One of the easiest and most common ways for you to support Illinois CancerCare Foundation is with a gift of cash. Cash can be used to support our work in the form of:
An outright gift – By making a cash gift by check, credit card or money order today, you enable us to meet our most urgent needs and carry out our mission on a daily basis. You will have the opportunity to see your generosity in action and will also receive a federal income tax charitable deduction, when you itemize.
A payable on death (POD) account – A POD bank account or certificate of deposit names one or more persons or charities as the beneficiary of all funds once you, the account owner, pass away. The beneficiary you name has no rights to the funds until after your lifetime. Until that time, you remain in control and are free to use the money in the bank account, change the beneficiary or close the account.
There are several other ways to make cash donations as part of the gift types below.
Securities and mutual funds that have increased in value and been held for more than one year are one of the most popular assets to use when making a gift to Illinois CancerCare Foundation. Making a gift of securities or mutual funds to us offers you the chance to support our work while realizing important benefits for yourself. When you donate appreciated securities or mutual funds you have held more than one year to us in support of our mission, you can reduce or even eliminate federal capital gains taxes on the transfer. You may also be entitled to a federal income tax charitable deduction based on the fair market value of the securities at the time of the transfer.
Securities are most often used to support our work in the form of:
An outright gift – When you donate securities to Illinois CancerCare Foundation, you receive the same income tax savings that you would if you wrote us a check, but with the added benefit of eliminating capital gains taxes on the transfer, which can be as high as 20 percent.
A transfer on death (TOD) account* – By placing a TOD designation on your brokerage or investment account, that account will be paid over to one or more persons or charities after your lifetime.
See below for additional ways to fund your gift:
When the original purpose for a life insurance policy no longer applies—such as educating children now grown or providing financial security for a spouse—your policy can become a powerful and simple way to support our work. There are three ways to give life insurance to Illinois CancerCare Foundation:
Name us a beneficiary of the policy. This gift is as simple as updating your beneficiary designation form with the policy holder. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn’t survive you.
Make an outright gift of an existing policy. You can name us as owner and beneficiary of an existing policy. You qualify for a federal income tax charitable deduction when you itemize on your taxes. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift when you itemize.
Make an outright gift of a new policy. You can take out a new policy and irrevocably name Illinois CancerCare Foundation as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for the younger donor. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift when you itemize.
Designating Illinois CancerCare Foundation as beneficiary of your bank accounts, certificates of deposit or brokerage accounts is a simple and straightforward way to support our work. There are two options you can use to make this gift to us:
Payable on death (POD)* – By placing a POD designation on your bank account or certificate of deposit, you can name one or more persons or charities as the beneficiary of all funds once you, the account owner, pass away. The beneficiary you name has no rights to the funds until after your lifetime. Until that time, you remain in control and are free to use the money in the bank account, to change the beneficiary or to close the account. By setting up your bank account or certificate of deposit in this way, the estate planning and administration process is simplified. The executor or administrator of your estate will not have to take any action to ensure that your account transfers to whomever you designated. Simply ask your bank representative about the one or two easy steps you need to take in order to place a POD designation on your bank account or certificate of deposit.
Transfer on death (TOD)* – By placing a TOD designation on your brokerage or investment account, that account will be paid over to one or more persons or charities after your lifetime. It is not necessary for the TOD designation to transfer all of the account solely to charity—you can designate a certain percentage of the account. Like a POD account, with a TOD account the beneficiary you name has no rights to the funds until after your lifetime. Until that time, you are free to use the money in the brokerage account, to change the beneficiary or to close the account. A TOD designation also simplifies the estate planning and administration process. The executor or administrator of your estate will not have to take any action to ensure that your securities transfer to whomever you designated. To set up the TOD endorsement, simply contact your investment advisor and provide instructions regarding the change.
*State laws govern payable on death accounts and transfer on death accounts. Please consult with your bank representative or investment advisor if you are considering these gifts.
If you hold stock in a closely held business, you may be able to use that stock as a powerful way to support our future. Closely held stock* is most often used to support our work in the form of an outright gift. You can make a gift of closely held stock as long as the constituting documentation for the business permits additional owners and it is debt-free. The donation of closely held stock first requires you to value the interest in the business entity. Review this checklist to see if you may benefit from donating closely held stock. Then, consult your professional legal and tax advisors to see how to maximize the benefits of this tax-efficient strategy for making a difference.
