We are forever grateful for our supporters who help us build current and future programs for children, young adults and families to reach their dreams. By communicating your intention to leave a gift to Chicago Child Care Society in your estate plans, you join the Ruth C. Bamford Legacy Society.
How does CCCS use planned gifts?
Over the years, CCCS has been able to support new and ongoing programs for our families through planned gifts. You can make a planned gift in honor or in memory of a loved one - someone who cared about CCCS and benefited from its important work, someone who would want CCCS’ work to continue.
Wills and Trusts
The most common form of charitable bequest comes from a donor’s will or trust where CCCS has been named as a beneficiary, partial beneficiary or contingent beneficiary.
Insurance, Savings and Investment Accounts
Most of your financial assets and accounts will ask you to “please list your beneficiaries.” At your job, you may be asked every year to update the beneficiaries on your life insurance and pension account. If you have an IRA, you listed beneficiaries and for investment accounts, securities funds, and most bank accounts, too. Every time you are asked to list beneficiaries, consider including CCCS. The amount could be 5% or 100% after you provide for your other beneficiaries, and your beneficiaries can be changed at any time.
Talk to your financial advisor about using your retirement assets as charitable gifts. The value of an IRA is subject to income tax on the decedent’s final income tax return and possibly other taxes depending on the size of the estate. IRA amounts paid to beneficiaries are also subject to income tax upon receipt. However, if the decedent designates a charity as beneficiary of retirement plan funds, he can avoid taxes on part or all of the funds.
Donating IRA Distributions
In 2015, Congress made permanent a provision that individuals age 70-1/2 or older can make donations up to $100,000 directly from their IRA accounts to one or more charities. The gift passes directly from the IRA to the charity, therefore, is not counted as income and receives no charitable deduction. However, the taxes on the distribution are avoided.
Talk to your plan administrator about any special rules on your account before making your distribution. Your plan administrator will likely send a check to CCCS on your behalf. However, if an electronic transfer is preferred, please contact Deb Schlies.