Beneficiary Designation
Make a Future Gift of Retirement Assets
Donating part or all of your remaining retirement assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to make a gift to our organization.
• Support the causes that you care about
• Continue to benefit from your account during your lifetime
• Save potential estate and income taxes
You can leave your retirement assets to Jewish Federation by completing a beneficiary designation form provided by your retirement plan custodian. If you designate Jewish Federation as beneficiary, we will benefit from the full value of your gift because your retirement assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
Suggested language: The _____% beneficiary of my retirement account is the Jewish Federation or Jewish United Fund of Metropolitan Chicago.
Your retirement assets will be subject to estate and income tax upon your death if left to your heirs. A more advantageous plan is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets to Jewish Federation. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
Make a Gift of Life Insurance
A gift of your life insurance policy is an excellent way to make a significant future charitable gift to Jewish Federation of Chicago.
If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to Jewish Federation. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults. You may also establish a new life insurance policy as a gift.
• Receive a charitable income tax deduction.
• Receive income tax deductions each year if you make additional contributions. This allows the Jewish Federation to pay the annual insurance premiums as owner of the policy.
To make a gift of life insurance, simply name Jewish Federation of Metropolitan Chicago as a partial, full or contingent beneficiary of your policy. You can do this by contacting your life insurance agent or provider and requesting a beneficiary designation form. You will continue to own the policy during your lifetime and your estate may benefit from an estate tax charitable deduction.
If you no longer need an existing policy, you can gift it by changing ownership of the policy to Jewish Federation of Metropolitan Chicago. You might be eligible for a charitable tax deduction.
Contact Us
If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer any questions that you have.
Please let us know if you have already named us as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift.
Make a Gift of Your Bank Account
Naming Jewish Federation of Metropolitan Chicago as the beneficiary of your bank account can make a significant future charitable gift.
Executor or administrator of your estate will not have to take any action to ensure that your account transfers to whomever you designated.
By placing a Payable Upon Death designation on your bank account, you can name Jewish Federation of Metropolitan Chicago as the beneficiary of part or all funds once you, the account owner, pass away. The beneficiary you name has no rights to the funds until after your lifetime. Until that time, you remain in control and are free to use the money in the bank account, to change the beneficiary, or to close the account.
Contact Us
If you have any questions about making Jewish Federation the beneficiary of your bank account, please contact us. We would be happy to answer any questions that you have.
Please let us know if you have already named us as a beneficiary. We would like to thank you and recognize you for your gift.