Look below to see the additional ways to fund your gift with closely held stock:
*A gift of closely held stock requires special handling, so you should always consult with your legal or tax advisor first.
We Can Receive Your Commercial Annuity Tax-Free
Like retirement plan assets, commercial annuities provide for tax-deferred growth while the owner is living. Because distributions from commercial annuities are subject to income taxes, they are often considered among the best assets to leave to charity. Due to our tax-exempt status, Illinois CancerCare Foundation can receive your commercial annuity completely tax-free. The best way to give a commercial annuity in support of our work after your lifetime is to name us as beneficiary. Making this gift is as simple as updating your beneficiary form with your bank or insurance company. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn’t survive you.
Turn Your Treasures Into a Charitable Legacy
Your treasures like valuable antiques, stamp and coin collections, works of art, cars, boats, and other personal property can make suitable charitable gifts today or after your lifetime. The financial benefits of the gift depend on whether we can use the property in a way that is related to our mission. Related use property-e.g., a piece of artwork donated to an art museum-is deductible at the full fair market value. Any other property is deemed nonrelated use property and the deduction would be limited to the lesser of fair market value or your tax basis in the property. If the federal income tax charitable deduction claimed for a gift of tangible personal property exceeds $5,000, you must obtain an appraisal from a qualified appraiser and submit a special IRS form with the tax return on which the deduction is claimed.
Ways to Use Property as a Donation
An outright gift – This allows you to benefit our work today and gives you an immediate federal income tax charitable deduction.
A gift in your will or living trust – You can leave a legacy at Illinois CancerCare Foundation by donating property to us through your will or living trust.
A bargain sale – You can sell us your property for less than the fair market value of the item. For example, if you sell us an antique for $25,000 that is worth $50,000, you will receive a federal income tax charitable deduction of $25,000 plus the payment from us of $25,000.
A memorial or tribute gift – If you have a friend or family member whose life has been touched by Illinois CancerCare Foundation, consider making a gift to us in his or her name.
A charitable gift annuity – You can sometimes use non-income producing property such as a valuable stamp and coin collections or works of art in exchange for life payments and a federal income tax charitable deduction. The amount of the charitable deduction depends, in part, on whether the donated items are retained by the charity and used for its tax-exempt purpose.
A charitable remainder trust – You may be able to contribute tangible personal property to a charitable remainder trust. If you or a family member is an income beneficiary, you will receive a federal income tax charitable deduction when the property is sold. An additional contribution of cash or appreciated securities is recommended to cover expenses until the tangible personal property is sold.
A donor advised fund – Gifts to donor advised funds are not limited to cash and securities. Tangible personal property such as valuable antiques, stamp and coin collections, art, cars and boats may be able to be gifted and sold to benefit your fund.
Retirement plan assets are a great way to support the work at Illinois CancerCare Foundation because they not only help support the mission, but they also can provide tax relief for your loved ones. Money in an employee retirement plan, IRA or tax-sheltered annuity has yet to be taxed. When a distribution is made from your retirement plan account to a beneficiary, that person will owe federal income tax. Consider leaving your loved ones less heavily taxed assets and leaving your retirement plan assets to Illinois CancerCare Foundation to support our work. As a nonprofit organization, we are tax-exempt and will receive the full amount of what you designate to us from your plan.
You can take advantage of this gift opportunity in the following ways:
Name us a beneficiary of your plan – This requires you to update your beneficiary designation form through your plan administrator. Here you can designate Illinois CancerCare Foundation as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your plan only if your primary beneficiary doesn’t survive you.
Fund a testamentary charitable remainder trust – When you fund a charitable remainder trust with your heavily taxed retirement plan assets, the trust will receive the proceeds of your plan. The trust typically pays income to one or more named beneficiaries for life or for a set term of up to 20 years, after which the remaining assets in the trust would go to support the Illinois CancerCare Foundation. This gift provides excellent tax and income benefits for you while supporting your family and our work.
A donor advised fund – When retirement plan assets pass to your heirs, distributions are taxed as ordinary income. This income tax burden can be substantial, greatly reducing the value of the intended gift. Instead, you can designate your donor advised fund as the beneficiary of all or a portion of your retirement plan assets. Your fund receives the full amount of the gift and bypasses any federal taxes.
