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   WILL BEQUESTS AND TRUSTS 

Chicago IANDS welcomes and invites charitable gifts from will bequests and trusts from persons all over the world.

A charitable gift from your estate is a favored method of giving, which enables you to achieve your financial goals and benefit Chicago IANDS. No other planned gift is as simple to make or as easy to change should you ever need the assets during your lifetime.

Chicago IANDS mailing address for Wills and Trusts

Chicago IANDS

PO Box 732

Wilmette, IL 60091

info@chicagoiands.org Tel: 847-251-5758

A bequest may be right for you if:

  • You want to make a gift to Chicago IANDS.

  • You want the flexibility to change your mind.

  • You want continued access to your wealth, should you need it.

  • You are concerned about outliving your resources.

 

Retirement Assets: Considerations for US Citizens

NEW LAW: No Required Minimum Distributions (RMD) in 2020!

 

As a part of the CARES Act, Congress has temporarily eliminated most required minimum distributions (“RMD”) from retirement plans during 2020. Check with your financial advisor to see how this might affect you. Even without an RMD, a QCD remains a great way to make tax-advantageous contributions. Learn more about the CARES Act

Here is a tax-smart way to make an impact to Chicago IANDS using your qualified retirement plan. The IRA charitable rollover (also called the Qualified Charitable Distribution, or QCD) is a great way to make a tax-free gift to Chicago IANDS and satisfy your required minimum distribution.

A gift of a US retirement plan assets could be right for you if:

  • You have an IRA or qualified retirement plan, such as a 401(k) or 403(b).

  • You do not expect to use all of your retirement plan assets during your lifetime.

  • You have other assets, such as securities and real estate, that you want to pass to heirs.

  • You may want to provide payments to loved ones after you are gone.

  • You would like to make a bequest gift to Chicago IANDS.

Option 1: Make a tax-free gift with an IRA charitable rollover (also called a qualified charitable distribution, or QCD.)

US citizens can make a tax-free gift from a traditional IRA. Such a gift is known as a Qualified Charitable Distribution or QCD. (Other qualified retirement plans such as 401(k)s and 403(b)s are not eligible). You must be at least 70 ½ years old to take advantage of this opportunity. Your QCD must go directly from your IRA administrator to Chicago IANDS. 

The total of all of your QCD gifts in any one year cannot exceed $100,000 per person. A spouse with a separate IRA could also make a QCD of up to $100,000 if they otherwise qualify.

The benefits of a QCD gift include:

  1. If you don’t itemize and are not yet required to take your RMD, a QCD offers all of the benefits of an itemized income tax charitable deduction.

  2. If you are age 72 and must take your RMD, a QCD can satisfy your RMD without increasing your income taxes.

  3. Your gift supports the important work of Chicago IANDS with a tax-free gift.

Option 2: Designate remaining US retirement plan assets for Chicago IANDS.

Another attractive option is to designate Chicago IANDS as the recipient of some or all of what’s left in your IRA, 401(k), 403(b), or other qualified plan when they end. In addition to having the satisfaction of making a significant gift to Chicago IANDS, your benefits include:

  1. Your estate is entitled to an unlimited estate tax charitable deduction for the value of your IRA donated to Chicago IANDS if your estate exceeds the applicable exemption.

  2. The QCD is an income tax-smart gift. The Secure Act enacted in 2020 limits prohibits stretching out distributions from an inherited IRA over the life of heirs.

  3. Since Chicago IANDS is tax-exempt, a gift to Chicago IANDS from your IRA is not subject to income taxes.

  4. Preservation of non-retirement plan assets for family.

Option 3: Designate remaining US retirement plan assets for a life income plan.

Alternatively, you can designate that some or all of the assets remaining when your IRA, 401(k), 403(b), or other qualified plan ends be used to fund a charitable remainder trust or gift annuity arrangement that will make payments to family members or other loved ones for the rest of their lives. When the gift arrangement ends, what is left will go to Chicago IANDS.

In addition to having the satisfaction of making a significant gift to Chicago IANDS, your benefits include:

  1. A charitable trust or annuity can provide lifetime income for life since that is no longer possible after the adoption of the Secure Act. That law prohibits stretching out distributions from an inherited IRA over the life of heirs.

  2. The gift portion of your charitable trust or annuity provides an unlimited estate tax charitable deduction if your estate is subject to estate taxes.

  3. Such a plan preserves non-retirement plan assets for family.

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Chicago IANDS is an IL 501(c)(3) not-for-profit corporation.