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ESTATE PLANNING HELPS EVERYONE
By Harold S. Small, J.D., CPA
Over the past two years, members of the Endowment Committee have written columns providing reasons for making gifts to Congregation Beth Israel of San Diego CBI and including CBI in your estate plan. In some cases the reasons were based upon legal or tax considerations and in others they were based upon personal desires to help maintain the continuity of our congregation which is now more than 142 years old and that of the Jewish people.
I was recently asked how a gift can be made to CBI and this column is in response to that question, with practical suggestions and guidance. There are several relatively simple answers.
First, if you desire to make a gift to CBI and want to discuss how the gift can be accomplished or how it can benefit the Synagogue, contact Executive Director Stuart Simmons and he will either assist you or put you in touch with people who can assist you.
Second, consult with your attorney regarding how to include a gift for CBI in your estate planning documents. Third, consult with your accountant or other estate planning professional to learn some of the tax benefits or otherwise provide you with guidance regarding making a gift to CBI.
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In its simplest terms, there are two ways to make a gift to CBI. The first involves writing a check and making a contribution as a Life Member, Century Club Member, or other gift. The other way is to do so through your estate planning documents and/or actions. For example, a direct gift from your Will can be made by including a provision in your Will that states:
I give _______________________ ($_______) to Congregation Beth Israel of San Diego, a California nonprofit corporation," or "I give ($______) to Congregation Beth Israel of San Diego, a California nonprofit corporation, to be placed into its endowment fund and maintained as part of its endowment fund.
Also, for those people with inter vivos trusts, a similar provision can be included in an inter vivos trust by stating:
The Trustee shall distribute _________________ ($_______) to Congregation Beth Israel of San Diego, a California nonprofit corporation,
– or –
The Trustee shall distribute _________________ ($_______) to Congregation Beth Israel of San Diego, a California nonprofit corporation, to be placed into its endowment fund and maintained as part of its endowment fund.
Please note the correct name of the Synagogue which is included in each of these examples. Since there are other Congregation Beth Israels in other cities, it is important that the correct name of CBI is accurately stated.
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In some circumstances, family needs and tax planning may involve including language similar to that indicated above, but in a manner that provides for a life income for a family member with the remainder to CBI or income to CBI for a period of years, with the remainder to named family members.
The use of counsel with knowledge of estate planning that can provide guidance and alternatives is important when you get involved in these latter circumstances. When benefiting the Synagogue, it is also important to take advantage of the tax savings opportunities that are available in making such gifts. Stuart Simmons and members of the Endowment Committee can provide guidance to you.
The Dor l' Dor Society has specific donor opportunities and naming opportunities. A brochure listing those opportunities is available by contacting Stuart and indicating your interest.
It is important to remember that each gift that you give to CBI, whether as an outright gift or in the form of a remainder or income interest from a Trust, will benefit CBI, the Jewish children of our community, the CBI membership as a whole, and the Jewish people by helping to perpetuate the Synagogue, its programs, and its future.
Shalom,
Harold S. Small, J.D., CPA
If you are interested in a confidential appointment to explore ways in which you may wish to make an endowment gift, please contact Stuart Simmons, Executive Director, at 858-535-1111 ext. 3113.
Merle Brodie, a member of our congregation and our Endowment Committee, serves as Director of Philanthropy at the Jewish Community Foundation. If you are interested in learning more about tax saving strategies through charitable giving, please call Merle at 858-279-2740.Return to articles about endowment go to top
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