Gifts by Bequest
One of the easiest ways to make a planned gift is a bequest in your will or revocable living trust. You can determine a specific amount, percentage, or residual gift bequest to the Great Books Foundation, a 501(c)(3) organization. Your bequest can be made to honor a loved one, in your own name, or anonymously.
To make a general bequest in your will or revocable charitable trust to the Great Books Annual Fund, a specific program, or the special reserve fund, simply include a clause directing a gift to the Great Books Foundation. If you already have a will, you can add a bequest with a supplement, called a codicil.
IRAs and Retirement Plans
You may name the Great Books Foundation as the beneficiary of an Individual Retirement Account or your employer’s pension plan. This may benefit you and your heirs by allowing you to manage these funds during your lifetime and reducing estate taxes.
IRA Charitable Rollover
If you currently have an IRA, you are required to take annual distributions at age 70 ½. These distributions are then included in your adjusted gross income and subject to taxes. The IRA Charitable Rollover allows you to make donations directly to charitable organizations from your IRA up to $100,000 without counting them as part of your adjusted gross income and, consequently, without paying taxes on them. A gift from your IRA distribution means you not only reduce your taxable income but also receive a charitable deduction.
A gift of life insurance, through a new or existing policy, designating the Great Books Foundation as the owner and beneficiary will give you an income tax deduction for the value of the policy when the gift is made, as well as income tax deductions for future premium payments.
Including the Great Books Foundation in your will is simple and direct, using the following language as a guide.
I give $__________ or __________% of my residuary estate, to:
Option A. Great Books Foundation (Tax ID 36-2182034)
Option B. Great Books Foundation (Tax ID 36-2182034) to support __________ (name of program or specific interest).
Option C. Great Books Foundation (Tax ID 36-2182034) to contribute toward the special reserve fund.
Before making a planned gift, please meet with your attorney or financial adviser to discuss your philanthropic objectives, planned gift options, and income and tax implications.
We’re here to help. We would be happy to work with you and your financial representative to create a giving plan that is right for you. Please contact Valentina Texera-Parissi, CEO, at 312.646.7112 or use the form below.