You have several smart choices to direct the maximum inheritance to loved ones after you are gone. Depending on the value of your estate, a bequest may reduce its taxable assessment for your heirs. A simple outright bequest includes the Jacksonville Jewish Center in your estate distribution. You can specify an amount or a percentage of assets to be transferred to the Congregation. Assets may include cash, real estate, appreciated securities or tangible property.
Unrestricted Bequest: This is a gift for our general purpose, to be used at the discretion of our governing board. A gift like this—without conditions attached—is frequently the most useful; as it allows the Center to determine the wisest and most pressing need for the funds at the time of receipt.
Restricted Bequest: This type of gift allows you to specify how the funds are to be used. It is best however, to consult the Center when you make your will to be certain your intent can be fulfilled.
Consider a Charitable Remainder Trust
By making bequests of particular assets to the Congregation, which are exempt from federal estate taxes, you can actually preserve more of your estate for the benefit of loved ones. For example, IRAs and other retirement plan assets are taxed twice at death, first as part of your taxable estate and second as income to the beneficiary. Rather than leaving IRA or retirement plan assets to family members, consider the following alternative.
Life Insurance, IRA or Pension… You may designate the Jacksonville Jewish Center as a beneficiary of one of these assets. Most often, all that is required is to name our Congregation on the beneficiary line when you sign up for your retirement plan, or to modify your current election, by notifying your plan administrator or broker.