Ways to Give
Professional Advisors are our partners in charitable giving. You have clients with charitable interests and we have the philanthropic expertise to help to fulfill those charitable goals. Together we can help individuals and families complete the sentence, “I want to make a difference in the world by….”
We provide a simple, powerful, and highly personal approach to giving. We offer many types of funds and giving tools to help people achieve their charitable goals. Donors can give cash, appreciated stocks, real estate, or other assets. Charitable gifts qualify for maximum tax advantage under federal law.
The Foundation will work with you and your client to evaluate the best options for giving, as we offer a number of different types of funds to fit your client’s charitable intentions. Call Kristin Carlson Vogen or Rhea Yap at 708-848-1560 when your client is ready. We will help you design a plan that makes the greatest charitable giving impact.
Appreciated Stock makes an excellent charitable gift. Under current tax laws, when an appreciated asset (such as stock) is sold, a capital gains tax is due. By making a charitable gift of the appreciated stock, you avoid the capital gains tax and take an immediate income tax charitable contribution deduction for the full current fair market value of the stock, no matter what was originally paid for it.
Bequest Through Will or Trust
One of the most simple and popular ways to make a gift that will live after you is to give through your will or trust. You can make a bequest to benefit one or more charitable not-for-profit organizations by providing a specified dollar amount, specific property, percentage of your estate, or the remainder (what's left) through a fund at the Oak Park-River Forest Community Foundation. We provide an extra level of assurance that your charitable intentions are fulfilled. Such a designation can reduce your estate taxes. In many cases, a simple addendum to your will or trust can create a lasting gift for the charities and community you love. Ask your estate planning attorney and see our Bequest Language.
Charitable Remainder Trust
Charitable remainder trusts enable donors to provide annual payments for themselves or loved ones for life or a term of years, with the remainder distributed to charity. Through discussions with the Oak Park-River Forest Community Foundation and professional advisors, the donor selects the annual distribution percentage and frequency. Depending on the asset contributed, the capital gain tax on appreciated property may be reduced. The donor receives an immediate income tax charitable deduction based on the present value of the future gift. There are two types of charitable remainder trusts, unitrust and annuity trust. The Foundation and your professional advisors can help determine which would best suit your situation.
Charitable Lead Trust
In a charitable lead trust, assets (generally income producing assets that are expected to appreciate significantly in value ) are transferred to a trust that makes annual distributions to the Oak Park-River Forest Community Foundation for a specified number of years. At the end of the designated time period, the trust terminates and the assets are distributed to an individual, typically the donor or relatives. This trust is more of a wealth transfer vehicle than a charitable vehicle because of the possibility of lowering the estate and gift taxes paid on the transfer.
Life Insurance is another simple way to make a substantial future gift. Designate the Oak Park-River Forest Community Foundation as a beneficiary to receive a percentage of the proceeds of an existing life insurance policy. All you need to do is ask your life insurance agent for a beneficiary designation form to update. More than likely, a 10% distribution (or more) to the Oak Park-River Forest Community Foundation will not impact your family, but it will provide a lasting benefit to the community.
An alternative is to purchase a new life insurance policy, or gift an existing policy, designating the Oak Park-River Forest Community Foundation as owner and beneficiary. With this option, you receive an income tax deduction for each premium made and make possible a major gift with a modest annual payment (or one-time premium payment).
IRAs, 401K Plans, etc.
Qualified retirement accounts (IRAs or 401ks or 403bs) may be given (like life insurance proceeds) to the Oak Park-River Forest Community Foundation through proper beneficiary designation. Qualified retirement accounts are considered “income in respect of the decedent” (IRD) assets, meaning that a natural recipient (individual) must pay taxes in place of the decedent. Because the Oak Park-River Forest Community Foundation is a tax-exempt, qualified public charity, we do not have to pay income taxes on the receipt of such gifts. 100% of the amount designated to the Foundation will be available for community use.
For some people, a gift of land, primary residence, or vacation home is a preferred way to make a gift. Such asset can be given outright, through a charitable trust, or by retaining a tenancy for life. Your income tax charitable contribution deduction will be based on the full fair market value, and may remove the asset from your estate. Call the Oak Park-River Forest Community Foundation to discuss. We will review options with you and your professional advisors to determine what is best for your situation.