Planned Gifts are a wonderful way to ensure that the Chicago Humanities Festival remains a vital and critical part of Chicago’s cultural life. The term "planned giving" refers to any major gift that involves financial or estate planning. By working with your financial advisor, attorney and/or accountant you can make a gift that will have a great impact on the Chicago Humanities Festival and support both your philanthropic and financial objectives equally.
Planned gifts can be made with cash, but many planned gifts are made by donating assets such as stocks, real estate, art pieces, or business interests—the possibilities are endless. Planned gifts can provide valuable tax benefits and/or lifetime income for you and your spouse or other loved one. The most frequently-made planned gifts are bequests to charities, made through your will. Other popular planned gifts include charitable trusts and charitable gift annuities that provide income to you and your beneficiary for a term of y ears or life. Here is a brief summary of the types of gifts:
Gifts that Provide Income
A Charitable Gift Annuity may appeal to you if you are interested in making a gift to the CHF and would like the dependability of a fixed annual income. In exchange for a gift of $10,000 or more in cash or securities, the Festival will provide a fixed, guaranteed income to you and/or your spouse for life.
A Charitable Remainder Trust under the right circumstances is another attractive gift planning vehicle. A gift of $50,000 or more in cash, securities or real estate allows you to establish a trust that will make variable payments to you and other income beneficiaries, if you wish, for life. The fact that payments from a charitable remainder trust have the potential to increase over time can serve as a useful hedge against inflation.
Making a Bequest to the Festival is a simple way to leave a lasting legacy. Made with cash, securities, real or personal property, a charitable bequest is fully deductible for estate tax purposes. You may designate a specific sum or asset, provide for a fixed dollar amount or a residual portion of your estate to the Festival.
Designating the CHF as a beneficiary of a portion of your 401k, IRA, or other retirement plan can be beneficial to your heirs as well as the Chicago Humanities Festival. Using a retirement account to make a gift to the Festival frees up other assets that may not carry such burdensome tax consequences — such as cash and securities — to leave for children and other family members.
If you would like more information about these and other types of gifts, please contact the Festival’s development office at 312.661.1028 extension 15.