Wills, Beneficiaries and Trusts

Wills & Bequests

Making a legacy gift to the Claretian Missionaries and St. Jude League (SJL) offers a lasting tribute to your faith and life’s work. And, can be simple and convenient.

You can choose to make a bequest for a specific dollar amount OR for a percentage of your estate. You also can direct your bequest for general use or you can designate its use to a particular ministry or community. Because a will is an important legal document, you should seek an attorney’s help.

Each individual situation is unique and, therefore, these examples include only some of the possible gift opportunities. We encourage you to share your final will provision with Claretian Community Impact to ensure that your wishes will be properly followed and recognized.

To help guide you with common phrasing in estate documents, we offer some suggested bequest wording below:

To the St. Jude League (SJL), a 501 (c) 3 nonprofit, tax-exempt organization of Illinois, located at the principal address 205 West Monroe Street, Chicago, IL 60606 and tax identification number EIN: 45-3052833, I, [name], of [city, state ZIP] hereby give and bequeath [the sum of $_____] OR [_____percent of my estate] to be used as determined by SJL for [its general or designated purposes].

To the Claretian Missionaries (CM), a 501 (c) 3 nonprofit, tax-exempt organization of Illinois, located at the principal address 205 West Monroe Street, Chicago, IL 60606 and tax identification number EIN: 45-3134561, I, [name], of [city, state ZIP] hereby give and bequeath [the sum of $_____] OR [_____percent of my estate] to be used as determined by SJL for [its general or designated purposes].

Named Beneficiary Designations

Individual Retirement Account (IRA)

Designating the Claretians or St. Jude League as beneficiaries of your IRA, 401K or 403B plans is the simplest, easiest way to leave a legacy gift with us. It is also often overlooked as an asset that you can use to make gifts to the mission.

Add a beneficiary to your policy:

It is relatively simple to make a change to the beneficiary/beneficiaries of your plan without needing to make changes to your will or other aspects of your estate plan. Just ask your your IRA plan administrator for a form that will allow you to make the Claretians or St. Jude League as a beneficiary of your plan. This can even be accomplished online with some plans.

Life Insurance Policy

Life insurance is often overlooked as an asset that you can use to make gifts to the St. Jude Leauge. There are a number of ways to support the SJL many missions with an insurance-related gift.

Add a beneficiary to your policy:

It is relatively simple to make a change to the beneficiary/beneficiaries of your insurance policy without changing your will or other aspects of your estate plan. Just ask your insurance company for a form that will allow you to make the SJL a beneficiary of your insurance policy.

Give a paid-up policy:

You can transfer ownership of a paid-up life insurance policy to the Claretians and St. Jude League. After the transfer, the SJL can elect to either cash in the policy right away or keep the policy and receive the death benefit later. You would receive an immediate income tax deduction for either the cash surrender value or the basis (usually the cost), whichever is less.

Making the Claretians and St. Jude League the owner and beneficiary:

You can take out a policy and make the SJL the owner and beneficiary of the policy. Premium payments can be made by you directly to the insurance company or by the SJL, by way of your annual gift to the organization. Whichever way the premiums are paid, you can take an income tax deduction.

Charitable Remainder Trust

A Charitable Remainder Trust (CRT) is a life-income arrangement that provides you and/or other beneficiaries with a stream of income for life or for a period of years. After the trust terminates, the principal, or “remainder interest,” goes to the Claretians. Unlike other life-income arrangements, CRTs are separately invested and managed trusts. Please note that the Claretians do not manage these trusts for donors.

This is the most flexible of life-income plans, and a powerful way for you to benefit along with your heirs and the SJL. Some versions of CRTs can be funded with closely held stock, partnership interests, real estate, and in some instances, tangible personal property such as works of art. You can choose to receive a variable or fixed income (beginning immediately) for life or a term of years. There is no limitation on the number of beneficiaries of a CRT.

CRT Benefits:

• When appreciated assets are donated to the trust, they can be sold without incurring capital gains tax, allowing the entire proceeds from the sale to be reinvested.
• You can receive a charitable income tax deduction in the year the gift is made, with an additional five years to carry over any unused deduction.
• You can add to certain types of CRTs at any time.
• Through reinvestment within the trust, you can achieve diversification of a previously concentrated asset.
• Any assets that you contribute to a CRT are immediately removed from your estate, reducing your estate tax exposure.

Basic Types of CRTs:

Unitrust (CRUT): This type of trust pays a variable income based on a fixed percentage (for example, between 5 and 6 percent) of the trust assets, revalued once each year. One advantage of a unitrust is that your income can increase as the trust principal grows over time. This type of CRT allows you to make additional contributions at any time.

Annuity Trust (CRAT): This type of trust pays a fixed annual income that is determined when the trust is established. The annuity trust is often preferred by those who are interested in the security of a constant return.

Please contact us for more information, we’d like to share the many options available to you!