It’s up to you.
That’s the “plan” in planned giving: You designate how your gift is to be used. Planned gifts enable you to leave a legacy, whether it’s providing unrestricted funds to help meet community needs now and in the future or permanent resources to aid identified programs, projects, agencies, organizations or initiatives of interest to you and your family.
Planned giving provides you with peace of mind. You will know that your charitable intent will be perpetuated for generations, while also ensuring that you will provide for your heirs. All of this and more can be accomplished through planned giving vehicles tailored to support your financial and estate planning goals.
Planned giving offers other benefits. If you give during your lifetime, you may receive charitable income tax deductions. Perhaps most important is that you can demonstrate to your family the depth of your philanthropic commitment and the importance of giving back to the Jewish community. Many of the institutions and programs in Akron’s Jewish community have been built or established through planned gifts.
Your IRA is one way to leave a legacy for our community while also providing for your heirs. When you list a charitable organization, such as The Jewish Community Board of Akron, as a beneficiary, it can receive proceeds from your IRA. These proceeds are exempt from income tax. (Please note that these tax benefits only apply to non-Roth IRAs.)
You can list one or many charities as partial beneficiaries to benefit from your IRA. The donation from your IRA can fund special purpose funds, named endowment funds, scholarships, and more. Also, when you name a charitable organization as the beneficiary of your IRA, an attorney is usually not needed to update your will, and the donated funds aren’t subjected to probate court proceedings.
Please consult your tax, financial, or estate planning professional about naming a non-profit as a beneficiary of your IRA, as every situation is unique.
If you’re interested in naming JCBA or its agencies as a beneficiary of your IRA, or if you have questions about other planned giving options, contact Julie Katz, campus resource and endowment director at 330-835-0005 or Julie_Katz@jewishakron.org.