Contact Endowment Director Greta Foster at Greta_Foster@jewishakron.org or 330-835-0004 for more information.Contact Endowment Director Greta Foster at Greta_Foster@jewishakron.org or 330-835-0004 for more information.FindFGFsdfdfsFff
Contact Julie Katz at Julie_Katz@jewishakron.org or 330-835-0005 for more information.
Give during your lifetime
You may make a gift during your lifetime to ALEF and enjoy an immediate income tax charitable deduction, while the assets contributed reduce your estate for estate tax purposes. By contributing appreciated assets, you may deduct the fair market value of the asset and pay no capital gains tax. Lifetime gifts may take the following form:
You may designate ALEF as the beneficiary of your life insurance policy. If the policy is irrevocably assigned to ALEF, you may deduct annual premiums as charitable contributions for income tax purposes. If an existing policy is assigned, the cash surrender value is deductible as a charitable contribution. Many possibilities are available for using life insurance as a charitable gift.
Charitable Remainder Trusts
Charitable Remainder Trusts enable you to set aside an asset and continue to receive income from it during your lifetime. The income may continue on for the life of an additional
beneficiary, such as your spouse. The remainder interest is left to ALEF.
There are several types of remainder trusts. For example, a Charitable Remainder Annuity Trust or a Charitable Remainder Unitrust--allows you to tailor a trust to meet your own estate planning goals and the needs of your beneficiaries. By establishing a Charitable Remainder Trust, you are entitled to an immediate income tax deduction for the estimated present value of the remainder trust.
Charitable Gift Annuities and Deferred Charitable Gift Annuities
Life income is also available, without the administrative duties and expenses of operating a trust, through Charitable Gift Annuities. A Charitable Gift Annuity is a simple contract: The donor makes a gift to ALEF, and in exchange, a specified amount is paid annually to either one or two income beneficiaries for life. In a Deferred Charitable Gift Annuity, the actual receipt of annuity payments is deferred until some future date. As a result of deferring, the annual payments are larger. In the case of either a Charitable Gift Annuity or a Deferred Charitable Gift Annuity, you are entitled to an immediate income tax deduction for the difference between the cost of the annuity and the value of the annuity.
Charitable Lead Trusts
With a Charitable Lead Trust, you transfer property to a trust for a specified number of years, the income from which provides a guaranteed annuity to ALEF. Upon termination of the trust, the principal reverts to you or your designated beneficiary (such as children and grandchildren). This is an excellent way of transferring property to a succeeding generation, especially if you believe the trust property is likely to appreciate in value in the future. There are significant income and estate tax benefits to be realized by this type of planned gift.
Gift of Remainder Interest in Personal Residence
A charitable contribution deduction is allowed for income and estate tax purposes where an individual makes a gift of his personal residence to ALEF but retains the right to live there for the remainder of his or her life. For this purpose, the term “personal residence” is defined as any property used by the taxpayer as his personal residence even though it is not used as his principal residence. For example, a vacation home that is used as a personal residence will qualify.
A gift of a remainder interest in a home or condominium can provide a tax deduction today and fund special programs tomorrow.