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Leave a Legacy

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.

Include Concordia Place in Your Will or Estate Plan
(Making a Bequest)

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.

Don’t have a will?  Simple and Straightforward:
Designate Concordia Place as a Beneficiary

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).

  • This is simple for you now and straightforward for your estate later. You designate beneficiaries with your bank, investment advisor, etc. and no special action should be needed by your estate administrator later to execute your intentions.
  • Beneficiaries have no rights to your accounts until after your lifetime.
  • You can change beneficiary designations at any time.
  • You can designate percentages if you want to include more than one person or charity.
  • Designating Concordia Place may also benefit your overall estate after you’re gone with federal estate tax deductions and probate savings.

Qualified Retirement Account Beneficiary

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.

  • When you name Concordia Place as a beneficiary of a qualified retirement asset, you may achieve your charitable giving goal and realize significant tax savings.
  • At the end of your life, the plan passes to support Concordia Place (free of both estate and income taxes), so more of your money is going to causes you care about.
  • Making a charitable gift from your retirement plan is easy with a Change of Beneficiary form from your plan administrator.

Life Insurance:
Concordia Place as the Beneficiary

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.

Life Insurance:
Transfer Ownership to Concordia Place

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.

Take the First Step

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.

Other Helpful Details

“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

Questions?

Let us help you!

Contact Katie Bernabei at 773.436.1600 ext. 421 or at kbernabei@concordiaplace.org.

Sample Bequest Language

Residual Bequest for Unrestricted Purpose

A residual bequest comes to Concordia Place after your estate expenses and specific requests are paid. An unrestricted gift can be used where the need is greatest at the time.

“I give, devise, and bequeath to Concordia Place (EIN 32-0033719), a nonprofit 501 (c)(3) corporation, headquartered in Chicago, Illinois, the rest, residue, and remainder (or state all, a $ amount, or a percentage) of my estate, both real and personal, to be used for its general support.”

Contingent Bequest

Concordia Place can be named as a contingent beneficiary in your will or personal trust if one or more of your specific requests cannot be fulfilled:

“If (insert name) does not survive me, or shall die during the administration of my estate, or as a result of a common disaster, then I give, devise, and bequeath to Concordia Place (EIN 32-0033719), a nonprofit 501 (c)(3) corporation, headquartered in Chicago, Illinois, the rest, residue, and remainder (or state all, a $ amount, or a percentage) to be used for its general support.”

Restricted Gift

If you wish your bequest to go toward a specific purpose, please contact us to discuss your intentions. It is best to include a “Saving Clause” in case something happens making it impossible for Concordia Place to carry out your wishes exactly as stated in your bequest.

“In the event any provision of this bequest becomes void, illegal, impractical, unnecessary, or impossible to perform because of laws or social or economic conditions, which determination shall be made by the Concordia Place Board of Directors, the Board of Directors shall then determine the best use of the request in keeping with the original tent of the donor.”