Planned Giving Program – Charitable Bequests

Summary:
Charitable bequests are made through a provision in a will or living trust, as part of an estate plan.

How It Works:

  • A bequest can be for a specific amount, for specific property, or a percentage of an estate.
  • There is no limit to the amount of a charitable bequest.
  • The amount of a bequest is tax deductible to the estate and thus reduces estate taxes.
  • Even if a will or living trust is already written, a simple codicil (will) or amendment (living trust) can create a charitable bequest to the Society.

Establishing a Bequest:
Below are some examples of bequest language and arrangements that might be incorporated into a will or living trust.

  • Bequest for the Operating Fund: I give $______ (or specific property) or ___% of the residue of my estate to The Chicago Philharmonic Society. (no minimum bequest amount)
  • Bequest for the Endowment Fund: I give $______ (or specific property) or ___% of the residue of my estate to the General Endowment Fund of The Chicago Philharmonic Society to be invested and drawn on in accordance with the policies and procedures established by the Society’s Board of Directors for such Fund. (no minimum bequest amount)
  • Bequest to Establish a Named Fund: I give $______ (or specific property) or ___% of the residue of my estate to the ___(name) _____ Fund within the General Endowment Fund of The Chicago Philharmonic Society to be invested and drawn on in accordance with the policies and procedures established by the Society’s Board of Directors for the General Endowment Fund. (minimum bequest of $25,000 to establish a named fund)
  • Bequest to Establish a Named Fund for a Specific Purpose: I give $______ (or specific property) or ___% of the residue of my estate to __(name)____Fund of The Chicago Philharmonic Society which Fund I have established pursuant to an Agreement between me and the Society dated ___________, which Fund shall be drawn on pursuant to said Agreement and shall be invested as part of the General Endowment Fund. (minimum bequest of $25,000 to establish a special purpose named fund)

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Banner photo by Elliot Mandel