Endowment
Endowment
Why create a Yeshiva Legacy?
Jewish tradition teaches that one of our key duties is to make the world a better place for future generations.
Whether you use a will or other estate planning vehicle, your generosity can do a world of good. A kollel estate planning professional can help you start this rewarding process.
Your legacy can reflect everything that is most important and meaningful to you. The legacy planning process can engender heartfelt conversations with your family and build bonds with your partners in the community.
The act of creating a legacy empowers you to complete the work of your heart, and to enjoy the peace that it brings. You are assured that your work will continue and the Jewish future will be bright.
Endowment
How Do I Create a Yeshiva Legacy?
Everyone has a unique family and financial situation. Your legacy gift of any size can be designed to match your personal circumstances.
Options include:
- A simple charitable bequest
- An outright gift using appreciated assets or cash
- An IRA or pension plan
- A life insurance policy
- A charitable gift annuity
- A charitable remainder trust
Charitable Bequests
You can create a permanent legacy by leaving a bequest of a specific amount of cash, a percentage of your estate or the remainder of your estate. There’s no limit on the amount you may set aside from your estate–you can make a gift as large or small as you’d like. (Some agencies may have minimum requirements for establishing an endowment.)
You may choose to make a gift of cash, securities or other property–and your estate will receive a tax deduction in the amount of your charitable bequest. A charitable bequest allows you to retain use and control over your assets during your lifetime.
A bequest is a legacy gift, distributed from the donor’s estate after the end of his or her life. If not designated, it can be spent in the year that it is captured. An endowment is a fund that is held in perpetuity, distributing a specified percentage annually to the designated purpose. For example, a Lion of Judah Endowment (LOJE) and Perpetual Annual Campaign Endowment (PACE) are funds that are held by the federation/ foundation and distributed each year to the Annual Campaign. An endowment can be established by bequest or during the donor’s life.
Endowment
Frequently asked questions
How do I leave a gift for a charitable organization that I admire?
It’s easy. You can arrange for a gift in several ways, the most common being through a charitable gift in a will or a living trust. Many people set aside a certain dollar amount. Others leave a percentage of their estate, or any assets left over after they have provided for their family. Others leave a paid-up life insurance policy, retirement account, or other financial investment.
Must I have an estate in order to leave a legacy?
Everyone can leave a legacy. “Estate” is simply a word used to describe any money, property, or personal belongings that you own at the time of your death. Most people leave an estate when they die, even though they may not have a great deal of wealth. Even modest gifts are appreciated.
Do I have to include my wish to leave a legacy to a specific organization in my will?
A charitable bequest will not take effect unless you state your intention in your will or living trust. Without a will, you may lose control over your assets after your death.
When should I start to think about leaving a legacy?
The answer is different for each individual. Some people make their wills when they have a first child, or when they receive an inheritance. But don’t put it off–the time is always right to think about how you wish to be remembered.
How can I invite my children into the process?
You should engage your children in every step of the legacy planning process.
Here are some suggestions:
-Initiate a family discussion about how your charitable giving and values.
-Together, visit the institutions and programs you are committed to supporting.
-Listen to and acknowledge their concerns.
How can my legacy inspire the community?
The legacy planning process can build bonds with your partners in your community. It is truly a way to let your name be remembered as a blessing. Your promise to provide for the Jewish community after your lifetime also makes you eligible for the community’s recognition society.
When should I fund my legacy?
Depending on your assets and goals, you can fund your legacy now or after your lifetime.
How should I fund my legacy?
With the help of the kollel and your professional advisors, you will carefully choose the source of your dollars to help fund your legacy. Examples include retirement funds, highly-appreciated stock and real estate.
How should I structure my legacy?
Depending on your goals, your legacy can be structured in the way that is most advantageous for you. You, your spouse and family members can receive income for life through charitable gift annuities or charitable remainder trusts. Or your legacy can be a simple bequest in your will or from your IRA.
What is the difference between a bequest and an endowment?
A bequest is a legacy gift, distributed from the donor’s estate after the end of his or her life. If not designated, it can be spent in the year that it is captured. An endowment is a permanent fund that is held in perpetuity, distributing a specified percentage annually to the designated purpose.
How can I get started?
Please contact our development director for details regarding bequests, charitable trusts, charitable annuities and more.
