Leave a Legacy

Your will is a meaningful way to make a lasting gift. Such a provision can be structured to fit your personal, family, and financial needs, and can be reviewed and revised in the future.

General Bequest
One of the most popular ways to make a charitable gift through your will, a general bequest allows you to simply leave a specific dollar amount. Example: I give $25,000 to The Carol Stream Parks Foundation, Carol Stream, IL, to be used for its exempt purposes.

Residuary Bequest
To give an organization all or a portion of an estate after debts, taxes, expenses and other bequests have been paid, a residuary bequest lets you provide specific amounts to family members or friends, and leave the remainder to Carol Stream Parks Foundation. Example: I give the rest of the property I own at my death to The Carol Stream Parks Foundation, Carol Stream, IL, to be used for its exempt purposes.

Percentage Bequest
The most flexible way to give, the size of your percentage bequest automatically changes with the size of the estate. Example: I give 20-percent of my estate to The Carol Stream Parks Foundation, Carol Stream, IL, to be used for its exempt purposes.

Contingent Bequest
A contingent bequest takes effect only if the primary intention cannot be met. Example: If (primary beneficiary) predeceases me or disclaims any interest in (description of property), I give such property to The Carol Stream Parks Foundation Inc., Carol Stream, IL, to be used for its exempt purposes.

Restricted Bequest
Any type of bequest can be restricted to a specific purpose. Example: I give $50,000 to The Carol Stream Parks Foundation, Carol Stream, IL, to create a named endowment to fund financial assistance for deserving applicants.

Gift of Life Insurance
Through the Carol Stream Parks Foundation, the Foundation can become the beneficiary, or contingent beneficiary, of a life insurance policy. You retain lifetime ownership of the policy. Other options include transferring ownership to the Carol Stream Parks Foundation or purchasing a new policy with the Foundation as owner and beneficiary.

Gifts of Retirement Assets
Retirement plan assets differ from most other assets you may own. Upon your death, these assets are subject to not only an estate tax but also an income tax. This additional tax exposure makes your retirement plan assets significantly more expensive to transfer to non-spousal beneficiaries than real estate, stocks, and certain other assets. However, retirement plan assets, including IRAs, 403(B) plans, 401(K) plans, and other plans, represent one of the best assets for charitable giving. Consider using retirement plan benefits to make a significant gift to Carol Stream Parks Foundation. Due to the tax treatment of these plan benefits, the cost of your gift to your estate and heirs is often relatively small.

Other Ways to Leave a Legacy
There are more ways, such as charitable trusts and gifts of real estate, to benefit both your heirs and the Foundation. Individual situations vary, consult your professional advisers on other ways to give. If you are considering a gift of real estate, contact us first to be certain the Foundation is able to receive your gift.

Start a Matching Gift Program Through Your Company

Your donation dollars increase if you work for a company with a matching gift program.

Carol Stream Parks Foundation is a 501(c)3 corporation dedicated to improving financial support for the Carol Stream Park District. All contributions to the organization are tax-deductible. Identified donors receive a written receipt.

I’d like someone to contact me about making a gift for a specific purpose.