Planned Giving
Planned Giving
“Planned giving” generally refers to gifts beyond an immediate donation to a charity. You can think of planned giving as a thoughtful strategy for leaving your legacy.
Remembering Hephzibah Children’s Association in your will, a trust, or through an annuity is one of the most meaningful gifts you can give to the children and families we serve. A planned gift helps to secure the future of our organization and promises hope for those who are not yet in our care.
When updating planned giving information, you will typically need only three pieces of information to name Hephzibah as a beneficiary:
- Our legal name: “Hephzibah Children’s Association”
- Our Tax ID number: 36-2167096 (enter in place of a Social Security Number)
- Our mailing address:
Hephzibah Children’s Association
1144 Lake Street, Suite 500
Oak Park, IL 60301
The purpose of this information is to provide general information to support your giving future. It is not intended as legal, accounting, tax, or other professional advice and should not be relied upon as such. For assistance with your personal charitable giving plans, please consult your attorney, tax advisor, financial advisor, or other professional.
Feeling overwhelmed? Let’s connect about your planned giving options.
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How can YOU help Hephzibah?
Charitable Bequest
A Bequest is a simple designation in your will or trust and costs nothing during your lifetime. They are easy and revocable.
Suggested wording for a simple Bequest:
Bequest for General Purpose
“I give and bequeath to Hephzibah Children’s Association of Oak Park, IL, ($ ______, or portion of estate, description of property, or the rest, residue and remainder of my estate) for its general purpose in supporting Hephzibah Children’s Association.”
Bequest for a Specific Purpose
“I give and bequeath to Hephzibah Children’s Association of Oak Park, IL ($ ______, or portion of estate, description of property, or the rest, residue and remainder of my estate) to be used for ________________________________. If at any time, the use of this bequest for the specific purpose intended is deemed impractical or unwise by Hephzibah Children’s Association Board of Directors, then all or any balance of this bequest not so expended may be used for any purpose approved by said Board.
Retirement Account Beneficiary Designation
More than likely you have a retirement account such as a 401(k), 403(b), or IRA. As these plans are not governed by your will or trust, a simple form indicates who should receive the funds after you are gone.
You can name individuals as your beneficiaries. However, because these plans are heavily taxed when left to any person but your spouse, it is an opportunity to give to an organization that is tax exempt like Hephzibah Children’s Association.
To update the beneficiaries of your retirement account, visit your plan’s website, or contact your plan administrator to find the beneficiary form.
IRA Distribution
If you are required by age (70 ½ or order) to take mandated distributions from your IRA, you can donate your IRA distribution directly to Hephzibah, which provides tax benefits to you.
Life Insurance Beneficiary
When the original purpose for a life insurance policy no longer applies, your policy can become a simple way to support Hephzibah Children’s Association. There are three primary ways to give using a life insurance policy. First, you can update your beneficiary designation form, designating Hephzibah as the primary beneficiary for a percentage or specific amount. Another option is to name Hephzibah as owner and beneficiary of an existing policy. You qualify for a federal income tax charitable deduction when you itemize on your taxes. A final option is to take out a new policy and irrevocably name Hephzibah as the owner and the beneficiary of the insurance contract. Each payment on this policy is tax deductible as a charitable gift when you itemize on your taxes.
Donor Advised Fund
A Donor Advised Fund (DAF) is a simple, flexible tool which allows you to streamline your support for the causes that matter most to you. A DAF simplifies your giving today and for years to come. To set up a DAF, you’ll first need to find a provider. You might consider your local community foundation or financial institutions you currently have accounts with. Minimum contributions vary, often ranging from $5,000 to $25,000 to start. Once established, a donor can often make gifts for as low as $50 at a time.
Charitable Lead Trust
This estate planning tool allows you and your family to avoid heavy taxes by making distributions to charity first, and then passing the remaining assets onto heirs at a later date. You can think of this as the inverse of a Charitable Remainder Trust – charity first, heirs next.
Charitable Remainder Trust
A Charitable Remainder Trust (CRT) needs to be established with the help of an attorney. You deposit an asset into a CRT and then receive a tax deduction and an annual income for yourself or your heirs. After a period of years, the CRT distributes all remaining assets to Hephzibah Children’s Association.