Beneficiary Designations are easy and flexible
If you are uncertain about committing a gift in your will or estate, another option to give is through a beneficiary designation, which many prefer. Beneficiary designations use:
- IRAs and retirement plans
- Life insurance policies
It only takes three, simple steps to make this type of gift. Here's how to name the Archdiocese of Chicago as a beneficiary:
- Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
- Decide what percentage (1 to 100) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your plan administrator, insurance company, bank or financial institution.
An Example of how it works
Anthony and Lydia treasure the financial support they provide to their children and the Archdiocese of Chicago each year. Now that their kids are grown, Anthony and Lydia changed their estate plan so it could work even better for the people and causes they love and believe in. The couple updated their will to leave stocks and real estate to their kids, and they left a $400,000 IRA to be transferred to the Archdiocese of Chicago after their death. Because the Archdiocese is tax-exempt, all $400,000 will help support our mission.
If Anthony and Lydia had left the IRA to their children, approximately $132,000* would have gone to pay federal income taxes, leaving only $268,000 for their family's use. Anthony and Lydia are happy knowing they are making the most of their hard-earned money thanks to their updated estate plan.
*Based on an assumption of a 33 percent marginal income tax bracket.
Fund your Donation with
- Retirement Plan Assets
- Life Insurance
- For additional information on bequests or to chat more about the different options for including the Archdiocese of Chicago in your will or estate plan, please contact:
Elin R. Schriver, Planned Giving Relationship Manager
Archdiocese of Chicago
835 North Rush Street
Chicago, IL 60611-3020
- Seek the advice of your financial or legal advisor.
- If you include the Archdiocese in your plans, please use our legal name and federal tax ID.