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"I did not find the world desolate when
I entered it. As my father planted for me so will I plant for my children and my children's children." Talmud
Tax Wise Giving
Tributes: Make a tribute in memory of a loved one who has passed; in honor
of a Simcha - The Jacksonville Jewish Foundation will notify the individual/s or family you tell us to contact
by sending a thoughtful card. We wil also notify you that the tribute has been sent. Contact us to make a tribute.
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Assist individuals to achieve their personal charitable goals in the most |
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tax-advantaged manner. |
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Accumulate permanent endowed assests for use in supporting the special, |
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emergency and future needs of our Jewish Community |
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Continue the giving of members of our community to the causes they care about |
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even after they are no longer with us. |
The Jacksonville Jewish Foundation offers a very flexible way for you to achieve
your philanthropic goals, now and for generations to come. By setting up a Philanthropic Fund with the Foundation,
you can request that distributions be made to any number of charitable organizations, whether they are religious,
health, education, or service organizations, both local and national in scope. When you are gone, you can designate
family members (i.e., children, grandchildren, etc.) to advise the Foundation on the use of the assets in your
Philanthropic Fund.
A Philanthropic Fund in your name may be set up during your lifetime. This
will give the donor many advantages over a private Family Foundation.
1) No cost to set up
2) No annual tax return to file
3) No excise tax
4) Annual distribution not required
5) Donor can recommend to the Jacksonville Jewish Foundation charities that he or she would desire. The Foundation
has honored such recommendations as long as it is a 501(c)3 charity and no benefits are received for such contributions.
The charity acknowledges the gift directly to the donor.
The Fund may also be created or added to upon death, creating a legacy of giving
that will last for generations. In addition to cash gifts, there are a number of ways to create or add to your
fund.
Appreciated Property Gifts - Gifts of assets which have appreciated in
value over time are very appropriate for this purpose. Highly appreciated property, such as stocks, mutual funds
and real estate make excellent lifetime gifts and can often generate the most favorable tax benefits: a deduction
for the full fair market value plus avoidance of all or part of any potential capital gains tax, as well as removal
of the asset from your taxable estate.
How can I help to ensure the future of our Jewish community?
Direct Gifts: Contributions of all sizes add to the strength
of our Foundation. Tributes in honor of a Simcha, a birthday or other special event and in memory of a blessed
individual in any amount are welcomed. Through the Foundation you can establish your own named testamentary memorial
fund or create a tribute fund in honor of a special event or individual.
Pooled Gift Funds: With our guidance you can create your
own pooled gift fund to provide a stream of income to a specific cause you care deeply about. You can create a
pooled gift fund by combining, in one large fund, gifts that are received from many individuals who are interested
in and who want to support the same cause. Example: scholarships for Jewish Education.
Charitable Gift Annuities: This type of gifting instrument
can provide a source of income to one or more beneficiaries and at the same time provide a future gift to a charity
or charities you care about. Depending on your age you could receive an interest rate of 12% and more. If you have
highly appreciated, underperforming assets, you have true charitable intent, and you wish to increase your income
this could be the instrument for you.
Bequests in Wills: Please remember the Foundation and the
Mitzvah of Tzedekah when making your will. A gift to the Jacksonville Jewish Foundation in your will can be directed
for specific use or to the unrestricted endowment where it will be used to make grants for various charitable purposes.
If you are currently involved with any of our synagogues and agencies and might consider making a bequest in your
will for their benefit please contact us for details and specific language to include in your will. Funds received
will be used to enhance the endowment of the specific cause or causes you designate. Simply direct the gift to
the Jacksonville Jewish Foundation and list the amount or percentage you wish to go to each cause. We will ensure
that your wishes are honored and that the funds are available to continue your good work long after you are no
longer here to help. A bequest of 20 times your current giving level will endow your gift to the causes you care
about. Example: 20 x $1000. = $20,000. Use the same calculation for each Jewish cause you care about.
A gift may be made to your Philanthropic Fund upon your death (or perhaps the
last death of you and your spouse) by way of your will or living trust. Although no income tax savings will be
realized from a charitable bequest, you will receive an estate tax credit for such gifts. There are several methods
of making a bequest.
Gifts of Retirement Plan Assets - Some assets, such as IRAs, qualified
plan assets, TSAs, etc. receive special tax advantages during your lifetime. Upon death (or the last death of you
or your spouse) these assets are taxed more heavily than others, being subjected to both estate tax and income
tax. If you plan to make a charitable gift upon your death, it might make sense to use these special assets to
fund these gifts, while leaving other assets to your heirs.
Charitable Remainder Trusts - Charitable
Remainder Annuity Trusts can provide a fixed income stream for a period of years or for life. Charitable Remainder
Uni-trusts can provide an income stream at a variable rate that takes advantages of market fluctuations for a period
of years or for life. Both can cover one or more beneficiaries. Types of trusts are as varied as the causes you
care about and can be a beneficial method to increase your income, provide a tax deduction, and still make a future
gift to the causes you support now. A wealth replacement life insurance trust may help protect your family while
allowing you to meet your charitable giving goals.
These trusts have become a very popular way to achieve your charitable goals while
satisfying some personal objectives as well. Such a trust may be created either during your lifetime or upon your
death. Lifetime Charitable Remainder Trusts (CRTs), when funded with highly appreciated property such as stocks
or real estate, can provide a number of advantages, such as increased income over your lifetime, avoidance of immediate
capital gains tax on the sale of the appreciated asset, an income tax deduction for a portion of the gift, and
removal of the asset from your estate. When such trusts are created upon death, the income tax deduction is lost,
and usually the income stream is intended for your heirs (such as spouse or children). When a Charitable Remainder
Trusts ends, usually upon the death of the last beneficiary, the remaining trust assets would pass to the Foundation,
endowing your Philanthropic Fund.
Life
Insurance Policies: You
can name the Jacksonville Jewish Foundation as owner and beneficiary
of a life insurance policy and make a significant future gift.
For example, a forty-year-old, non-smoking female may pay
$900 per year for fifteen years to leave a $100,000 death
benefit to establish an endowment to support cause she cares
about. This means that for $13,500 she can make a charitable
gift of $100.000. There are many tax-advantaged methods for
gifting life insurance. Consult your agent for actual rates.
click here for list of professionals
Tributes: Make a tribute in memory of a loved one who has passed;
in honor of asmicha - The Jacksonville Jewish Foundation will notify the individual/s or family you tell us
to contact by sending a thoughtful card. We wil also notify you that the tribute has been sent. Contact us to make a tribute.
There are many more ways to create your charitable legacy. For more information
on these and other techniques, consult your legal or financial advisor, or call the Jacksonville Jewish Foundation
at (904) 394-0720.
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