Imagine Your Future Impact
What will Jewish life look like for your grandchildren – and their grandchildren? You can’t predict the future. But you can help shape it. That’s why a legacy gift to Ohev Shalom is so important. When you make a legacy gift to Ohev Shalom, you can help pass your values on to the next generation
What is Legacy Giving?
When you make a legacy gift to Ohev Shalom, you pass your financial support and values on to the next generation.
Legacy gifts are as diverse as our congregants and can take many different forms. Some legacy giving options to consider the donors control over the asset during their lifetime are:
Wills
A simple way to make a legacy gift is by naming Ohev Shalom as a beneficiary of your will. This gift in your will, or “bequest”, to Ohev Shalom may also reduce the taxes that would otherwise be paid by your estate.
Retirement Assets
Because the assets of your IRA, 401(k), 403(b), or other retirement plans are heavily taxed when left to loved ones, consider instead designating all or a percentage of these accounts to Ohev Shalom after your lifetime. Funds left to Ohev Shalom won’t be taxed.
This is a simple legacy gift to create and can be done without the expense of an attorney. All you have to do is list Ohev Shalom on the beneficiary designation form for a percentage of your accounts. You can ask your plan administrator for the form or access it online.
Savings Accouth (POD)
Ohev Shalom can be designated as a beneficiary of your savings account, CDs and other bank accounts by designating your account as Payable on Death (“POD”) to Ohev Shalom. This legacy gift can also be done without the expense of an attorney.
Retirement Assets (QCDs)
If you are 70 ½ or older, and have a traditional or a Roth IRA, you are allowed to transfer up to $100,000 for an individual, or $200,000 for a couple, per calendar year. To get the tax benefit in a particular year, you must make the gift to Ohev Shalom before December 31st of that year. There must be a direct transfer from the IRA to Ohev Shalom. If you are interested in making this gift, please contact Al Torjman at alberttorjman@gmail.com and he will get the proper paperwork for you.
The advantage of this type of gift is that the income from thr IRA is not subject to Federal Income Tax and is excluded from your Adjusted Gross Income (AGI). It may even satisfy your required minimum distribution requirement.
Insurance Policies
If you took out an insurance policy whose original purpose no longer applies, such as providing for minor children, consider changing the beneficiary to Ohev Shalom. By doing this, you receive an immediate income tax deduction and you may also reduce your future estate tax liability.
If the policy is in premium-paying mode, you may receive additional tax benefits when you make annual gifts to Ohev Shalom to cover the premium payments. When the policy matures, the proceeds are paid to Ohev Shalom.
Stock Gifts
You can make a gift of appreciated securities held over one year such as publicly traded stocks, bonds and mutual fund shares to Ohev Shalom while avoiding capital gains tax and receiving a charitable deduction on the fair market value when it is received by Ohev Shalom.
Other Ways to Create a Legacy
There are a variety of other legacy giving opportunities that may be available to you, such as charitable remainder trusts, annuities and gifts of art or real estate. We are happy to discuss these options with you, your attorney or your financial advisor.
Contact Us
Let’s talk about the legacy you would like to leave. Please contact Al Torjman at alberttorjman@gmail.com or Craig Surnitsky at craig.surnitsky@gmail.com for a confidential conversation.
Inquiries about legacy gifts are confidential and not binding.
State laws vary. The information provided is for general purposes only and we recommend supporters consult with their advisors when considering charitable planning.
