Planned Giving

BEQUESTS

Chicago Mitzvah Campaign will utilize your bequest to fund our programs that serve seniors and patients throughout the Chicagoland Jewish community. Leaving a bequest to the CMC is a tremendous way for you to participate in protecting and uplifting the lives of the most vulnerable individuals of our community. Your charitable bequest ensures that your support of CMC will continue in eternity.

How a Bequest Works

  • Designate a portion of your estate to Chicago Mitzvah Campaign.
  • Leave either a percentage or a specific amount to CMC.
  • A bequest does not cost you anything during your lifetime.
  • After your passing, the trustee will transfer the money or real estate to our institution.
  • Bequests are revocable and can be changed or modified during your lifetime.
  • Bequests can relieve the tax burden of your family.
  • This is the most popular way for individuals to leave a Jewish legacy.
  • Please inform CMC of your intention to leave a bequest, so we can properly recognize you.

Residuary Bequest

CMC is given a percentage of the estate.

Outright Bequest

CMC is given a specific dollar amount or a specific asset, such as securities or real estate.

Allow us to work with you, your family, and if desired your financial advisor, to develop the most personalized strategy for your goals.

CHARITABLE GIFT ANNUITIES

The Charitable Gift Annuity is an agreement between you and Chicago Mitzvah Campaign to pay you or your designated beneficiary, a fixed annuity for life. A CGA can be funded with cash, stock, and in most cases real estate. The payments vary according to the age of the individual. You can enjoy significant tax benefits while providing a legacy gift to CMC.

Below are the current rates from the American Gift Annuity Council for a single life term.

Age Rate
65 4.7
70 5.1
75 5.8
80 6.8
85 7.8
90+ 9.0

 

How can a Charitable Gift Annuity work for you?

  • A charitable gift annuity to Chicago Mitzvah Campaign will pay a fixed payment for life.
  • Receive a guaranteed income stream for life far above market rates.
  • The remainder of your gift will go towards our institution after the donor’s passing.
  • You can donate appreciated stock to fund the annuity.
  • A portion of the income stream is Tax Free.
  • A Gift Annuity is Irrevocable.
  • A Charitable Gift Annuity is a wonderful vehicle to leave a legacy to the Jewish people.

Allow us to work with you, your family, and if desired your financial advisor, to develop the most personalized strategy for your goals.

REAL ESTATE

A Legacy gift of Real Estate to Chicago Mitzvah Campaign is a magnificent gesture to help Jewish seniors and patients throughout the Chicagoland Jewish community for years to come. You can leave a commercial or residential property, or an apartment building. Leaving a piece of real estate has many benefits.

How leaving Real Estate works:

  • Leaving a piece of real estate to Chicago Mitzvah Campaign can reduce your overall tax obligation and help secure the future of CMC programs.
  • Real estate is an important way to help CMC continue in our role of providing dozens of tremendous programs and services to thousands of Jewish seniors and patients (and their family members) each year.
  • If you want to donate your residence and still stay in the home until your passing, please consider a retained life estate.

 

We are always available to discuss your options at your convenience.

LIFE INSURANCE

We are grateful to those who choose to work with Chicago Mitzvah Campaign, helping to ensure the success of our programs that provide life-changing support and assistance to seniors and patients throughout Chicagoland’s Jewish community. The multiplier effect of life insurance is an outstanding strategy to help the Jewish community far beyond your personal finances.

A charitable gift of life insurance is a pioneering way to deliver a legacy gift to CMC. There are several ways to donate life insurance.

How Life Insurance works:

  • You may contribute a new or existing policy by transferring the policy to Chicago Mitzvah Campaign.
  • You name Chicago Mitzvah Campaign as the owner and beneficiary of the policy.
  • There are substantial benefits to both you and our organization.
  • The premium payments will provide you with an income tax deduction.
  • The endowed gift to our center will be substantially larger than the amount used to fund the insurance policy.
  • The insurance policy proceeds pass directly to Chicago Mitzvah Campaign outside of your estate and are not subject to probate or estate taxation.
  • Gifts of life insurance are extremely affordable for younger donors, allowing them the opportunity to make sizable gifts.
  • This is a wonderful opportunity for young leaders to make a defining statement about the Jewish future.

 

Always speak with a professional before making any decisions. 

CHARITABLE TRUSTS

There are various ways to set up a trust. Each one will serve a different purpose.

Charitable Remainder Trust

A charitable remainder trust is a highly recommended estate planning tool that allows you to donate your assets to Chicago Mitzvah Campaign while providing an income stream to you and your family. A charitable remainder trust has significant tax advantages for your children and beneficiaries during your lifetime.

Here’s how a Charitable Remainder Trust can work for you:

  • Appreciated real estate or securities are often an excellent asset to place in a charitable remainder trust.
  • You establish a remainder trust that provides income payments to you or your family.
  • A charitable remainder trust will, in most cases, reduce your estate taxes.
  • After your passing, the assets are given to Chicago Mitzvah Campaign.
  • This is a significant and important way to leave a meaningful Jewish legacy.

 

Charitable Lead Trust

A charitable lead trust can be an effective estate planning tool to transfer the assets to your heirs with significant tax advantages, while making a meaningful gift to the Chicago Mitzvah Campaign.

How Charitable Trusts can work for you:

  • You can establish a lead trust that will make income payments to CMC for a predetermined number of years.
  • After the trust term ends, the assets are distributed to you or your family.
  • This is an outstanding way to give charity today, eventually leaving the asset to your heirs.
  • Appreciated real estate is often an excellent asset to place in a charitable trust.

 

Retained Life Estate

A retained life estate is a strategy that allows you to donate a home to Chicago Mitzvah Campaign while retaining the right to live in it for the rest of your life.

  • You deed your home to CMC but retain the right to live there for the rest of your life.
  • You continue to live on your property for as long as you want and are responsible for the expenses: maintenance fees, insurance, property taxes, repairs, etc.
  • When you pass, the property is transferred to CMC.
  • You are able to receive a substantial tax deduction.
  • You benefit by knowing your property or vacation home will ensure a Jewish legacy.

 

If you are considering a charitable lead trust or a retained life estate, or for any information on planned giving, please contact us.

Retirement Plans

You may wish to designate Chicago Mitzvah Campaign as a beneficiary of your retirement plan. IRA’s, 401k’s, Keogh Plans and others are subject to both estate and income taxes. Consider designating CMC as a beneficiary. This outstanding gesture gives the Jewish community a substantial donation at a minimum cost to your family.

How to Designate CMC as a Retirement Plan Beneficiary:

  • Request a beneficiary change form from your retirement plan administrator and designate Chicago Mitzvah Campaign as the beneficiary.
  • Designate Chicago Mitzvah Campaign as the beneficiary of your retirement plan.
  • This gift avoids both income and federal taxes.
  • This type of gift is easy and can be done at no cost.
  • You can continue to take withdrawals during your lifetime.
  • You can always change your beneficiary if circumstances change.
  • Avoid the low payout of some IRAs, which sometimes pay your children 30 cents on the dollar, with a generous donation to Chicago Mitzvah Campaign.
  • CMC will receive 100 percent of your gift to continue providing life-changing support and assistance to seniors and patients throughout Chicagoland’s Jewish community.

 

Allow us to work with you, your family, and if desired, your financial advisor, to develop the most personalized strategy for your goals. 

For more information, contact us.