Frequently Asked Questions About Wills:

1. What exactly is a will?

A will is a legal document that, when executed in accordance with applicable laws, will dispose of your property after your death according to the way you decide.

2. I have heard that I don't need a will until I am older. Is this correct?

If you own property and are over the age of eighteen, at the minimum, you should have a will. A will is the best way to ensure that your property will be distributed the way you choose when you die. Among other things, it provides who will inherit what of your assets and how much. It also allows you to name executors of your estate (those who represent your estate and see to it that the wishes in your will are carried out). In addition, a will enables you to appoint guardians of your minor children, should you die before they reach eighteen.

3. What happens if I die and do not have a will?

Then, the State will make the decisions about how your property will be distributed. Your family may not inherit your assets exactly the way you want. In addition, people outside of your family, as well as your favorite charitable institutions, may not be remembered. If you had a will, this would not happen.

4. I would really like to remember the Chicago Lighthouse in my will. What do I do?

See our suggested language for your will.

5. I have already included the Chicago Lighthouse in my will or estate plan. How should I notify you?

If you have already remembered us in your will or estate plan or are intending to do so, we encourage you to let us know. You can call, write, or E-mail our Director of Development, Jennifer Miller, at (312) 997-3643 or Jennifer.Miller@chicagolighthouse.org

Frequently Asked Questions About Charitable Gift Annuities:

1. What exactly is a charitable gift annuity?

A charitable gift annuity is a combination of an annuity and charitable gift to the Chicago Lighthouse. When you establish a charitable gift annuity, you receive an immediate charitable deduction, and you receive guaranteed income for life. Payments begin immediately if you choose!

A charitable gift annuity is one of the easiest ways to make a planned gift that benefits both the donor and the Chicago Lighthouse- and you don't have to change your will or get your attorney involved!

2. What are the financial benefits of a charitable gift annuity?

At the time of your gift, you receive a charitable income tax deduction. In addition, a portion of each of your payments is tax-free over your life expectancy. You may also avoid or defer capital gains taxes if you use appreciated securities to fund your charitable gift annuity.

3. Can I use stocks or bonds to fund my charitable gift annuity?

Yes! Moreover, using long-term appreciated securities (such as stocks and bonds) to fund your gift may result in decreasing and deferring capital gains.

4. Are Chicago Lighthouse charitable gift annuities guaranteed and safe?

Yes! Your life income payments are backed by all of the assets of the Chicago Lighthouse. Moreover, they are guaranteed by the Chicago Lighthouse for the rest of your life.

5. Does my annuity payout rate fluctuate with the stock market or interest rates?

No. This is one of the major advantages of a charitable gift annuity. Your payment amount is fixed at the time you make your gift to the Chicago Lighthouse. Charitable gift annuities are very low-risk investments!

6. Is it difficult to establish a charitable gift annuity with the Chicago Lighthouse?

No! You simply request a free illustration to see how a charitable gift annuity can work for you. If you decide a charitable gift annuity is right for you, it is quick and easy to establish one. You sign a simple one page contract with the Lighthouse and transfer us the assets you are using to fund the annuity. After that, you sit back and start receiving your income payments for the rest of your life!

7. Why would someone want to establish a charitable gift annuity with the Chicago Lighthouse?

Simply put, to enable us to continue helping people who are blind or visually impaired. Click here to see all of the tremendous work we do on a daily basis.

If you would like further information or would like a personalized charitable gift annuity illustration, please call Jennifer E. Miller in our Planned Giving Department at (312) 997-3643, or E-mail her at jennifer.miller@chicagolighthouse.org.