Planned Giving
Through effective gift planning, you can balance personal financial goals with your interest in supporting Chicago Public Radio, and realize significant tax benefits. All Chicago Public Radio members who document their intent to support the station through a planned gift become members in The Sondra Gair Society. Various types of planned gifts are possible, ranging from a simple bequest to retirement plan gifts. Some of these gifts may be made during your lifetime or at the time of death. For more information, please contact Lori Goldstein at 312.948.4645.
Bequests
The easiest and most common method of charitable gift planning is making a bequest through your will. A will is the legal expression of your wishes for the disposition of your property at death. Beneficiaries (the heirs of the bequest) are the individuals and organizations that are important to you. Whether you wish to donate your entire estate, a portion of your estate, a fixed dollar amount, or a percentage of your assets, bequests are easy to make.
A codicil is simply an amendment to your existing will. If you already have a will, you can add a new gift, change a provision, or delete a gift by making a codicil. Please note however, that making a codicil requires consulting with your attorney who will review your entire estate plan to insure that the codicil enables you to achieve your goals. It is important that you and your attorney feel confident that your overall estate plan is best for your needs and that of your family.
Types of Bequests:
Unrestricted: Allows Chicago Public Radio to direct your gift where it is needed the most.
Restricted: Permits Chicago Public Radio to use your gift in the manner you designate, such as a specific area of interest (news, talk programming, music, equipment, etc.).
Specific Bequest: Gives a specific asset to Chicago Public Radio, such as cash or securities.
Residuary Bequest: Gives all or a percentage of what remains in your estate after all other specific bequests have been satisfied and all debts and expenses have been paid.
Contingent Bequest: Gives all or a portion of your estate to Chicago Public Radio when a named individual beneficiary dies before you. For example, "I give $10,000 to my cousin Mary, but if she does not survive me, the bequest should be given to Chicago Public Radio."
Testamentary Charitable Remainder Trust provides that all or a part of your estate is left in trust, with income paid to one or more surviving relatives for their lifetime(s) or a specified number of years. After the last remaining beneficiary dies, or the specified number of years expires, the trust assets are transferred to Chicago Public Radio and/or other charities that you have designated.
Charitable Remainder Trusts
There are several types of Charitable Remainder Trusts, and you should contact your personal financial advisor or attorney to design one that suits your needs. CRTs provide you with immediate tax benefits and pay either a fixed income or variable income to you or whomever you designate for the rest of your life. This type of gift may be used effectively to plan for retirement, care for the elderly, or to provide funds for educational expenses for children or grandchildren. The most common are Unitrusts and Annuity Trusts.
Unitrusts
A unitrust pays you a variable rate income based on a percentage of the trust's fair market value each year. The trust may be invested for growth or for income. Low-income or non-income-producing assets, such as stock, can be used to fund the trust.
Annuity Trusts
An annuity trust pays you a fixed dollar amount annually. You receive a substantial federal income tax deduction, and you (or whomever you designate) receive tax-exempt income. Your financial advisor or attorney can help you implement a trust.
For additional information on tax-wise contribution methods, please contact Lori Goldstein at 312.948.4645.
|