With a little planning, you can leave a legacy that brings bigger and better tomorrows for children, teens, and families. You can even strengthen the foundation from which future generations will continue to benefit and ensure Concordia Place remains A Place for All. And many times, your impact is larger than you ever thought possible.
We provide the strategies below as ideas. Tax laws change and people’s situations are different. You should always discuss your situation with a trusted financial advisor, tax attorney, and real estate planner.
Create a legacy after you’re gone without affecting your current income or lifestyle by naming Concordia Place in your will or revocable (living) trust.
Bequests are common planned or deferred gifts; they can designate a specific dollar amount or a percentage to Concordia Place. Generally, the gift is not subject to state inheritance or federal estate taxes. You can change this designation at any time during your lifetime.
On the right, we provide sample provisions you might find helpful.
You can designate Concordia Place as a beneficiary on accounts like life insurance policies and retirement plans. Bank accounts and Certificates of Deposit use a “Pay on Death” (POD), and brokerage or investment accounts use a “Transfer on Death” (TOD).
There can be heavy tax consequences to your heirs if you name them as beneficiaries and pass along qualified tax deferred retirement assets, such as a 401(k), 403(b), IRA, Keogh, or profit-sharing pension plans.
In the same way you can name your spouse or children as beneficiaries of your life insurance policy, you can also name Concordia Place. You can change your preferences anytime during your lifetime.
The charity donation could potentially reduce your estate’s taxes, benefiting all the beneficiaries of your estate.
With an existing life insurance policy, another option is to transfer the policy to Concordia Place. Concordia becomes both the owner and beneficiary.
The immediate benefit to you is that the current value of the insurance contract at the time of the transfer is considered a charitable income tax deduction. Furthermore, if the charity maintains the policy and you continue to make donations to pay the annual premium, this may also be tax deductible each year.
Giving life insurance in this way often times enables you to give a much larger gift than you may have been able to give otherwise.
There are many additional types of trusts and estate planning vehicles, such as wealth replacement trust (WRT), Charitable Remainder Trust, UniTrusts, charitable gift annuities, etc.
Tax laws change and everyone’s situation is different. You should always work with a trusted financial advisor, tax attorney, or estate planner to determine what is right for you.
To get things going, just send a note to your advisor for your next meeting. It could be as simple as:
“I would like to consider a way to support Concordia Place; maybe with a bequest in my will or some other way. Please put this memo in my will folder as a reminder for us to discuss this. Thank you very much.”
Although not necessary, notifying us when you include Concordia Place in your plans helps us ensure it will be implemented in the manner you intend.
“Concordia” is actually a common name!
As you include Concordia Place in your plans, use our legal name, address, and Federal Tax ID:
Legal name: Concordia Place
Administrative office: 3300 N Whipple St, Chicago, IL 60618
Concordia Place is an Illinois nonprofit 501(c)(3) corporation.
Federal Employer Identification Number (EIN): 32–0033719
Let us help you!
Contact Katie Bernabei at 773.436.1600 ext. 421 or at firstname.lastname@example.org.
As a learning organization, Concordia Place is committed to continued improvement. We have learned that distinguishing between the Concordia Place and Concordia Day brands was not necessary.
Starting May 1, all visitors to concordiaday.org will be redirected to day.concordiaplace.org
By unifying around the sole use of the Concordia Place brand, we will provide clarity and focus on our mission to serve families and provide both care and education for their children.