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Most people would like to make their mark on the world—to do something that leaves the world a better place. Your contributions to our future make a statement about your thoughtfulness. Why not continue that support through your estate plan?
Creative donors have found exciting ways to provide for the future of Community Renewal Society, many of which may not have occurred to you. The following information focuses on simple, satisfying ideas for making gifts through your estate plan.
Consider a bequest
Gifts through your will can be of a particular item, dollar amount or a percentage of your estate. They can be contingent (passing to us only if another beneficiary dies before you) or in a trust, providing income to your spouse or children before passing on the benefit.
Sample language:
“I give Community Renewal Society, Chicago, Illinois 60604, the sum of $_____; or the following described property: _______; or ____ % for the rest, residue and remainder of my estate for its general purposes [or according to a letter of intent previously agreed to by CRS and me].”
Give life insurance
You can name us as the beneficiary of a policy on your life, or contribute to an old life insurance policy that you no longer need. The tax savings are excellent.
Life insurance policies, in addition to providing family protection and peace of mind, offer a multitude of other benefits, including significant help for our programs.
You can keep lifetime ownership rights in a policy (the right to borrow against a policy or cash it in, for example) but name us as the death beneficiary. Your estate will be entitled to a charitable deduction for the proceeds passing to us. If you prefer, you can name us as a contingent beneficiary. We would receive the proceeds only if your primary beneficiary died before you. Or you can make us a co-beneficiary and share the proceeds with another.
Leave bank accounts
Ask the account manager how savings or checking accounts, C.D.s or other financial accounts can be payable to us upon your death.
Generally, it is possible to pass bank account proceeds to an individual or organization without making or changing a will. Many states allow a POD (pay on death) accounts that let you name a beneficiary of almost any financial account: savings, checking, CD, building and loan accounts, credit union savings, etc. You can indicate that your deposit will be “payable on death” to any charitable, educational or religious organization and keep the right to change or revoke the arrangement at any time.
Include us as a beneficiary of your revocable living trust
Donors sometimes like to place money with a charitable organization on a revocable basis. The charity can use the interest the funds produce but the gift becomes permanent only after the donor dies. During life, the donor can always re-claim the funds if the need arises. As a technical matter, this arrangement amounts to an interest free loan, repayable on demand. This type of revocable gift eventually provides significant assistance if the lender makes the loan self-canceling at death. The donor’s estate would be entitled to a charitable deduction for any amount passing to our benefit
Leave tax-burdened property
Your estate can save both income taxes and estate taxes if you make us the beneficiary of part or all of your IRA or other retirement account. Family members might keep only 30 cents on the dollar, after taxes, from these assets. U.S. savings bonds also make tax wise bequests.
Naming CRS as a death beneficiary may also be good tax planning. Income taxes—and possibly “death taxes”—that may come due at death are wholly avoided. You can name us as a beneficiary of part or all of your retirement accounts simply by requesting a form from the custodian.
Please contact kmongoven@communityrenewalsociety.org at 312.427.4830 for more information.
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Planned Giving
< Back to "Support Our Work"Most people would like to make their mark on the world—to do something that leaves the world a better place. Your contributions to our future make a statement about your thoughtfulness. Why not continue that support through your estate plan?
Creative donors have found exciting ways to provide for the future of Community Renewal Society, many of which may not have occurred to you. The following information focuses on simple, satisfying ideas for making gifts through your estate plan.
Consider a bequest
Gifts through your will can be of a particular item, dollar amount or a percentage of your estate. They can be contingent (passing to us only if another beneficiary dies before you) or in a trust, providing income to your spouse or children before passing on the benefit.
Sample language:
“I give Community Renewal Society, Chicago, Illinois 60604, the sum of $_____; or the following described property: _______; or ____ % for the rest, residue and remainder of my estate for its general purposes [or according to a letter of intent previously agreed to by CRS and me].”
Give life insurance
You can name us as the beneficiary of a policy on your life, or contribute to an old life insurance policy that you no longer need. The tax savings are excellent.
Life insurance policies, in addition to providing family protection and peace of mind, offer a multitude of other benefits, including significant help for our programs.
You can keep lifetime ownership rights in a policy (the right to borrow against a policy or cash it in, for example) but name us as the death beneficiary. Your estate will be entitled to a charitable deduction for the proceeds passing to us. If you prefer, you can name us as a contingent beneficiary. We would receive the proceeds only if your primary beneficiary died before you. Or you can make us a co-beneficiary and share the proceeds with another.
Leave bank accounts
Ask the account manager how savings or checking accounts, C.D.s or other financial accounts can be payable to us upon your death.
Generally, it is possible to pass bank account proceeds to an individual or organization without making or changing a will. Many states allow a POD (pay on death) accounts that let you name a beneficiary of almost any financial account: savings, checking, CD, building and loan accounts, credit union savings, etc. You can indicate that your deposit will be “payable on death” to any charitable, educational or religious organization and keep the right to change or revoke the arrangement at any time.
Include us as a beneficiary of your revocable living trust
Donors sometimes like to place money with a charitable organization on a revocable basis. The charity can use the interest the funds produce but the gift becomes permanent only after the donor dies. During life, the donor can always re-claim the funds if the need arises. As a technical matter, this arrangement amounts to an interest free loan, repayable on demand. This type of revocable gift eventually provides significant assistance if the lender makes the loan self-canceling at death. The donor’s estate would be entitled to a charitable deduction for any amount passing to our benefit
Leave tax-burdened property
Your estate can save both income taxes and estate taxes if you make us the beneficiary of part or all of your IRA or other retirement account. Family members might keep only 30 cents on the dollar, after taxes, from these assets. U.S. savings bonds also make tax wise bequests.
Naming CRS as a death beneficiary may also be good tax planning. Income taxes—and possibly “death taxes”—that may come due at death are wholly avoided. You can name us as a beneficiary of part or all of your retirement accounts simply by requesting a form from the custodian.
Please contact kmongoven@communityrenewalsociety.org at 312.427.4830 for more information.
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