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Life Insurance Creates $250,000 Charitable Gift “The real motivating factor in making this $250,000 gift is our family’s faith in community. We want to ensure that when our kids raise their children in Orlando, there will be endowment dollars available to support local Jewish agencies,” explains Esther and Rick Cohen. Giving charitably has always been a part of Es and Rick Cohen’s lives. That’s why they decided to leverage dollars earmarked for charity to purchase a $250,000 life insurance policy creating the Esther and Richard Cohen Philanthropic Fund at TOP Jewish Foundation. “By using life insurance as a leveraging vehicle, we can make a generous charitable gift today that will significantly increase the value of the charitable gift in the end. Quite simply, life insurance is a platform where people can make a big gift even bigger,” explains Rick. The Cohens paid an up-front premium to purchase a $250,000 life insurance policy. This initial premium will provide an immediate tax deduction. Over the next six years, they will make smaller, additional annual premium contributions, which will provide additional tax deductions since the policy is owned by a charity, TOP Jewish Foundation. Premiums continue until there is enough cash value in the policy to make it self-supporting. Basically, the investment returns keep the benefits in effect. Since Rick has a matching gifts program through his employer, his contribution to the Foundation is increased two-fold. “Individuals can make a significant charitable gift at a fraction of their outlay. I encourage everyone to check with his or her human resources/benefits department regarding the availability for a matching gift for any charitable donation made. The process is simple and the experience of making a magnificent charitable gift is richly rewarding,” says Rick. “We have stepped up to the challenge to insure the financial security of our local Jewish
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