A bequest comes in many forms including, cash, securities, real estate or other property. A bequest may be made outright (a specific dollar amount or percentage of the estate) or created to take effect after provisions have been made for others. A simple addition or revision to your will can allow you to make a large impact for someone else after you no longer need your money.

A charitable gift annuity provides you with an immediate income tax deduction plus guaranteed income for life. If you choose, it can also include a second income recipient. The income is fixed, regardless of market fluctuations, and is determined by several factors including the size of the gift as well as your age.

Contributions of life insurance can provide a substantial gift and can be given at any time. The value of an ordinary policy at the time of the gift is tax deductible. If you continue paying the premiums, they also are deductible as charitable contributions. If a paid-up policy is given, the cost of purchasing a new paid-up policy at your current age is the value of the charitable deduction.

There are many types of retirement plans. For some, the value drops to zero when the beneficiary dies, but others such as 401(K) plans and IRAs have a residual value that becomes part of the estate of the deceased. Taxes have never been paid on this residual, so they are assessed against the persons who receive the assets. They may be gifted to a charitable organization tax-free with full credit for the amount of the gift.

For more information about these options and other ways you can support the mission of Peace Village, please contact the Fund Development Director at (708) 671-2495 or email kkarwacki@peacevillage.org.