2008 Annual Report - Jewish Foundation of Memphis

Linking Past, Present And Future
Jewish tradition teaches that one of our key duties is to make the world
a better place for future generations. Create Your Jewish Legacy is a
three-year gift initiative designed to secure deferred gifts – gifts that take
place after your lifetime–to support long-term funding needs of Memphis’
Jewish agencies and institutions; the cornerstones of our community.
Create Your Jewish Legacy is for
every member of the Memphis Jewish
community. By including the Jewish
community in your estate plan, you
can help ensure the future of the
community; linking the traditions of
the past with the ideals that make us
who we are today.
Through the Create Your
Jewish Legacy initiative, donors
are encouraged to leave a legacy
reflecting their priorities. The
Turning Your Gift Into A Legacy
Bequest
A bequest is the simplest way to
make a gift after your lifetime. You
may name the Jewish Foundation of
Memphis or other Jewish agencies
as beneficiaries in your will for a
specific amount, or you may state the
bequest in terms of a percentage of
your estate or in terms of the residue,
or unused portion, of your estate.
Your taxable estate is reduced by the
amount of the charitable bequest.
Life Income Gift
If you wish to make a charitable gift
but would like to provide income
for yourself or a loved one, you may
establish a charitable remainder
trust or a charitable gift annuity
to pay income to you or another
beneficiary for life or a term of years.
The trustee will then distribute the
Jewish Foundation of Memphis is
equipped to serve as a key resource,
advisor, and guide throughout the
process and can help donors
identify community needs
and potential beneficiaries.
Ultimately, a donor’s
legacy will be structured
in a way that is most
advantageous to
their personal
situation.
Brenda and Bob Gold sign
their family message in the
Endowment Book of Life as part
of their membership in the Legacy
Society. The book is on permanent
display in the Foundation’s offices.
remaining trust assets to the Jewish
Foundation of Memphis or another
Jewish agency. Another option,
which is the reverse of the charitable
remainder trust, is a charitable
lead trust. Under this type of trust,
the agency receives income for a
specified period of time. At the end
of the trust the assets are distributed
to your heirs. Both the charitable
remainder trust and the charitable
lead trust may be established in your
will to take effect after your lifetime.
These trusts offer tax advantages to
you and your estate.
Life Insurance
You may make a charitable gift to
the Jewish Foundation of Memphis
or another Jewish agency by
purchasing life insurance for the
benefit of that agency or by naming
the agency as the irrevocable owner
and beneficiary of an existing policy
that you no longer need. You are
generally entitled to a tax deduction
for the amount of the premiums as
well as the cash surrender value of
the policy.
Retirement Gift
Estate and income taxes assessed on
qualified retirement plans (IRAs,
401(k) plans, 403(b) plans, etc.)
can be as high as 80% or more of
the total value. Rather than see your
retirement assets absorbed by taxes,
consider using these to make a gift to
the Jewish Foundation of Memphis
or another Jewish agency and direct
other funds to family members,
possibly resulting in more assets
going to your family.
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