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Entering the New Year

Jeff Wasser

Over the last four months the BSBI Endowment Board of Trustees has published multiple Chai Lights articles about Legacy Giving and our collective obligations to sustain, nurture and grow current programs and institutions for ourselves and for future generations.

As we move from 2017 to 2018 in the secular calendar, the BSBI Endowment Board of Trustees thanks our prior, present, and potential donors and supporters.  Prior Chai Lights articles have discussed our collaboration with the Jewish Community Foundation.  This collaboration allows us to offer charitable annuities and charitable remainder trusts as other options for our donors. The Jewish Community Foundation can also provide continuity of philanthropy to support Jewish causes in the future. Our working relationship with the Jewish Community Foundation had never been better and will continue to strengthen as we moved forward together.

The New Year is an opportune time to review some of the ways you can give to the BSBI Endowment. It is also a good time to be certain that your will reflects your wishes and values with regards to the disposition of your assets at the time of death. A bequest to the BSBI Endowment can be made in your will either as a specific dollar amount or as a percentage of assets. The BSBI Endowment may be the beneficiary of an existing paid up life insurance policy. Alternatively, a new life insurance policy can be purchased with the BSBI Endowment named as the beneficiary. Under certain circumstances the premiums for such a policy may be deductible to the extent provided by law. Loved ones can be memorialized with gifts to the Endowment.

In the most recent Synagogue Chai Lights we have reviewed the use of QCDs [Qualified Charitable Distributions] from IRAs, Keogh, 403B or 401K plans if the owner of the assets is over 70 1/2 years of age. It is also possible to leave IRA assets to the Endowment at the time of death regardless of age. The residual of an estate can also be bequeathed to the Endowment.

Over the next calendar year the BSBI Endowment will provide periodic educational opportunities about charitable giving and how you can help us sustain the institutions and programs that have helped enrich Jewish life East of the River.

The tax regulations are complex and in constant flux. If you are considering leaving retirement assets to the Endowment Foundation of BSBI please reach out to Jeff Wasser at jeffreywasser@sbcglobal.net or Roy Filkoff at royfilkoff@altmanandco.com. We both can also be reached at BSBIEndowment@myshul.org.

Sat, July 2 2022 3 Tammuz 5782