Planned Giving

One day, Honi saw a man planting a carob tree.
"How long will it take for that sapling to grow and bear fruit?" Honi inquired.
"Seventy years," the man replied.
"How do you know you will live another seventy years?" Honi asked.
"I don't," replied the man, "...but just as my grandparents planted for me, I am planting for the generations to come."

- Babylonian Talmud, Tractate Ta'anit, 23a

What if you could leave a legacy that reflects your values and continues to make an impact long after you are gone? Naming Temple Shaaray Tefila as a beneficiary of a part of your estate is just one of the ways you can leave a lasting legacy - a token of your dedication to our sacred community which will help guarantee our congregation’s long-term future. It is a privilege and an obligation to be part of the future of this community. Please let us know if you plan to remember Shaaray Tefila in your will.

For any planned gift, you should always consult with your own attorney and/or tax advisor. If you have questions or would like more information about leaving a legacy at Temple Shaaray Tefila, please contact Anna Stein, Director of Development at 212-328-9393 or [email protected].


Bequests

Some of our members have decided to support this synagogue in perpetuity through gifts made to the endowment. Through your will, trust, or other estate planning document, you, too, can choose to leave a bequest to Shaaray Tefila, in which you may designate a specific use for your gift and add language to reflect if the gift is made in memory or honor of a loved one.

You may arrange for Shaaray Tefila to receive:

  • a specific dollar amount
  • specified assets, such as securities, real estate, or tangible, personal property
  • all or a percentage of the remainder of your estate after all other obligations (a residual bequest)

You may make a bequest to Shaaray Tefila by preparing a new will or adding a codicil to your present will. An outright bequest to Shaaray Tefila is fully tax-deductible for estate-tax purposes.The most useful bequest is an unrestricted bequest for the general purposes of Shaaray Tefila. This permits Shaaray Tefila to use your gift wherever it is most needed at the time.

Suggested language for making an unrestricted bequest:
"I give, devise, and bequeath [the sum of __________ dollars][all or ______________ percent of the rest, remainder and residue of my estate of every kind and description (including lapsed legacies and devises)] to Temple Shaaray Tefila, 250 East 79th Street, New York, NY 10075, for its general corporate purposes."

Please Note: When applicable, your estate is entitled to an estate tax deduction for the full value of your bequest.


Real Estate & Personal Property

Any property whose corporate structure allows it to be gifted to a charitable entity is worth exploring when planning your estate. There are many factors that go into donating property, including the income generated, any outstanding debt, and depreciation.

Real Estate and personal property can be gifted during your lifetime or through a will. The net proceeds of the property will continue to be invested and be used wherever there is the greatest need at the time.

Just a few of the benefits of giving a gift of real estate:

  • If gifted during your lifetime, this gift is eligible for an income tax charitable deduction equal to the appraised fair market value of the gift.
  • Avoid capital gains tax on the donated interest upon the sale of the property.
  • Eliminate the stress of deciding who will receive the property once you are gone.
  • Eliminate a large taxable asset from your estate.

Charitable Gift Annuity (CGA)

A charitable gift annuity (CGA) enables you to give charitable contributions to Shaaray Tefila and receive financial benefits for yourself. When you create a CGA, you will receive guaranteed income for life, and the potential for an immediate tax deduction and future tax savings. In fact, because of these benefits, many donors find that a CGA enables them to give more philanthropically than they ever thought possible.

Just a few of the benefits of setting up a CGA:

  • With a CGA, you have the opportunity to lock in a high fixed rate of return for life, with potentially immediate tax deductions.
  • Because annuity payments begin at age 65, a CGA can be a useful retirement-planning vehicle.
  • For those younger than 65, a deferred CGA may be established to yield potentially immediate tax deductions, as well as retirement security for the future.
  • You can also establish a CGA in your will to benefit a loved one during their lifetime.

Unused Retirement Assets

Did you know that your unused retirement assets are the most costly of your estate assets to transfer to your loved ones once you are gone? These assets (IRA, 401(k), 403(b), pension, and other tax deferred plans) are subject to being taxed twice when left to anyone other than a spouse. Naming Shaaray Tefila as the primary or secondary beneficiary of your remaining assets ensures that 100% of your unused retirement assets are applied to wherever there is the greatest need.

You worked hard to secure your future. Now, your assets can help secure the future of Shaaray Tefila.

Just a few of the benefits of giving a gift of unused retirement assets:

  • By leaving your unused retirement assets to Shaaray Tefila, you will avoid double taxation, including any deferred income tax or applicable estate taxes you would pay if the assets were left to a beneficiary other than a charity.
  • A way to give that does not deplete the cash reserve you may need during your lifetime.

Life Insurance

As you begin your estate planning, you may notice that you have more insurance than you once thought you would need. This surplus can be used to establish a legacy gift.

An alternative to donating your existing life insurance is to purchase additional life insurance and name Shaaray Tefila as the beneficiary. A new policy allows you to make a larger legacy gift than you may have considered or had the means to make. With low monthly tax-deductible payments on a new policy, you can turn your $500 a year into $50,000 when you are gone.