The Akron Jewish community has been an important part of your life. But have you considered providing support for the community in your will so you can continue to make a difference for generations to come?
First, reflect on your priorities. What important work do you want to support? What is important to you about our faith and people? You can choose to direct the funds or leave an unrestricted gift that the organization may use to meet future needs as they arise.
When should you start thinking about a legacy gift?
The answer is different for everyone. Whether you already have a will or are just getting started, it’s always right to think of how you want to be remembered.
Are legacy gifts right for you?
You do not have to be wealthy to have an estate or to leave a legacy. No matter what your income or estate value, your gift is important. Ask yourself, will your beneficiaries miss a small percentage of your estate? Could you leave that percentage of your estate to the Jewish community? Those funds may be essential in keeping vital programs alive to benefit future generations.
Will leaving a legacy gift impact your taxes?
While the impact of your legacy gift will be most clearly felt by the community once you are gone, you may experience tax advantages in your lifetime, and your estate and heirs may benefit from additional tax savings.
Do you need to make a new will?
No, typically just a few additional sentences to your will in the form of a codicil are enough to make a legacy gift. You should not assume your family knows your wishes, so preparing a valid codicil with your lawyer is important. You can also make a legacy gift using a qualified retirement plan; life insurance policy; charitable remainder trust; or charitable gift annuity.