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 bequest in your will or 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 from one's estate can make a real
difference for your favorite charity.
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 distributed.
An endowment is a permanent fund that is held and invested in perpetuity, distributing a specific percentage usually annually to a designated organization or for a stated purpose. An endowment can be established during a donor's lifetime or at 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 and how you wish to make a lasting impact on your community.
Why should I consider leaving a legacy?
Consider the institutions and causes you support now. Why have you made
gifts of money and time? Picture your Jewish community decades from now. What
would you hope to see? Through your legacy, you can create an endowment
that will ensure that the organizations you care about thrive in perpetuity
and the issues you are most concerned with continue to be addressed.
Who will receive my legacy?
The Jewish Community Foundation and all other qualified, tax-exempt organizations
are appropriate beneficiaries. The Jewish Community Foundation, however,
is uniquely qualified to assist you in structuring your gift so that you
can continue to support organizations and programs you have supported during
your life in perpetuity. We can help you find the right balance between
you and your family's desires and the needs of our community.
The Foundation has a variety of charitable tools from which to choose including Donor Advised Funds, Supporting Foundations, Field of Interest Funds, Designated Funds and Unrestricted Funds.
Once you have identified the best kind of fund for you, then you can begin dreaming about where and how you want to help keep the Jewish community strong. You may consider establishing an endowment for your synagogue, Jewish Federation, Midwest Center for Holocaust Education, Jewish Community Center or any other local or national Jewish organization. You may wish to target fields of interest such as Jewish education, care for the elderly, or social services in Israel. You can also endow organizations in the general community that have touched your life.
Consider designating a share of your bequest or other planned gift to the Community Legacy Fund of the Jewish Community Foundation. The Board of Trustees of the Foundation awards grants from the Community Legacy Fund which will enhance and maintain the quality of Jewish life in the Greater Kansas City area, and which respond to emergency needs for Jewish communities around the world. While some issues remain constant, priorities can shift in sudden and unexpected ways. This is an excellent way to express your trust in future community leaders and ensure that resources are available for unanticipated needs.
How can I make sure that my legacy reflects what is important to
me?
The Jewish Community Foundation is here to be your key resource,
advisor and guide. Because we have strong working relationships with
all of our community's Jewish organizations and congregations, we can help
match your desire to provide them with financial security with their future
needs.
If you have a particular area of interest, such as Jewish cultural arts
or emergency assistance for Jewish families in financial distress, we can
help you design a plan that identifies potential beneficiaries that are best
suited to carry out your wishes.
The options are limited only by your creativity.
In addition, as an independent 3rd party fiduciary, the Jewish Community
Foundation can monitor the use of your charitable dollars well into the future. We
can help insure that your intentions are being realized.
We are happy to meet with you before you meet with your advisors to brainstorm
initial ideas and goals. In future years, we can help involve your children
and grandchildren in carrying out your legacy.
Can the Foundation work with my professional advisors?
Yes. We
have much experience working with our donors' professional advisors and speaking
their language. We are available to meet and consult with your advisors
throughout the process to plan your gift in a way that furthers your unique
financial and charitable goals.
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 your charitable giving values
- Together, visit the institutions and programs you are committed to supporting
- Listen to and acknowledge their concerns
Do I tell the charity that I've left a gift? That is up to you. Charities often like to know in advance so that they can recognize you during your lifetime. This also gives them an opportunity to hold you and your family up as role models for other members of the community.
When should I fund my legacy? Depending on your assets and goals, you can fund your legacy now or after your lifetime. For example, if you feel there is a compelling need to provide scholarships for children to attend Jewish summer camp, you can begin those scholarships now and direct your estate to complete the balance of the funding. Alternatively, you can designate your entire legacy to be funded after your lifetime if that is more appropriate for you.
How should I fund my legacy? The Jewish Community Foundation has an array of philanthropic options:
- A simple charitable bequest
- An outright gift using appreciated assets or cash
- An IRA of other qualified retirement plan
- A new or existing life insurance policy
- A Charitable Gift Annuity
- A Charitable Remainder Trust
- A gift of real estate interest
How should I get started? Simply call the Jewish Community Foundation or your favorite organization(s) for a confidential meeting. We look forward to working with you to keep the community strong and vibrant for generations to come.
Contact Diane Azorsky, Director of Bushman Community Endowment
5801 W. 115th Street, Suite 104, Overland Park, KS 66211
p: 913-327-8245 f:913-327-8273 or dianeaz@jewishkc.org
