Estate Giving

As we grow older, many of us begin to think about how our life can make an impact for years to come. If you love what Carpenter’s Place is about and if you desire to leave a legacy for those who come behind you, we invite you to consider leaving Carpenter’s Place in your will or estate plan.

Another way to care for the long-term needs of Carpenter’s Place is to name us as a percentage beneficiary of your IRA or other retirement plan assets. These assets can have both income and estate taxes due when given to family members. Many financial professionals suggest giving other assets to family. You may also considering naming us a beneficiary in a life insurance policy. Both are simple ways to ensure that your partnership lives on!

Carpenter’s Circle Criteria

Carpenter’s Circle recognizes donors and volunteers who have given significant gifts of time and assets to help us achieve our mission of rebuilding the lives of homeless individuals. These include:

Those that have included Carpenter’s Place in their estate plans and advised us of that fact
Donors with a cumulative giving of $20,000 or more
Volunteers with cumulative hours worked of 2,000 or more
Executive Director nominees based on extraordinary service and support

Types of Estate Gifts

There are many ways to financially support the Carpenter’s Place. One important way is through a gift from your estate. Planned giving can help you achieve you philanthropic goals while meeting your personal and family financial goals as well.

The following is a list of the most popular ways you can remember CP in your estate plans (we would be happy to discuss other options as well):

Bequests

A bequest in a will is the most common planned gift made to CARPENTER’S PLACE and can be an excellent way to support our mission. Since a bequest is a gift at death, donors are not faced with giving money away during their lifetime which they may need for living expenses. Bequests are relatively simple to make and come in many forms, the most common being a percentage of one’s estate. This type of gift provides donors an opportunity to support to deepen their commitment to CARPENTER’S PLACE and help pass onto loved ones the values that guided their lives.

The suggested bequest language for Carpenter’s Place is: “I, [name], of [city, state, ZIP], give, devise and bequeath to Carpenter’s Place (TAX ID # 36-4352283) 1149 Railroad Avenue, Rockford, IL 61104, [percentage of the estate or written amount or description of property] for the ongoing ministry needs of Carpenter’s Place.” If you would like to designate a bequest for a specific purpose, or in memory of a loved one, please email MikeO@carpentersplace.org or call (779) 210-2878.

IRAs: Another smart giving option to CP is an IRA gift. A gift of an IRA can be beneficial because of the associated tax advantages. When children or loved ones are beneficiaries of IRAs, combined income and estate taxes could take as much as 70 percent or more of the plan’s value. Naming the CARPENTER’S PLACE as beneficiary completely eliminates all taxes on the plan.

Life Insurance: There are two primary ways to make of a gift of life insurance to the CARPENTER’S PLACE. The most common is to name the CP as beneficiary of an existing policy. Another way to give life insurance is to make the CP the irrevocable owner and beneficiary of the policy. By doing so, donors receive an income tax deduction equal to the cash value of the policy and for any premium payments made after assigning the policy to us.

Designating Your Gift: Any of the above gifts can be designated as unrestricted or restricted. If restricted, the gift can be designated for certain purposes, programs, or campaigns.

Endowing Your Gift: If you would like your CP legacy to live on long after you are gone, designate your estate gift for our endowment. As an endowed gift, the principal can never be spent, only the investment earnings can be utilized each year. As our endowment grows, so does the impact it makes on CP’s mission!

Real Estate Donations

Transitional housing is quickly becoming a vital part of our efforts to give the homeless the tools they need to rebuild their lives. Through the “Foundations for the Future” program you can donate property of any kind including single- and multi-family homes, boarding or apartment buildings, residential lots, undeveloped land, or farms with or without buildings. Property donors may benefit from reduced income taxes, reduced estate taxes, avoidance of capital gains taxes and a significant charitable deduction for tax purpose.

Bequest Language

The official bequest language for Carpenter’s Place is: “I, [name], of [city, state, ZIP], give, devise and bequeath to Carpenter’s Place (TAX ID # 36-4352283) [percentage of the estate or written amount or description of property] for the ongoing ministry needs of Carpenter’s Place.” If you would like to designate a bequest for a specific purpose, or in memory of a loved one, please contact KayL@carpentersplace.org.

Estate Giving

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Estate Giving

Carpenter’s Circle Criteria

Types of Estate Gifts

Real Estate Donations

Bequest Language

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