Cash, usually in the form of a check, is the most common way to make a charitable gift. A gift of cash is considered made on the date it is hand-delivered or mailed. Tax benefits may be available for such gifts.
Substantial tax advantages may be available to a donor who gives securities that have appreciated in value. Simply have your broker transfer such securities to the Temple and consult with your tax advisor as to the potential tax benefits.
SAVINGS & RETIREMENT ACCOUNTS
Congregants can donate any funds in their bank accounts, money markets, Individual Retirement Accounts (IRAs), KEOGH plans, and other retirement and pension funds. Consult with your tax advisor for potential income and estate tax benefits which may result from such transfers.
Real estate that is no longer needed or used by the donor’s family can be a meaningful gift to the Temple. Your tax advisor will explain any potential tax benefits that may arise from such gifts.
Often life insurance is no longer needed to protect family members who have been provided for in other ways. In such a case, a donor may designate Temple Beth El as the owner and irrevocable beneficiary of his or her life insurance policy. Available income tax benefits of such a gift may be substantial and should be discussed with your tax advisor.
LIFE INCOME TRUSTS
A donor who wishes to make a substantial gift may, at the same time, need to have an income for the rest of his or her life. Such a donor may be able to realize substantial financial, tax, and personal benefits by creating a life income trust and retaining income from the trust for life (and for the life of the donor’s spouse, if the donor chooses), after which the property goes to Temple Beth El’s Endowment Fund. Once again, your tax advisor can explain the potential benefits of such a gift.
A donor of a generous gift may wish to set up an Endowment Fund at Temple Beth El for a specified purpose with the income or a specifice percentage available annually to fulfill the purpose indicated in advance.
A donor of a generous gift may wish to set up an Special Fund for a specified purpose with the income and principle available to be expended to fulfill the purpose indicated in advance.
Donors may designate Temple Beth El in their wills as a beneficiary of all or a portion of any of their assets, including cash, stock, real estate, furniture, artwork, closely held stock, etc. In the case of retirement plans (including pensions, Keogh’s IRA’s and annuities), donors wishing to name Temple Bethe El as the recipient of such assets upon their death (or the death of their surviving spouse) should simply change the beneficiary designation form supplied by the specific plan.. Your tax advisor can describe the potential income tax and estate tax benefits that your family might enjoy under such an arrangement.
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