ENDOWMENTS

An Endowment is a charitable fund created to provide ongoing support to one or more of your chosen charities or causes.

BEQUESTS

A bequest is a gift in your will or revocable living trust.

Permanent Endowments

It is with an Endowment - or you may choose to establish multiple Endowments - that you can leave a more permanent legacy ... a lasting reflection of your values and priorities, of your hopes and dreams for Jewry and mankind, and an example of tzedakah that can inspire the philanthropists of future generations.

For most Endowments, a specific portion of the fund is to be distributed to the charitable organization or for the charitable purpose you designated when establishing the Endowment.  The balance continues to grow, helping ensure that your Endowment will last indefinitely.

Bequests

A bequest is a provision you make in your will for a gift to be made following your death.  Even people with modest means are often able to bequeath a substantial sum of money.

These bequests may be directed to an existing Endowment or to create a new Endowment, in either case for the purpose of supporting a cause or institution the donor holds dear.

No minimum amount—every gift is appreciated

You may receive an estate tax deduction depending on the size of your estate.

How to Make a Charitable Bequest from an IRA or Retirement Plan

  • Name TOP Jewish Foundation (tax ID 59-2053655) as a beneficiary of all or a portion of your IRA, 401(k) or other qualified plan by completing a beneficiary designation form through your plan administrator. Note that your Will does not govern your IRA, 401(k) or other qualified plan.
  • All or a portion of the balance in your plan will go to TOP after your passing
  • Benefits: You can avoid the taxation your retirement savings would incur if you designate your heir(s) as beneficiary(ies) – as significant savings; you can take your regular lifetime withdrawals, and change the beneficiary designation if your family’s needs change.
  • You can make a non-rollover charitable gift from your IRA or retirement plan during your life. Unlike rollover gifts, these can be made to any Foundation fund. You must first report the distribution on your income tax return and then claim an offsetting charitable income tax deduction. However, a better strategy is to donate appreciated securities or real estate and keep your retirement plan distributions during your lifetime or make an IRA Charitable Distribution Gift.

Next Steps...

For more information, contact a TOP Professional at (813) 961-9090.