The Many Ways of Giving
As a retired neuropsychologist and accomplished academic, Andrew B. had seen his fair share of medical practices. That’s why it was a special moment when he visited The Lighthouse’s Dr. Kara Crumbliss for a routine vision exam for Retinitis Pigmentosa. He was immediately impressed with the personalized care he received from Dr. Crumbliss and wanted to know more about the organization.
Just a few weeks later, Andrew visited The Lighthouse for a tour. “I was really glad I did,” he says. “It’s a gigantic building with a lot going on inside. I spent time in the assistive technology store and saw the clock factory. I was blown away by the work, and I started making donations.”
Since that visit in November 2023, Andrew has generously made several contributions and introduced the organization’s mission to his friends. He even celebrated his birthday by encouraging loved ones to make their own gifts to The Lighthouse.
Though Andrew is a proud Lighthouse supporter today, the most impactful gift he has decided to make won’t happen for many years. Andrew revised his estate plan, naming The Lighthouse as a beneficiary of his retirement accounts. Making that designation is a way to ensure the cause most important to Andrew will be sustained after he passes and all it took was a few sentences added to his will. It was a simple step which didn’t affect his current finances but will fuel The Lighthouse’s low vision clinical care down the road.
By designating The Lighthouse as an account beneficiary, Andrew is directly bequeathing his assets as a charitable gift. As a result, there are no capital gains taxes taken out, leaving more funding for The Lighthouse’s vital programs.
“I didn’t know all of this until my lawyer explained it to me,” Andrew says. “The idea is not to pay more taxes. It’s to put more money toward something you care about.”
If you would like to designate The Chicago Lighthouse as a beneficiary of your life insurance, retirement accounts, stock holdings or otherwise include The Lighthouse in your estate plans, contact Lora Nickels, Senior Director of Individual Giving, at (312) 997-3643 or lora.nickels@chicagolighthouse.org.
