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Legacy Giving:
Bequests, Retirement Plans, Life Insurance

Bequests

The most common form of legacy giving is a Bequest in your will specifying a gift to JFS.

A Bequest affords you flexibility and control over the legacy you leave behind plus, for some donors, it means a portion of your assets will go directly to a cause you value rather than to the government in the form of taxes.

If you already have a will, you may be able to make your gift by preparing, with the involvement of your estate planning attorney, a codicil (a brief written amendment) to your will.

Retirement Plan

Another method of Legacy Giving is a contribution of funds in a retirement plan such as an IRA or 401(k).

This method typically offers the greatest income tax savings (and perhaps estate tax savings) when you direct that the gift be made from your estate.

As an alternative, those age 70-1/2 or older wishing to make lifetime donations can transfer funds from an IRA directly to JFS tax fee so long as certain conditions are met. Either option is easy to arrange.

Life Insurance

Many donors overlook Life Insurance as a source for charitable giving, yet it can be utilized to increase the impact of your philanthropy. This is done by transferring ownership of a life insurance policy to JFS or simply changing the policy’s beneficiary designation to JFS for some or all of the policy’s proceeds.

This type of gift is particularly popular with donors who have policies that are no longer needed to provide for their families. It is also an attractive way to give if you want to provide significant support for JFS but are unable to make a large outright donation.

You may also be able to get advice on legacy gifts and stock donations from your tax attorney or financial planner.

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