You can help ensure Northeastern Illinois University’s future with the gift of life insurance.
How it works
- You transfer ownership of a paid-up life insurance policy to the Northeastern Illinois University Foundation.
- The Northeastern Illinois University Foundation cashes the policy now, or maintains it and receives the death benefit later.
- You receive gift credit and an immediate income tax deduction for the cash surrender value of the policy.
- In some cases, you can use the cash value in your policy to fund a life-income gift, such as a deferred gift annuity. However, you will want to confirm this with a professional financial advisor.
- You gain the satisfaction of making a significant gift to Northeastern Illinois University, without adversely affecting your cash flow.
Retirement Benefit Plans
You can help Northeastern Illinois University by donating your retirement assets. This is one of the best ways to make a charitable gift because it avoids the double taxation of income and estate taxes that can diminish its value to your heirs.
How it works
- You name the Northeastern Illinois University Foundation as the beneficiary of your IRA, 401(k) or other qualified plan.
- After your lifetime, the residue of your plan passes to the Northeastern Illinois University Foundation tax-free.
- You can escape both income AND estate tax levied on the residue left in your retirement account by leaving it to the Northeastern Illinois University Foundation.
- Give the most-taxed asset in your estate to the Northeastern Illinois University Foundation and leave more favorably taxed property to your heirs.
- You can continue to take withdrawals during your lifetime.
- You can change the beneficiary if your circumstances change.