A Life Estate Gift can be outlined in your will or trust or added to your existing will or trust. It can direct a specific amount, a certain property, or all or a percentage of what remains. A bequest can be expressed in the following language: “I give, bequeath and devise to Norwood Life Care Foundation of Chicago, Illinois, a not-for-profit organization, the sum of $ (or % of my estate or the following described property or the residue of my estate) for its exempt purposes.”

Considering including Norwood Life Care Foundation in your will? Click here to find out more about the Power of One campaign.

In these turbulent financial times, either you or your loved one's income from investments has likely diminished. Norwood Life Care Foundation offers a charitable gift giving vehicle that offers a higher return than most other investment options.

This opportunity is called a Charitable Gift Annuity, and it provides a guaranteed income for life. A Charitable Gift Annuity is a contract in which you exchange a gift of cash or securities for a guaranteed annual income each year for the rest of your life. For seniors, rates may be 7%, 8%, or even higher. Norwood Life Care Foundation makes charitable gift annuities available to those who are 65 years of age or older and can make a gift of at least $5,000.
Some of the benefits are:

• Higher interest than most other investments
• Guaranteed income for life, a portion of which is tax-free
• Capital gains tax savings for most stock gifts
• Membership in the Norwood Life Care Foundation Legacy Society
• Satisfaction knowing you have supported the programs and services funded by the Foundation

For example, an 82 year-old making a charitable gift of $10,000 might receive 7.2% interest, resulting in an annual payment of $720 for life, a portion of which is tax-free. This is a substantial increase in income compared to a typical 2% stock dividend payout.

Would you like to learn more about Norwood Life Care Foundation's gift annuity program? Maureen McCarthy, our Foundation Director, can provide a tailor-made illustration showing you exactly how a gift annuity can work for you. Please contact Maureen at (773) 577-5367, or by email, or click here to send an email message via our server.

On December 17, 2010, the President signed into law legislation affecting charitable giving. The legislation extends the Individual Retirement Account (IRA) Rollover Provision, which allows donors over the age of 70 1/2 to make tax-free gifts directly from their IRAs to qualified charities. Gifts may be made from traditional or Roth IRAs. The provision extends through 2011.

Individuals can give any amount up to $100,000 and married couples up to $200,000. Gifts may be made only through IRAs, not 401(k) plans or other tax-favored retirement vehicles.

If you or someone you know might benefit from this arrangement, please contact Maureen McCarthy, Executive Director, Norwood Life Care Foundation, at (773) 577-5367, via email, or through our contact page.