Charitable Giving Options

There are many different ways to leave your own legacy. Your gift can be designed to match your personal circumstances.

Giving Through Your Will (a Charitable Bequest) — see video here

You can leave a bequest of a specific amount of cash, a percentage of your estate or the remainder of your estate. You may choose to make a gift of cash, securities or other property—and your estate will receive a tax deduction. A charitable bequest allows you to retain use and control over your assets during your lifetime. A bequest can be added to your new or existing will through a simple codicil that states your intention, and can be a percentage or fixed amount of your estate.

life insurance — see video here

You can name your favorite charity as the beneficiary of a new or existing life insurance policy, or transfer ownership of an existing policy to the charity. A change in the beneficiary designation of an existing policy will allow you to make a legacy gift without any additional cost. A gift of an existing policy could provide the policy owner with an additional charitable deduction.

Retirement Plan or IRA — see video here

If you have accumulated substantial amounts in your retirement account and you are in the highest brackets for paying income and estate taxes, those taxes can exceed 70%. These are not ideal assets to bequeath to your heirs. Designating specific amounts or percentages to go to one or more charities as the after-death beneficiaries of your IRA or pension funds can save these taxes while supporting the causes closest to your heart. You just need to update the beneficiary designation form.

Charitable lead trust — see video here

A charitable lead trust is both an income and wealth transfer vehicle, enabling you to transfer income producing assets to the next generation at a significantly lower tax cost while meeting your philanthropic objectives. All trusts must be established with the help of an attorney.

Charitable remainder trust — see video here

A charitable remainder trust allows you to create a legacy and receive income for life or for a specified number of years. Upon expiration of that term, the remainder goes to the Jewish organization you choose as a permanent endowment. Your charitable remainder trust can be designed as either an Annuity Trust, with a fixed annual payment to you, or as a Unitrust, in which case you are paid a percentage of the value of the assets. All trusts must be established with the help of an attorney.

If you would like more information about planning a gift to benefit the Cincinnati Jewish community, please contact one of our staff or a Create Your Jewish Legacy organization team leader.

Debra Steinbuch
Planned Giving and Endowment Manager
513-985-1593 | dsteinbuch@jfedcin.org

 

Jim Friedman
Director of Gift Planning and Endowments
513-985-1524 | jfriedman@jfedcin.org

 

Deb Steinbuch

Manager, Planned Giving, Endowments, and Create Your Jewish Legacy
513-985-1593, dsteinbuch@jfedcin.org