You can perpetuate your commitment to Jewish life. Planned Giving provides many creative opportunities to maximize your giving with many benefits to you. Charitable estate and financial planning may be in the form of cash, real estate, securities or other marketable property.
Please find more detailed information on bequests, lifetime gifts, life insurance, charitable trusts, retirement plans and gifts of stocks and securities below.
For personal assistance contact info@greenechabad.com or call 718-974-9472.
Fed ID # 26-0453245
Bequests
Each Chabad center is an independent entity and financially self-supporting. Therefore bequests can be a major source of funds for Chabad of Fort Greene. Your testamentary charitable bequest ensures that your support of Chabad will continue in perpetuity. It is possible to designate a special purpose or program for your bequest, keep in mind, the specific needs of the Center may change depending on the future state of world events. Therefore, it is preferable to authorize the Center to use the bequest for its general charitable purposes in the event the designated use is determined to be inapplicable.
There are many types of Bequests:
Outright Bequest – Chabad of Fort Greene is given a specific dollar amount or a specific asset, such as securities or marketable real estate.
Residuary Bequest – Chabad of Fort Greene is given all or a percentage of the remainder of the estate after payment of all expenses of the estate and any other specific amounts bequeathed to other beneficiaries of the will.
Testamentary Trust – You may provide for income to be paid from the trust to a designated beneficiary, and after that individual’s lifetime all or part of the principal passes to the Center.
Contingent Bequest – You may have family and friends for whom you feel a responsibility and choose to provide for them first in your will. The Center is given a bequest only if the designated beneficiarie(s) predecease you.
The provisions in your will or revocable living trust for leaving a charitable bequest to the Chabad of Foort Greene will depend upon the type of gift and your unique circumstances. We hope these sample bequest clauses will be helpful to your attorney.
Unrestricted General Legacy (Outright Bequest) I bequeath to the Chabad of Fort Greene a not for profit corporation, having its principal offices at 341B Grand Avenue, Brooklyn, NY 11238, the sum of ($________) DOLLARS for its general charitable purposes.
Bequest for Specific Purpose I bequeath to the Chabad of Fort Greene a not for profit corporation, having its principal offices at 341B Grand Avenue, Brooklyn, NY 11238, the sum of ($________) DOLLARS [OR] a percentage (%________) of my residuary estate to be used for the Chabad of Fort Greene [insert specific purpose designation]*. If in the opinion of the Board of Directors, the purposes of the Chabad of Fort Greene would be better served by using the income or principal, or both, for the Chabad of Fort Greene general purposes, the income or principal, or both may be so used.
Bequest for Specific Purpose by Endowment I bequeath to Chabad of Fort Greene a not for profit corporation, having its principal offices at 341B Grand Avenue, Brooklyn, NY 11238, the sum of ($________)DOLLARS [OR] a percentage(%________) of my residuary estate to establish an endowment fund bearing the name of________________ . The net income therefrom shall be used for the benefit of Chabad of Fort Greene [insert specific purpose designation]*. If, in the opinion of the Board of Directors, the purposes of the Chabad of Fort Greene designated program would be better served by using the income and principal of the fund, they may have the discretion to do so.
Lifetime Gifts
There are tax benefits in giving gifts of appreciated property or marketable securities. You can eliminate the tax on the gains you would otherwise be subject to, you can reduce your income tax and, you can make a larger gift to Chabad of Fort Greene at less cost to you.
Life Insurance
A charitable gift of life insurance is an innovative way to provide a highly leveraged endowment to Chabad of Fort Greene. There are several ways to gift life insurance. You may contribute a new or existing policy by transferring the policy to Chabad of Fort Greene and naming the Center as owner and beneficiary. There are substantial benefits to both you and the Center. The premium payments will provide you with an income tax deduction. The endowed gift to the Center will be substantially larger than the amount used to fund the insurance policy. The insurance policy proceeds pass directly to the Center outside your estate and are not subject to probate or estate taxation. Therefore, your estate will be undiminished by the gift. You may wish to add Chabad of Fort Greene to an existing policy as a remainder beneficiary or you can utilize the values in an existing policy to fund a more highly leveraged one. Since life insurance premiums are based or mortality rates, gifts of life insurance are extremely affordable for younger donors, affording them the opportunity to make sizable gifts.
There are various creative ways that life insurance combined with charitable trusts can be utilized as asset replacement plans. A wealth replacement trust transfers property free of federal estate and state inheritance taxes and often provides an even greater inheritance for your heirs. A wealth replacement trust is a sophisticated charitable estate planning tool utilizing a charitable remainder trust coupled with life insurance. It replenishes estate values for your children or other intended beneficiaries through the purchase of life insurance. You can provide a lasting legacy to the Chabad of Fort Greene and to your heirs.
Charitable Trusts
A charitable lead trust can be an effective estate planning tool to transfer the assets to your heirs with significant tax advantages while making a meaningful gift to the Chabad of Fort Greene. You can establish a lead trust that will make income payments to the Center for a pre-determined term of years. After the trust term, the assets are distributed to you or your heirs. There are two types of lead trusts: the grantor lead trust and the non-grantor lead trust.
Grantor Lead Trusts
As a grantor lead trust donor, you contribute assets to a trust, which makes payments to Chabad of Fort Greene for the duration of the trust. When the trust terminates, the assets revert to you and/or your spouse. When you establish a grantor lead trust, you are entitled to an immediate income tax charitable deduction equal to the present value of the income stream, Chabad of Fort Greene will receive during the life of the trust.
Non-Grantor Lead Trusts
As a non-grantor lead trust donor, you contribute assets to a trust, which makes payments to the Center for the trust term. When a non-grantor trust terminates, the assets are transferred to someone other than you and/or spouse, usually your children or grandchildren. When you create a non-grantor lead trust, you do not qualify for an income tax charitable deduction, however, you will enjoy a substantial reduction in estate and gift taxes on the future transfer of assets to your heirs.
Donate Your Car, Boat or RV
All donations are tax deductible.
For personal assistance contact info@greenechabad.com or call 718-974-9472.
