Legacy Gifts: The Gift of Giving

What Are Legacy Gifts?  Legacy Giving provides various opportunities to help to support an organization, such as Temple Beth El, where you have strong ties and also wish to provide for.  Such gifts can also enhance your own personal financial security. (Note: It is strongly recommended that individuals consult with their own tax and financial advisors concerning the benefits and consequences of making a planned, or legacy, gift.)  There are several major types of legacy giving including:

Bequests (gifts made through a will):  At TBE, we call our bequest program Ner Tamid (Eternal Light): Planned Giving and a number of congregants have notified us of their bequests.

Retirement Plans: A gift through a retirement account, such as an IRA, 401(K) or 403(B).  This may also provide tax benefits for your heirs. You can make a gift by adding TBE as a beneficiary of a percentage of the fund along with your other named beneficiaries. Designating TBE as a beneficiary of a retirement plan does not require you to change your will.

Life Insurance:  You can make a gift to TBE using life insurance. If you have a policy that no longer serves its original purpose, you can add TBE as a remainder beneficiary. Similar to a gift in your will, you would retain control over the policy during your lifetime. If you choose to gift the ownership of the policy, or if the policy is still in premium payment mode, you may be entitled to additional tax benefits.

Bank or Investment Account:  Many donors choose to add TBE as a remainder beneficiary (referred to as payable on death or POD) of an existing bank or investment account. This gift doesn’t necessitate the need to change a will, and it can usually be done online.

If you have any questions or need more information, please feel free to call me at (631) 757-3739 or email me at heiberg7@gmail.com. Please consider Temple Beth El when making your long term financial plans!