Temple members recently attended an informative session about the new PTS L’dor Vador Endowment Fund, which will be established with the Jewish Community Endowment Fund. The endowment will provide the Temple financial security and the ability to plan and operate beyond year-to-year membership commitments and contributions.
Representatives from the Jewish Community Endowment Fund and City National Bank explained how they will consult with PTS and congregants. Examples of different giving programs were presented, including bequests and charitable gift annuities, as well as the many complex assets that may be contributed to the Fund, including real estate, appreciated securities and business interests.
The Jewish Community Endowment Fund will manage the assets in the PTS Endowment Fund. City National Bank will manage Charitable Remainder Trusts. CNB representatives explained how Charitable Remainder Trusts operate and how they can provide significant tax advantages.
The following two scenarios, although fictitious, are examples of how you or a loved one may benefit from making a charitable gift of a life insurance policy to the PTS L’dor Vador Endowment Fund. Have you recently reviewed your assets and their assigned beneficiaries?
Dan and Ruth Greenberg have reached their retirement years. They own their home outright, and have the means to travel to places they have always dreamed of. One day while reviewing their financial holdings, they realize that they own a life insurance policy that is no longer needed for its original purpose. They decide to make a charitable gift of the policy to PTS and to make PTS the beneficiary as well. The benefits are numerous if the policy is donated to PTS during the policy owner’s lifetime:
A present gift may yield a much larger charitable impact in the future
A charitable income tax deduction may be claimed by the Greenbergs on the date of the gift
Subsequent annual charitable income tax deductions may be claimed for additional gifts to PTS to cover the premiums, if any (if the policy is not fully paid-up)
The size of the Greenberg’s taxable estate may be reduced
Dan and Ruth Greenberg may instead decide to make PTS one of the beneficiaries of their insurance policy, instead of making PTS the owner now. Although this approach won’t afford a present charitable income tax deduction, it may enable an estate tax charitable deduction later.
If you are interested in a gift of life insurance, we encourage you to consult with your professional advisor, or contact Amy Mallor, PTS Executive Director at (650) 697-2266.
Scenarios for PTS Security
Do you want the Temple to have a future that is secure? If your answer is yes, then please consider including PTS in your bequest. The following scenario, although fictitious, is an example of how one can leave a gift in perpetuity for PTS. Has Peninsula Temple Sholom touched your life?
Mrs. Rosen, age 70, has been a PTS member for 30 years, many of which as a member of the Sholom Chorale and Sholom Women. She wants to make a legacy gift to PTS in her will, so the PTS community will thrive for the next 50 years.
• Mrs. Rosen contacts PTS leadership or the staff of the Jewish Community Endowment Fund (JCEF), who are available to address any questions she may have, such as different ways to structure her bequest. She may decide she would like to donate a set amount, a percentage of her monetary assets, or even of an appreciated asset like an IRA, stock holding or real estate. Based on her needs, they will provide her and her attorney with language for her will.
• Mrs. Rosen is recognized in the JCEF’s Living Legacy Society and by PTS in perpetuity for her enduring gift.
Please watch for our continuing series on the L’dor Vador Endowment Fund in the Bulletin and on the Web site.