An excellent—and broadly popular—way to create a legacy is to leave a bequest in your will or living trust or with a codicil, to the Jewish Community Foundation, Inc.
In addition to the philanthropic act of benefiting others for future generations, making a gift by bequest is a wonderful option to build into your estate plans.
One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life.
Another benefit is that it can be very easy to finalize and may cost you little or nothing during your lifetime to arrange, particularly if you establish the bequest while already working with your estate attorney on your will or living trust. (Note: a supplement called a codicil can be added to your existing plans. This means that you do not need to redo all of your documents, simply consult with your attorney for more information.)
The steps outlined here will help you get started with your charitable bequest:
Types of Bequests
There are a number of ways you can make a bequest to the JCF
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to the JCF.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to the JCF.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to the JCF.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to the JCF.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
In addition, when your bequest is received by the JCF, your dollars will be professionally invested in your named endowment fund and spin off a percentage every year to the charitable organization or cause of your choice. This legacy will ensure that your memory lives on by supporting the community.
Please note: to establish a bequest you will need to coordinate with your attorney, but we highly encourage you to contact the JCF as well so that we can establish an agreement that meets your philanthropic wishes.
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose with the JCF or another charitable cause, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to the Jewish Community Foundation, Inc. in your estate plan. We have provided some basic bequest language to assist you and your attorney.
Please contact the JCF while you coordinate the bequest with your attorney, so that we can ensure that your philanthropic wishes are met.
1. Specific Bequest
If you are considering making an outright bequest to the JCF, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Jewish Community Foundation, Inc., a nonprofit organization located at 1301 Springdale Road, Cherry Hill, NJ, 08003, Federal Tax ID #20-1260545, for Jewish Community Foundation, Inc.'s general use and purpose (or insert information about the charitable cause of your choosing).
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Jewish Community Foundation, Inc., a nonprofit organization located at 1301 Springdale Road, Cherry Hill, NJ, 08003, Federal Tax ID #20-1260545, for Jewish Community Foundation, Inc.'s general use and purpose (or insert information about the charitable cause of your choosing).
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Jewish Community Foundation, Inc., a nonprofit organization located at 1301 Springdale Road, Cherry Hill, NJ, 08003, Federal Tax ID #20-1260545, for Jewish Community Foundation, Inc.'s general use and purpose (or insert information about the charitable cause of your choosing).
2. Percentage Bequest
If you are considering making a bequest of a percentage of your estate to the Jewish Community Foundation, Inc., we recommend the following language:
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Jewish Community Foundation, Inc., a nonprofit organization located at 1301 Springdale Road, Cherry Hill, NJ, 08003, Federal Tax ID #20-1260545, for Jewish Community Foundation, Inc.'s general use and purpose (or insert information about the charitable cause of your choosing).
3. Residual Bequest
I hereby give, devise and bequeath to Jewish Community Foundation, Inc., a nonprofit organization located at 1301 Springdale Road, Cherry Hill, NJ, 08003, Federal Tax ID # 20-1260545, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Jewish Community Foundation, Inc.'s general use and purpose (or insert information about the charitable cause of your choosing).
4. Contingent Bequest
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Jewish Community Foundation, Inc., a nonprofit organization located at 1301 Springdale Road, Cherry Hill, NJ, 08003, Federal Tax ID # 20-1260545, DESCRIPTION OF PROPERTY to be used for Jewish Community Foundation, Inc.'s general use and purpose (or insert information about the charitable cause of your choosing).
Restricted Bequests
If you are making a restricted bequest, we recommend that your attorney include the following provision to give JCF flexibility should it no longer be possible for JCF to use your gift as you originally intended:
If you are making a restricted bequest, we recommend that your attorney include the following provision to give the Jewish Community Foundation, Inc. flexibility should it no longer be possible for the JCF to use your gift as you originally intended:
If, in the judgment of the Board of Trustees of Jewish Community Foundation, Inc., it shall become impossible for Jewish Community Foundation, Inc. to use this bequest to accomplish the specific purposes of this bequest, Jewish Community Foundation, Inc. may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Contact Us
Please
contact us if you have any questions about how to make a bequest to the Jewish Community Foundation, Inc. or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for Jewish Community Foundation, Inc. in your estate plan, please contact us to let us know. We would like to create an agreement to have on file as well as thank you and recognize you for your gift.
