Planned Giving
Cathedral Shelter of Chicago is ready to assist you with your planned gift. We encourage you to consult with your financial advisor or estate attorney.
There are many financial avenues of planned giving for your consideration. Each may provide different immediate or deferred tax benefits for you and/or your heirs. Some examples of legacy gifts are:
Will/Bequest
One of the most common ways to gift a legacy to us is through your will by designating Cathedral Shelter of Chicago as a beneficiary. This gift may be unrestricted – Cathedral Shelter may decide how best to utilize your legacy gift – or restricted for a specific purpose. Please consult your estate attorney for the appropriate language to use in your will.
Retirement Plan Assets
You may choose to name Cathedral Shelter of Chicago as a beneficiary of your retirement account, in whole or in part. Gifting this legacy to Cathedral Shelter may provide favorable tax benefits for your estate. Retirement plans generally allow you to name a beneficiary or beneficiaries of your assets. Please speak with your professional advisor before making any beneficiary changes.
Life Insurance
Your life insurance policy was likely purchased at a time when the financial stability of your spouse and children was of paramount importance. If your circumstances have changed, naming Cathedral Shelter of Chicago as a full or partial beneficiary of your life insurance policy will provide a legacy gift to continue our ministry.
Securities
There may be immediate tax benefits to you for providing a legacy gift to Cathedral Shelter of Chicago through the transfer of stocks or bonds. The stocks you own today have likely increased in value since purchase. By transferring the stock ownership to Cathedral Shelter, you can both avoid capital gains tax and take the full fair market value of the stock as a charitable deduction on your taxes. As with all planned gifts, we encourage consultation with your financial advisor regarding these tax benefits.
Please contact the development office at 312-997-2222, ext. 241 if you are considering a legacy gift such as these.