You can help ensure that future generations of Chicagoans can enjoy the Garfield Park Conservatory with a gift to the Perennial Society and including the Conservatory in your estate plan. We can help you with information about these opportunities offered through our Perennial Society. The Perennial Society is the Conservatory’s program to share information about how Conservatory lovers can help ensure the continued vitality of this beloved Chicago treasure.
Some options include:
Bequests
A bequest is the transfer of cash, securities, or other property through your will or living trust. Bequests can be a specific amount, a percentage of your estate, a percentage of your residual estate or specific property. A bequest is private and you may change it at any time. Giving by bequest costs nothing now, and may give you a great deal of satisfaction to know that your generosity to the Conservatory continues into the future.
Retirement Assets
You can name the Garfield Park Conservatory Alliance as a beneficiary on the beneficiary designation form for your retirement plan. This may be the most tax efficient way to give a gift to the Conservatory; many retirement assets may be taxable for income and estate tax prior to being paid to an individual beneficiary. Seek advice from financial planner about including the Conservatory in your retirement plan.
Life Insurance
Naming the Garfield Park Conservatory Alliance the beneficiary of your life insurance policy provides you the satisfaction of making a generous donation and leveraging the value of your policy. Options include:
- Naming Garfield Park Conservatory Alliance as the beneficiary of an existing policy
- Transferring ownership to the Conservatory of an existing policy
- Purchasing a new policy naming Garfield Park Conservatory Alliance as the owner and beneficiary and donating premium payments
Charitable Gift Annuity
A Charitable Gift Annuity (CGA) is a contract between the donor and the Alliance. In exchange for an irrevocable gift of cash, securities or other assets, the Alliance agrees to pay one or two named annuitants a fixed sum each year for life. The rate of payout is based on age and set by the American Council on Gift Annuities. You provide generous support to the Alliance while receiving a steady income stream. You may also realize additional tax benefits with this option.
Charitable Remainder Trust
A Charitable Remainder Trust allows you to make a gift to the Alliance while retaining the benefit from your assets. Cash, securities or other property are irrevocably placed in a trust that provides an income to you or one or more beneficiaries for life or a set period of time. When the trust ends, the assets of the trust are passed to the Alliance. Significant tax benefits may be available through a charitable deduction.
Charitable Lead Trust
A Charitable Lead Trust is an excellent way to transfer assets to heirs at a reduced transfer tax rate. With this type of trust, the Alliance is the recipient of the income stream from the trust for a specified term after which the trust assets pass to the remainder beneficiary, most often the heirs.
Questions?
If you have questions on how to get started or have already included the Conservatory in your estate plan, please contact Barbara Carney, Director of Development, at 773-638-1766 x 33 or bcarney@garfieldpark.org. We look forward to discussing how your gift can help ensure the future of the Garfield Park Conservatory.