The Illinois Holocaust Museum & Education Center proudly announces the formation of a new Legacy Society. This new group will guarantee the safeguarding of our precious artifacts and the continuation of our educational programs.
We each plan our future in different ways. Some people can make an outright gift; others must plan for later years. Whether you are creating a will for the first time or revisiting your estate provisions, we hope you will include the Museum in your philanthropic plans.
“I don’t have THAT kind of money to leave the Museum in my will.”
This is a common concern. The truth is that ANY amount is needed and appreciated!
There are many ways to join the Legacy Society and guarantee the future of your Museum. We are here to help guide you through this process. Click on a few of these ideas listed below to learn more.
|Give Through Your Will||Life Insurance||Real Estate|
|Retirement Accounts||Gift Annuities||Gifts of Appreciated Security|
To explore your complete Planned Giving options, please call the Museum Planned Giving Department at 847-967-4502 for a private discussion or contact your tax adviser.
The Museum’s Legacy Society is made up of group of thoughtful friends of the Illinois Holocaust Museum and Education Center who want to ensure that the Museum they love today can continue to fulfill its mission for years to come. Through an estate provision or planned gift to the Museum in any amount, Museum Legacy Society members are acknowledged in the Museum’s annual report and receive invitations to special events. We invite you to join this special group whose impact will be felt generations in the future.
Legacy Society committee members to date:
A bequest through a will or living trust is perhaps the most familiar way to transfer a donation. The gift can be a percentage of your estate or a fixed amount. With this method you retain full use of your property and funds during your lifetime and are assured that your estate will be distributed according to your instructions. This is also a great way to involve your children and grandchildren in the giving process.
Retirement plans including IRAs, 401 (k) plans, and others are subject to significant taxes, which can substantially reduce the value of the plans upon your death. There are ways to minimize these taxes and if you choose to make the Museum a partial or whole beneficiary of the plan, taxes can be avoided.
You may have a life insurance policy that you no longer need. You can make the Museum the owner and beneficiary of the policy and receive a sizable charitable deduction. Simply ask the insurance company for forms that will change the beneficiary and ownership designations.
A charitable gift annuity is an agreement between you and the Museum in which you transfer cash or marketable securities in exchange for a steady stream of income. The annuity rate is based upon your age at the time of the gift, and payments will then be paid to you annually, semi-annually, quarterly, or monthly. Under this agreement, you receive a current income tax deduction and the Museum’s promise to make fixed payments to you for life, after which the balance remaining in the fund is added to the Museum’s endowment. By making a gift of the securities to the Museum and retaining a lifetime annuity, you receive payments based on the full current value of the securities.
Real estate can be contributed to Museum in ways that afford the donor many benefits. Donors may convey real estate to the Museum, either as an outright gift or to establish a charitable remainder trust. This is a substantial way to avoid taxes on an appreciated property.
You can donate appreciated stocks, bonds, or mutual fund shares you have owned for more than one year to the Museum and receive an immediate income tax deduction for the fair market value of the securities on the date of transfer and you pay no capital gains tax when the stock is sold.