What is the Legacy Challenge and Other Frequently Asked Questions

Yes. There’s no cost to you in your lifetime – all you have to do is name Mercy Home as a beneficiary of your will, trust, or financial account, and 10% of your final bequest will be matched by our group of generous donors today.

The Legacy Challenge has an upper limit: matching funds will be provided for 10% of your intended legacy gift, up to $10,000.

Yes. The matching gifts made available through Mercy Home’s Legacy Challenge are only available until December 31, 2022, or until matching funds run out. Don’t miss the opportunity to have a cash gift made in your name to help these kids today!

The task of putting your final affairs in order can feel daunting. Sometimes people wait until it’s too late, which may leave loved ones with difficult decisions and an expensive probate process. Other times, an estate plan will accidentally leave out a grandchild or benefits an ex-spouse just because it hasn’t been kept up to date. We don’t want that to happen to you!

A current estate plan which reflects your values is important for everyone. And the good news is that creating an estate plan is easier, and much less daunting, than you might think. Like anything else – the hardest part is just getting started.

We hope the Legacy Challenge provides an incentive for you to update your existing estate plan, or to put something into place for the very first time.

“Seed Funding” for the Legacy Challenge was provided by a small group of dedicated donors to Mercy Home who wish to remain anonymous.

Yes, probably. If you’ve already remembered the kids at Mercy Home with a legacy gift, but never informed the Philanthropy team, then your gift is eligible for matching funds!

Matching funds are limited, so they cannot be applied to legacy gifts that the Philanthropy team was informed of prior to 2022. However, if you have decided to increase the value of your estate gift, the increased amount is eligible for the match! Likewise, if you previously told us about a gift you’ve included in your will, but the Legacy Challenge inspires you to include a Mercy Home as a beneficiary of your IRA as well, the newly promised gift is eligible for the match.

Your situation is uniquely yours, and we’d love to speak with you more. Contact us at 1 (800) 378-8266 or plannedgift@mercyhome.org about your situation and your philanthropic goals. By working together, it’s likely that we can find a way for you to trigger an immediate cash donation with the Legacy Challenge today too!

Yes! If you’d prefer to keep the current value of your legacy gift private, you can still join the Legacy Challenge. Your future legacy gift will still qualify for an immediate match donation of $100. Just let the Philanthropy team know about your gift intention and complete the Archangel Society Membership form (but leave the section about gift amount blank).

The most common way to name a charity in your estate plan is to include a provision in your will or trust. If you don’t currently have either, you’ll need to contact an attorney to draw up the papers. We suggest providing your attorney with the following language:

I hereby give, devise, and bequeath _ percent (%) of the residue and remainder of my estate [or: the sum of $____________] to Mission of our Lady of Mercy, Inc. (d/b/a Mercy Home for Boys & Girls), a nonprofit organization located at 1140 W Jackson Blvd, Chicago, IL 60607, Federal Tax ID #36-2171726.

We often call this the “easiest way to make an extraordinary gift,” because naming a charitable beneficiary only involves a single form for you to fill out, but your impact on a child in need can be priceless.

To name Mercy Home as a beneficiary of one or more of your financial accounts, simply request a “beneficiary designation form” from your plan administrator (there’s no need to consult an attorney… all you need is a legal name and Tax ID number). You may also be able to update your beneficiaries by logging into your account online.

Use the following information to update your beneficiaries:
Mission of Our Lady of Mercy, Inc.
1140 W Jackson Blvd
Chicago, IL 60607
Tax ID/EIN: 36-2171726

Like any ordinary bequest, your gift plans can be revised at any time should your circumstances change. This is part of the reason that legacy gifts are such a good fit for so many people.

For further information about the Legacy Challenge, estate planning, or other types of planned gifts to support Mercy Home, please contact the Philanthropy team at 1 (800) 378-8266 or plannedgift@mercyhome.org.