Planned Giving (Estate Planning)

Planned Giving

Midwest Buddhist temple“Wherever the Buddha travels, be it country, province, town, or village, there is no place which does not benefit from his virtue.” – The Sutra on the Buddha of Immeasurable Life

What is Planned Giving?

Planned giving is a method of supporting non-profits like the Midwest Buddhist Temple. It enables individuals to make gifts in addition to regular annual gifts. It can include a direct transfer of an asset or estate, and tax planning techniques that maximize the gift and/or minimize its impact on the donor’s estate. Please be sure to consult your personal legal, financial and tax advisors when planning your gift.

Giving to Midwest Buddhist Temple

Thank you for your interest in supporting the Midwest Buddhist Temple in Chicago. The opportunity for planned giving can ensure that the sustainability of the Temple will continue for future generations. Planned giving can be as simple as adding a bequest to the Midwest Buddhist Temple in your will or making the temple a beneficiary of a personal trust, individual retirement
account or life insurance policy.

The Midwest Buddhist Temple accepts all planned gifts with gratitude. However, unrestricted gifts in cash or liquid assets provide the Midwest Buddhist temple with the most long term flexibility and will be directed to continue the legacy of our Temple and for major capital projects in the future.

What is a Bequest?

A bequest is one of the easiest gifts to make. Simply put, it is a provision in either your will or your living trust which provides that all or a portion of your estate is to pass to a charitable organization such as Midwest Buddhist Temple. This provision will take effect upon death of the donor. A bequest may also be made through a life insurance policy or an individual retirement account (IRA) by designating the Midwest Buddhist Temple as a beneficiary. Other methods can be explored between you, your advisors, and MBT.

Making a bequest of an IRA account

A retirement asset, such as an IRA account, makes an excellent bequest to us. If the IRA were given to your family, much of the value may be lost through estate and income taxes. By designating a charity as the beneficiary of all or part of your IRA (using a beneficiary designation form provided by your account custodian), the full value of the gift is transferred tax-free at your death and your estate receives an estate tax charitable deduction.

Making a bequest of life insurance

The Midwest Buddhist Temple can be named as the beneficiary of a policy. This provision will not provide any current tax advantages but the money passing to the church at the time of the insured’s death will qualify for the federal estate tax charitable deduction.

Acknowledgement of Gifts

If you choose to direct a bequest to the Midwest Buddhist Temple, we encourage you to share your plans with us. We can recognize your generosity or your gift can be made anonymously. Knowing your intentions, we are able to ensure that when the time comes, the Temple understands and can carry out your bequest intentions. With the help of your legal advisor, you can include language in your will or trust specifying a gift to be made to the Midwest Buddhist Temple as part of your estate plan. It can be designated as a specific dollar amount, as a specific asset or as a
percentage of your estate. Such bequest is fully deductible for estate tax purposes at the time the bequest is fulfilled.

How do I Explore Planned Giving

In addition to consulting with your legal, financial and tax advisors, please contact Midwest Buddhist Temple at 312.943.7801 for more information.