Forefront is proud to partner with Jewish United Fund and a growing list of other organizations to support HB4206 and SB2748, which will remove administrative delays and set a faster, more efficient standard to help charitable organizations receive legacy gifts when they are a designated beneficiary.
Take Action Now:
- Contact your State Senator and State Representative to cosponsor HB4206 / SB2748 by sending them the form on this page.
Background
Unlike gifts left in wills or trusts, Illinois has no law requiring financial institutions to timely transfer non-probate gifts left to 501c3 tax-exempt charitable beneficiaries (i.e., retirement accounts, securities, payable/transfer-on-death accounts). When a nonprofit or a foundation has been left a legacy gift, financial institutions often require extensive administrative paperwork to access these funds, which leads to administrative burdens, delayed timelines, and the sharing of sensitive personal information, which significantly delays these organizations from putting these donated dollars to use.
HB4206 / SB2748 will:
- Set a standard for faster, more efficient transfers,
- Reduce administrative delays, and
- Help charities (including houses of worship, community foundations, & direct service providers) put donated dollars to work sooner to get back to meeting their missions.