The purpose of this page is to provide general gift, estate, and financial planning information. It is not intended as legal, accounting, or other professional advice. For assistance in planning charitable gifts with tax and other financial implications, the services of appropriate advisors should be obtained. Consult an attorney for advice if your plans require revision of a will or other document. There are several ways to include CVLS in your financial and estate planning, such as:
Make a Bequest to CVLS
The most common planned gifts are bequests, in a will or trust, making Chicago Volunteer Legal Services the beneficiary of a specific, general, residuary or contingent gift from the estate.
Types of Bequests
There are several options that will allow you to designate how your estate will be distributed should you choose to include Chicago Volunteer Legal Services in your will.
Bequests to Chicago Volunteer Legal Services can offer tax savings because they are deductible from your gross estate, provided your estate is large enough to require the filing of state or federal estate tax returns. There is no limit on the amount you can leave to charitable organizations such as CVLS through you will.
To Include Chicago Volunteer Legal Services in Your Will or Trust
Please provide your attorney with the following language for your will:
Funding a Testamentary Gift with Assets from Your Retirement Plan
An option for your retirement plan assets is to fund a testamentary life income gift, such as a charitable remainder trust or charitable gift annuity. This option allows for your heirs to receive income for their lifetimes(s), and after their lifetime(s) the remainder in the trust or annuity would be distributed to the Chicago Volunteer Legal Services Foundation. You should talk with a qualified financial advisor about setting up this transaction to see whether it is suitable for your needs.
How to Provide for the Chicago Volunteer Legal Services Foundation with Your Retirement Plan
There are two ways to give a gift to Chicago Volunteer Legal Services through your retirement account:
How to Name Chicago Volunteer Legal Services in Your Retirement Plan
The administrator of your retirement account will provide you with a Designation of a Beneficiary form. This form directs where your retirement account assets will go after your lifetime. It is important to update this form to reflect your current wishes. To name Chicago Volunteer Legal Services as a beneficiary to your retirement plan, please use the following address:
Chicago Volunteer Legal Services 33 N Dearborn St, Ste 400 Chicago, IL 60602 Tax Identification Number: 23-7164989
Life Insurance Policies
If you have a life insurance policy that is no longer needed for your family, designating Chicago Volunteer Legal Services as a beneficiary offers a simple way to support our work.
Add a Beneficiary to Your Policy
It is relatively simple to make a change to the beneficiary/beneficiaries of your insurance policy without changing your will or other aspects of your estate plan. Just ask your insurance company for a form that will allow you to make CVLS a beneficiary of your insurance policy.
Give a Paid-Up Policy
You can transfer ownership of a paid-up life insurance policy to CVLS. After the transfer, CVLS can elect to either cash in the policy right away or keep the policy and receive the death benefit later. You would receive an immediate income tax deduction for either the cash surrender value or the basis (usually the cost), whichever is less.
You may leave a legacy for Chicago Volunteer Legal Services by naming us as a Transfer-on-Death (TOD) or Payable-on-Death (POD) beneficiary on a bank or investment account or a commercial annuity, where permitted by state law and the financial institution. "Payable on death"(POD) or "Transfer on Death"(TOD) accounts name a beneficiary to receive the proceeds upon your passing. You do not have to change your will or work with an attorney or accountant. There are no fees to arrange such a gift. You simply complete the beneficiary form given to you by the financial institution with the information below. You retain complete control over the funds or assets in the account while you are living, and these gifts are completely revocable.
Arrange an IRA Chritable Rollover
If you are 70 1/2 years old or older, you can take advantage of a simple way to benefit CVLS and receive tax benefits in return. You can give any amount up to $100,000 per year (and up to $200,00 per year for married couples) from your IRA directly to a qualified charity such as ours without having to pay income taxes on the money. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.
Provisions of the Charitable IRA Rollover
Although it is not possible to make a lifetime charitable gift of a savings bond without first paying the tax on the interest earned, it does make an excellent asset to bequeath to CVLS. That’s because savings bonds generate “income in respect of a decedent.” That means if you die owning them, the accumulated interest is taxed before your heirs inherit them. However, if they are left to an organization like CVLS, that tax is not due. We suggest that you check with your advisors about the best way to bequeath your savings bonds to CVLS.
A memorial donation is a charitable gift made in honor of a person who has passed. It’s easy to make a memorial donation to CVLS — all you must do is choose the amount you want to give. You can then give that money via our website (cvls.org/donate), by sending a check in the mail, or by putting it in an envelope provided by the funeral home at the funeral or visitation.
For assistance, please contact our Planned Gifts Team at (312) 332-3513 or email email@example.com and request information about how to include CVLS in your estate planning documents. If you decide to include Chicago Volunteer Legal Services in your estate plan, please let us know so that we can express our sincere gratitude and welcome you into the CVLS Legacy Circle.