant gift during your lifetime, or would a gift as part of your estate work better? Do you have a particular asset that you are thinking of donating? Do you want to increase your retirement income, or is your primary goal estate preservation? Are you carrying surplus life insurance or a large balance in your retirement plan? Here are some places to start as you consider ways to support yourself, your loved ones and the Center of Concern all at the same time.
The benefits of charitable giving are many, whether your gift comes through a bequest or during life giving opportunities. Almost every charitable gift can be considered an investment. Potential benefits to charitable estate planning include:
- Helping others in your community
- Estate Tax Savings
- Income Tax Savings
- Capital Gains Savings
- Fixed Income for Life
Wills, Stocks, Revocable Living Trust, Life Income Gifts, Charitable Gift Annuity, Charitable Remainder Trust, Life Estate, Real Estate, and Retirement Account, as well as some other gift types that are listed below.
If you have question about a planned gift call Greg Eklund at 224-585-4378.
The most popular and flexible type of life income plan is a Charitable Remainder Unitrust (CRUT). Cash, securities, real property, or other assets are transferred into the trust. The trustee manages the trust assets and pays you or others you choose a variable income for life or for a term of years. When the trust terminates, the remaining assets in the trust are transferred to the Center of Concern.
A Charitable Remainder Unitrust and Charitable Remainder Annuity Trust share many common advantages with two important distinctions. A Charitable Remainder Unitrust pays the beneficiary a fixed percentage of the principal of the trust as it is revalued annually. This type of trust provides the donor with the flexibility to make additional gifts to the trust. In contrast, a Charitable Remainder Annuity Trust pays the beneficiary a fixed dollar amount, which is determined when the trust is established. Additional gifts to this type of trust are not permitted. Depending on your needs, you may find one trust arrangement more attractive than the other.
Are your appreciated assets (such as stock, bonds or real estate) producing little or no income?
If you sell your appreciated assets, you will pay a large capital gains tax. A sale and charitable remainder unitrust may be the solution.
How a Sale and Unitrust Works.
- You give a portion of your asset.
- The asset is sold, you receive cash and the rest goes to fund your charitable trust.
- The trust will provide you with income for the rest of your life.
- You receive a charitable deduction this year to offset your tax on the sale.
Benefits of a Sale and Unitrust
- You get the cash you need to purchase another residence, travel or meet your daily needs.
- The Unitrust provides you with income for the rest of your life and future retirement.
- The Unitrust deduction gives you valuable tax savings that may reduce your tax bill this year.
- When you pass away, the remaining value in the Unitrust will help us further our work.
If you are 60 or older, a Deferred Gift Annuity (DGA) can provide you with income and/or capital gains tax advantages and high, fixed income when you reach 65. The same investment will benefit the charities in which you most believe. The Deferred Gift Annuity (DGA) If you are younger than 65 this annuity can be used as a retirement planning vehicle to supplement existing retirement assets. It is most beneficial to donors who have already made the maximum contributions to their existing retirement plans.
You will be paid a fixed amount of income on a regular basis, beginning at age 65. Part of the gift qualifies for an immediate income tax deduction. That will reduce your current taxes. And the full value of the gift is removed from your estate. The younger you are, the larger the tax-deductible portion of the gift. What’s more, part of the annuity payment may be received as tax-free income.
Many donors create Deferred Gift Annuities on an annual basis to build retirement assets. The donor may name a joint and successor beneficiary who will receive the annuity at the end of the donor’s lifetime, beginning on the date of the donor’s 65th birthday or thereafter.