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Life and Legacy - FREQUENTLY ASKED QUESTIONS

 

                                               

How can I make a legacy gift to the temple and other charitable organizations I want to support?

You can arrange a gift in several ways: through a gift in your will or living trust, by designating a charitable beneficiary of a retirement account or life insurance policy, or by simply transferring cash or appreciated stocks. Click here for more information. 

Do I need an estate to leave a legacy? Don’t I have to be rich?

Everyone can leave a legacy. “Estate” is simply a term that includes any money, property, investments, or personal belongings that you own at the time of your death. Most people leave an estate when they die, even though they may not be wealthy. Even modest legacy gifts, because they are permanent, can have a meaningful impact on charities.

Legacy giving provides us each with the opportunity to be a true philanthropist, often on a scale far beyond what we thought possible, because we can support the causes important to us without affecting our own lifestyles.

Do I need to have a will or trust?

Most people, especially if they have children or other heirs whom they care about, should have at least a simple estate plan. Without one, you may lose control over what happens to your assets when you die, and there may be extra costs that decrease the amounts available to your heirs.

What if I don’t have a will and don’t want to make one?

You can make a legacy gift from retirement accounts or life insurance policies, as well as from current assets.

Isn’t legacy giving something that mostly older people think about?

It’s true that, the older we get, the more likely we are to think about what we want to have happen to our assets after we die. But it’s never too soon to plan for the future – after all, no one knows what their future will bring – and there are many ways to have a significant impact with a legacy gift when you still have a long life ahead of you.  The earlier you create your gift, the longer you have to enjoy it. Both you and your favorite charities can enjoy the benefits of your legacy giving at any age.

At my current stage of life, it’s hard to know what my and my family’s needs will be in the future. What if things change?

Many legacy giving options provide the flexibility to change your plans during your life if your situation or priorities change. For example, it is easy to revise a will or living trust, or to change the beneficiary on retirement account or life insurance policy that you own. Your financial and estate planning advisors can help you to both commit to a legacy gift today and retain the flexibility you may need to provide for future changes.

Why should I consider leaving a legacy?

The answer is different for each of us. Why have you made charitable donations of time and money so far? Imagine Temple Sinai and your Jewish community many years in the future. What do you hope to see? Through your legacy gift, you can help ensure that the organizations you care most about thrive in perpetuity and that the issues you care about will continue to be addressed.

Who will receive my legacy gift?

We hope that you will designate Temple Sinai as your legacy beneficiary. We also encourage you to consider our Life & Legacy partners in the greater Stamford Jewish community (they’re all listed on the letter of intent). However, all qualified, tax-exempt charities are appropriate beneficiaries. Organizations that have earned your support during your lifetime are natural choices.

Should I tell the charity that I’ve left a gift?

That’s up to you. Charities like to know about your gift so that they can thank you for your generosity and support while you are still with them. Temple Sinai would like to include you as a member of our Legacy Society.

How can I include my children and family in the process?

You should include your family, and particularly your heirs, in the legacy gift planning process. Here are some suggestions:

Have a family discussion about your charitable values and giving history.

Together, visit and learn more about the organizations and programs you are committed to supporting.

Listen to and acknowledge their concerns; help them understand how their own futures and the futures of your charitable beneficiaries can co-exist.

When do I fund my legacy?

Depending on your assets and your goals, you can fund your legacy now, with a current gift of cash or other assets, or as part of your estate plan. You can even do both: fund a portion of your legacy gift now to begin to support the programs and organizations that are important to you today, with an additional gift from your estate to perpetuate them far into the future.

What’s the difference between a legacy gift and an endowment?

An endowment is a permanent fund maintained by Temple Sinai or other charity, out of which only the income may be used to fund programs and operations. Endowments are intended to provide an income stream in perpetuity. A legacy gift is typically a gift intended to have a permanent impact, and usually is used to fund an endowment, whether made out of current assets or from an estate after death.

 

                           

Tue, January 25 2022 23 Sh'vat 5782