PLANNED GIVING

Specific Bequest: A specific bequest involves a fift of a specific asset, such as real estate, a car, or a specific dollar amount.

Percentage Bequest: This type of bequest involves leaving a specific percentage of your overall estate to Carpenter’s Place.

Residual Bequest: A residual bequest is made from the balance of an estate after the will or trust has given away each of the specifi bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity.

Contingent Bequest: Contingent bequests are made to a charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language can provide that if the relative is deceased at the time of your death, the vacation home will go to Carpenter’s Place.

How to leave a bequest to Carpenter’s Place
Legal name: Carpenter’s Place
Address: 1149 Railroad Avenue, Rockford, IL 61104
Federal tax ID#: 36-4352283

Sample wording
I hereby give, devise, and bequeath DESCRIPTION OF PROPERTY to Carpenter’s Place, a non-profit organization located at 1149 Railroad Avenue, Rockford, IL 61104. Federal tax ID#36-4352283, for Carpenter’s Place general use and purpose…

Notify us of your beneficiary designation
Please let us know when you’ve made a bequest designation for Carpenter’s Place so that we can thank you and include you in Carpenter’s Circle.

If you have any questions, please contact Mike O’Connor at 815.964.4105 or mikeo@carpentersplace.org

A gift from an IRA provides the donor with 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.

How to name Carpenter’s Place as a beneficiary
Legal name: Carpenter’s Place
Address: 1149 Railroad Avenue, Rockford, IL 61104
Federal tax ID#: 36-4352283

Notify us of your beneficiary designation
Please let us know when you’ve made a beneficiary designation for Carpenter’s Place so that we can thank you and include you in Carpenter’s Circle.

If you have any questions, please contact Mike O’Connor at 815.964.4105 or mikeo@carpentersplace.org

There are two primary ways to make of a gift of life insurance to Carpenter’s Place. The most common is to name Carpenter’s Place as beneficiary of an existing policy. Another is to make Carpenter’s Place 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.

How to name Carpenter’s Place as a beneficiary
Legal name: Carpenter’s Place
Address: 1149 Railroad Avenue, Rockford, IL 61104
Federal tax ID#: 36-4352283

Notify us of your beneficiary designation
Please let us know when you’ve made a beneficiary designation for Carpenter’s Place so that we can thank you and include you in Carpenter’s Circle.

If you have any questions, please contact Mike O’Connor at 815.964.4105 or mikeo@carpentersplace.org

Carpenter’s Place may accept gifts of real estate, including single and multi-family homes. Real estate donations must benefit the mission of Carpenter’s Place. Acceptance of real estate is at the discretion of the Board of Directors.

Please contact Mike O’Connor at 815.964.4105 or mikeo@carpentersplace.org to discuss your real estate donation.

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. Restricted gifts are subject to approval by Carpenter’s Place Board of Directors.

If you would like your Carpenter’s Place 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 Carpenter’s Place’s mission!