Bequest, Wills and Other Assets

Bequests and wills are the simplest form of planned giving. An outright bequest may be unrestricted, may be added to an existing fund or may be used to establish a designated or restricted endowment fund. A typical provision in your will may state,

“I leave ($--) or (---% of the residue of my estate) to the Tampa Orlando Pinellas Jewish Foundation, Inc., to create an endowment fund to be known as the (donor name) Endowment Fund benefiting the (beneficiary agency) with income from the endowment to be used for (list purpose). The principal of the endowment shall never be invaded.”

If a donor has left a bequest to the Foundation in their will and wishes to have the bereaved send contributions in their memory, the Foundation can collect all donations and send acknowledgements to the contributors. All contributions can be added to the total bequested amount. A provision in the will may state,

“At the time of my death, all tribute gifts should be made to a memorial fund in my name held at the Tampa Orlando Pinellas Jewish Foundation, Inc. All proceeds from my named memorial fund will be added to my charitable gift made from my estate to the Foundation.”

Donors are encouraged to sign a Declaration of Commitment outlining their testamentary charitable gift to the Foundation. This encourages others to make similar pledges and is not a legally binding document. This also provides entry into the Legacy Society.

Other popular assets to bequeath include:

IRA and Pension Plans – Retirement plan proceeds paid after death are subject to both income and estate taxes. They are not the most ideal assets to bequeath to heirs. Naming the Foundation as the death beneficiary can save such taxes. Changing a plan’s successor or contingent beneficiary cannot be done through a will. Contact a plan administrator or IRA custodian for the necessary forms.

Gifts of Personal Property* – Any form of tangible property including art, jewelry, and other valuable objects can be donated. Generally, if the property is used directly by the Foundation for its charitable purpose, then the full fair market value of the property is deductible. Gifts of property that must be sold, or are unrelated to the Foundation’s tax-exempt purposes, may qualify for a limited charitable tax deduction. In any event, gifts of property are not subject to a tax on the unrealized capital gain.

Gifts of Real Estate* – This may include gifts of homes or other real estate through a bequest or lifetime transfer with significant tax benefits.

Benefits of bequests, will and other assets:

• Your gift allows you to retain use and control over the asset during your lifetime.
• Your gift decreases estate taxes and avoids probate on the gifted asset.
• Your gift can benefit multiple charities and/or causes perpetuating your values and ensuring annual donations to ensure future success.
• Any real asset can be gifted to create a lasting legacy of your generosity.

*Gifts of real estate or personal property require an appraisal to determine value.

Please feel free to contact us for more information about the benefits of charitable giving. We can be reached by any of the following methods: