Sharon and her late husband Hal had been longtime supporters of JCF. Recently, Sharon's children encouraged her to update her estate plan. Sharon thought that was a great idea. In fact, she had been thinking about meeting with her attorney to discuss how she could make a significant gift to support our work while also leaving a charitable legacy for the future.
Sharon: Hal and I were passionate about JCF's mission. We even volunteered regularly. After Hal passed away, I wanted to make a gift that would honor his memory.
When she met with her attorney, Sharon explained her goals and described her assets. She'd inherited Hal's IRA, which when combined with her own, would provide her with the necessary retirement security she needed. She even had enough to allow her to take regular vacations and splurge on gifts for the grandkids.
Sharon: I had originally thought about leaving my IRA to our kids and other assets to charity. My attorney suggested a different strategy and told me that an IRA is a great gift to leave to charity. He explained that if my kids inherited the IRA, my estate would pay estate taxes and my kids would pay income tax on the IRA. But, by giving the IRA to charity and other assets to my kids, the kids will still receive a nice inheritance, and we avoid income and estate taxes entirely!
Sharon: Making a gift of my IRA was easy! I contacted my IRA custodian, who emailed me an IRA beneficiary designation form. I completed the form, named JCF as the primary beneficiary of my IRA and mailed it back to the custodian. I called JCF to tell them about my gift, and they were very touched. We worked together to set up an agreement so that my philanthropic wishes would continue. I was very happy and I know Hal would be happy too. Best of all, I can continue to use my IRA for as long as I live, and when I pass away, the balance of my IRA will go into endowment fund with JCF and provide long-lasting support. I'm thrilled with how this all worked out!
Is a beneficiary designation gift right for you?
If you own a qualified retirement plan, such as an IRA, 401(k) or 403(b) and would like to make a charitable gift, your family or your estate might benefit if you update your beneficiary designation form naming Jewish Community Foundation, Inc. as a beneficiary. Beneficiary designation gifts may help your heirs avoid paying income tax on certain inherited assets and may help your estate avoid estate taxes.
If you have questions about making a beneficiary designation gift, please contact us. We would be happy to work with you and answer any questions that you have.
*Please note: The names and image above are representative of typical donors and may or may not be actual donors to our organization. Since the benefits of each gift may be different, you should seek the advice of your legal, tax, or financial advisor.
