Ways to Give
Below are several options for making a planned gift to the Archdiocese of Chicago, starting with the two most popular ways of making a planned gift: wills and living trusts, and beneficiary designations.
To discuss any of the options below, or to talk through questions you have, please contact Elin R. Schriver, planned giving relationship manager at 312.534.5396 or [email protected]. Before making a decision, please connect with your financial or legal advisor. If you include the Archdiocese in your plans, please use our legal name and federal tax ID.
- Legal Name: Archdiocese of Chicago
- Federal Tax ID Number: 36-2170826
When you make a planned gift to the Archdiocese of Chicago, you ensure that we are able to do God’s work and make a difference in the lives of many for generations to come. Perhaps the easiest way to leave a legacy gift to the Archdiocese of Chicago or your parish is through your will.
At the time of your passing, this important document determines the distribution of your assets as well as the guardians of your minor children. If you do not have a will, the state will make these decisions for you. Not only is this situation not ideal for your family, but any intentions you have for leaving a gift to your family of faith will be disregarded. You can name the Church as a beneficiary in your will, and stipulate a specific charitable gift. This bequest can be for a particular amount, portion of your estate or property such as real estate or stocks.
Please use the following language when including the Archdiocese of Chicago in your will: “I give (amount/percentage/asset/item) to The Catholic Bishop of Chicago, Tax ID #36-2170826, located in Chicago, Illinois, for the general charitable, religious and educational purposes of the Archdiocese of Chicago.”
If you already have a will and would like to add a gift to the Church, your attorney can modify it with a document called a codicil.
If you are not comfortable making a gift in your will, you can name the Archdiocese as a beneficiary through your IRAs or retirement plans, a life insurance policy or commercial annuities. Your retirement plan administrator, insurance company, bank or financial institution can provide the proper forms.
Tax law requires individuals to take annual minimum distributions, AMD, from their IRAs at age 70½. The IRA charitable rollover law allows direct distributions to a charity to be included in the required minimum distribution amount without being taxed.
To take advantage of the IRA charitable rollover law, you must be 70½ or older. In addition, qualifying distributions to charity are limited to $100,000 a year, and only distributions from traditional or certain Roth IRAs are tax-free. You should consult with your IRA custodian about the procedures for making a direct gift to the Archdiocese under this provision.
You can generously support the ministries and mission of the Archdiocese, while receiving dependable income for life, with a charitable gift annuity.
A gift annuity agreement also provides a variety of tax benefits, including a federal income tax charitable deduction. The payments you receive will depend on the amount of your contribution and your age at the time of the donation.
You can fund your charitable gift annuity with cash, stock, personal property, appreciated security or real estate. Once started, gift annuities are irrevocable. However, you may establish additional annuities, choose an annuity with deferred payments or set up annuities for loved ones providing them with income through your gift to the Church.
Charitable Remainder Trusts give donors the opportunity to increase income and save on taxes while benefiting the Archdiocese of Chicago. Donors have the option to choose between the following:
- The annuity trust pays a fixed dollar amount throughout the donor’s lifetime. An annuity trust cannot accept additional funding contributions.
- The unitrust payment fluctuates based on the fair market value of the trust assets. For example, if the value of the trust increases, payments do as well, and vice versa. A unitrust accepts additional funding contributions.
If a deceased loved one held the Archdiocese near and dear to their heart, honor their memory by making a donation on their birthday or other significant day each year.
This type of gift is permanent and invested, with a portion of the gift being used to support immediate needs and the remaining funds used in the future. The funds from this gift have the potential to increase over time.
Donating appreciated property to the Archdiocese is an option for donors who do not want their bank account affected. If you’ve owned the property for more than a year, you are eligible for a federal income tax charitable deduction. Please contact our team here to discuss the ways to give a real estate gift.
The information on this website is not intended as legal or tax advice. Facts or figures cited here are examples for general educational purposes only. Please consult an attorney or tax advisor in your state for professional advice, to address your specific needs.