a gift through your will
what is a bequest
A bequest is a statement in a will that stipulates a gift to an individual or organization; it is the simplest of planned gifts.
Throughout our history, a number of these meaningful remembrances, both large and small, have enabled the National Kidney Foundation of Illinois to continue to pursue its mission.
how to plan a bequest
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To arrange a bequest benefitting the National Kidney Foundation of Illinois, first consult with your attorney to notify them of your plans. Next, please contact the NKFI office to ensure the Foundation's development staff is aware of your intention.
To get started, please contact our Chief Financial Officer Sheilla Ntambo for assistance.
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phone: (312) 321 - 1500 x 236
sample bequest language
To help you plan your legacy gift, here are some examples of bequest language commonly used in wills and trusts. Often, people will personalize language with the help of an attorney.
General Bequest:
This is probably the most popular type of bequest and is usually stated as a designated dollar amount.
SAMPLE LANGUAGE:
I hereby give, devise and bequeath, to the National Kidney Foundation of Illinois, located in Chicago, Illinois, the sum of $50,000.
Specific Bequest:
This bequest may designate a particular item to be donated.
SAMPLE LANGUAGE:
I hereby give, devise and bequeath, to the National Kidney Foundation of Illinois, located in Chicago, Illinois, 20,000 shares of stock XYZ.
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SAMPLE LANGUAGE:
I hereby give, devise and bequeath, to the National Kidney Foundation of Illinois, located in Chicago, Illinois, my savings account (no. 123456789) at XYZ bank.
Residual Bequest:
These are used to give all (or a portion of) one's estate after specific and general bequests are distributed.
SAMPLE LANGUAGE:
[after specifying any items or amounts to other beneficiaries]
I hereby give, devise and bequeath the rest, residue and remainder of my estate to the National Kidney Foundation of Illinois, located in Chicago, Illinois.
Percentage Bequest:
This bequest allows the amount to be distributed to the NKFI to grow over the years as the estate grows.
SAMPLE LANGUAGE:
[after specifying any items or amounts to other beneficiaries]
I hereby give, devise and bequeath the National Kidney Foundation of Illinois, located in Chicago, Illinois 50% of the rest, residue and remainder of my estate.
give through life insurance
overview
The three most common ways to give a gift through your life insurance policy are:
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Through a Rider. Adding a charitable giving rider to your policy can pay up to 2% of the policy's face value to the NKFI.
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Through a Policy Donation. The NKFI receives the entire face value of the policy upon the donor's passing. This option is typically used by donors with families who no longer need the security of life insurance.
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Naming the NKFI as a Beneficiary. A simple option that essentially lists the NKFI as one of your heirs.
how to plan your gift
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If you would like to name the NKFI as a recipient of your life insurance policy, please first consult with your attorney and/or financial advisor to notify them of your plans. Be sure to ask your team which gift option offers the greatest tax and financial benefits for your estate and heirs.
Next, we ask that you contact the NKFI office, and ensure the Foundation's development office is aware of your intention.
To get started, please contact our Chief Financial Officer Sheilla Ntambo for assistance.
​
phone: (312) 321 - 1500 x 236
retirement plan gifts
overview
It is always an option to donate retirement assets - including IRAs, 401(k)s and 403(b)s - by cashing them out, paying the income tax attributable to the distribution, and then contributing the proceeds to charity.
Unfortunately, there is usually little to no tax benefit associated with this type of donation. However, a direct contribution of retirement assets to charity as part of an estate planning strategy can be very tax efficient. In many cases, it can mean more funds for charities and heirs alike.
your benefits
Even though contributions to retirement accounts may be made tax-free, if such accounts are gifted to individual heirs through an estate, it is possible they will be subject to a combination of income and/or estate taxes.
If you opt to give the balance of a retirement account to a charity like the NKFI, you may create tax benefits for your heirs, and potentially enable them to receive a larger portion of your overall estate.
how it works
Naming the NKFI a beneficiary of your IRA or other retirement assets is typically straightforward: just fill out a designated beneficiary form through your employer or your plan administrator. Most banks and financial firms also have beneficiary forms, or they can provide you with suggested language for naming beneficiaries to these accounts.
Once the designated beneficiary forms are in place, the retirement assets should pass directly to your beneficiaries (including the NKFI) without going through probate.
getting started
If you would like to name the NKFI as a beneficiary of your retirement plan assets, please first consult with your attorney and/or financial advisor to notify them of your plans. Be sure to ask your team about how to secure the greatest tax/financial benefits for your estate and heirs.
Next, we ask that you contact the NKFI office, and ensure the Foundation's development office is aware of your intention.
To get started, please contact our Chief Financial Officer Sheilla Ntambo for assistance.
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email: sntambo@nkfi.org
phone: (312) 321 - 1500 x 236
giving through a trust
overview
Giving through a charitable trust allows the NKFI to create long-term plans, and allows you to provide for your family at the same time.
Using charitable trusts may offer you considerable flexibility and control over your intended charitable contributions while helping you fulfill your philanthropic goals, and also helping with estate planning and tax management.
how it works
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Generally speaking, charitable trusts may be:
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Created to generate predictable income for yourself for a set number of years/an agreed upon period (after which time it bestows a sizable gift to the NKFI)
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Or they can be created to generate predictable income for the NKFI for a set number of years (and then bestow a sizable gift for your heirs after the term expires).
Trusts typically offer generous tax benefits, and can afford their managers a greater degree of control over their wealth and estate.
common trusts for giving
Charitable Remainder Trust: A CRT gives money back to you (or to another non-charitable beneficiary) for the term of the trust. You choose the time period, and when that time is up, the remaining assets, as well as any appreciation, go to the charity or charities selected.
Charitable Lead Trust: A CLT is the mirror of a CRT. It is a trust that makes annual payouts to a charity first, and after a set time period, the remainder goes to a non-charitable entity (like an heir, family member, or a private trust).
Charitable Gift Annuity: A contract between donor and charity that invests a gift in a reserve account. You receive a fixed payout from the investment for the rest of your life, and at the end of your life (and your spouse’s, if giving as a couple), the charity receives the remainder of the gift.
how to get started
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To include the National Kidney Foundation of Illinois in a planned gift as part of a trust, please first consult with your attorney and/or financial planner to notify them of your plans. Be sure to ask your team about what type of trust is best for your estate, and find out how to secure the greatest tax/financial benefits for you, your estate, and your heirs.
Next, we ask that you contact the NKFI office, and ensure the Foundation's development can make legal and financial plans for your gift.
To get started, please contact our Chief Financial Officer Sheilla Ntambo for assistance.
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phone: (312) 321 - 1500 x 236
