Bequest
Charitable Remainder Trusts
Charitable Lead Trust
Stocks, Bonds and Other Securities
Life Insurance
Retirement Plans
The
Saint Louise de Marillac Heritage Society
Bequest
Please consider making a charitable bequest
to Marillac House in your will. The federal estate tax
can take approximately 50 percent of one’s estate at the
time of death. Prior estate planning with your attorney
or advisor can reduce your estate tax and ensure the continuation
of the Center’s vital services.
Here are three ways to make a bequest:
Specific bequest — You can designate a specific
dollar amount, specific percentage or specific property
to Marillac House.
Residual bequest — After your estate pays all
debts, taxes, expenses and specific bequests, the remaining
amount, the residue, will be paid to Marillac House.
Contingent bequest — You may designate that
Marillac House receive all or a portion of your estate
under certain circumstances. For example, you can name
Marillac House as a beneficiary of your estate only if
there are no surviving close family members.
Bequest Language: When making a gift to Marillac House
through your will, please consult your attorney and tax
advisers. Click here for suggested Bequest Language.
Charitable Remainder Trusts (CRT)
A trust is a legal agreement that specifies
how the assets placed in a trust will be managed. You can
transfer cash, an IRA, stock or pension benefits to Marillac
House and establish a “charitable remainder unitrust” or
“charitable remainder annuity trust” and each would provide
you with annual income for life. Essentially, there are
two types of CRTs.
Unitrust income fluctuates annually with
the fair market value of the trust.
Annuity Trust income payments are fixed and
determined when the gift is made.
Through these types of trust arrangements, the income
would be paid to you or a loved one for life, after which
the assets would be distributed to Marillac House. You
are entitled to an immediate income tax deduction, you
avoid paying capital gains tax if the trust is funded by
appreciated securities, there is the possibility of reducing
your estate tax, and you have the satisfaction of making
a charitable gift to support Marillac House.
Charitable Lead Trust
This type of trust allows donors to make a
“temporary gift,” receive tax deductions and later get
their cash or property back. In a hypothetical example,
Mrs. Robinson owns bonds that pay her $10,000 a year.
Because she expects to have substantial income for the
next five years and could benefit from a larger income
tax deduction now, she transfers the bonds to a trust
that pays Marillac House $10,000 a year for five years.
Mrs. Robinson gets a charitable deduction, Marillac House
gets $10,000 a year, and the bonds revert to her ownership
after five years.
Stocks, Bonds and Mutual Funds
Giving securities that have increased in value
can offer you tax saving with dual benefits. First, you
avoid paying any capital gains tax on the increase in
value of your asset. In addition, you receive a tax deduction
for the full fair market value of the stock or bond on
the date of the gift, if owned for over one year. For
income tax purposes, gifts of qualified assets are deductible
in amounts up to 30 percent of adjusted gross income,
with an additional five year carry forward.
If your investments have decreased in value, consider
selling them and making a charitable gift of the cash proceeds.
This creates a loss you may be able to deduct from other
taxable income along with the amount of the cash contribution.
Life Insurance
If the life insurance policy you purchased
long ago to provide for your children or other family
members is no longer needed, please consider donating
it to Marillac House. By naming us as owner and beneficiary
of the policy, you can take a charitable tax deduction
for its present market value and remove it from your
estate for income tax purposes. If annual premiums are
still required, you can continue to pay them and those
premiums are tax deductible each subsequent year. Your
insurance agent can assist you in making this simple
transaction.
Retirement Plans
Qualified retirement plans may save you taxation
dollars during your lifetime, but unless you do special
planning, your heirs will be hit with both income and
estate taxes after your death. Once you’ve provided for
your family, consider using the remainder of your retirement
plan assets to fulfill your philanthropic objectives.
Of course, we hope you will include Marillac House in
these special plans. Please consult your estate planner
and attorney about this option.
The Saint Louise de Marillac
Heritage Society has been
established to recognize those individuals who have given
the Center a planned gift or notified us in writing of
their intention to do so. New members are listed in the
Center’s Annual Report. With Saint Vincent de Paul, Saint
Louise founded the Daughters of Charity in 1633, which
served the poor of Paris, France. She took her vows as
a Daughter, and was appointed superior of the order until
her death in 1660. Her legacy is embodied in the spirit
of Marillac Social Center and its continuing mission to
serve our brothers and sisters in the Chicago Community.
If you would like additional information
concerning planned gifts, please contact
Tamara Michel, Director of Advancement
at (312) 943-6776, Ext. 2218 | tmichel@svdpc.org.
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