Planned Giving

If you are interested in making a difference in the lives of others, please remember Marillac Social Center (Marillac House) in your will or estate plans. Each year we provide critical support, care and services to the working poor and their children, and to low-income seniors and the homeless.

Marillac’s programs and services are made possible through the generosity and commitment of people like you. A planned gift helps Marillac House secure its future enabling us to expand our services to meet increased demand in these difficult times. Planned gifts frequently provide the financial difference in achieving our Mission of serving the poor.

Planned gifts to Marillac House can bring immediate financial benefits and tax advantages to the donor while also providing opportunities to assist our clients. Planned gifts can be made through your will, charitable trusts, charitable gift annuities, gifts of stocks and bonds, gifts of life insurance and gifts of retirement plans.

Types of Planned Gifts:

  • 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.

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

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.

Please consult with an attorney or financial adviser to explore what type of planned gift is best suited for you and your family.

If you would like additional information about planned gifts, please contact Ned Haskins, Associate Director of Development - Planned Giving at 312.278.4111, or nhaskins@svdpc.org.

 

 

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