Whether your estate is large, modest or somewhere in-between, you can help ensure that JFSA Cleveland will not only meet today’s needs, but will also be here tomorrow to assist our children and our children’s children. A planned gift strengthens the community that JFSA serves and, in many instances, also provides you with tax advantages. It ensures that you will be remembered both by those who directly benefit from your generosity to JFSA as well as those who will be inspired by your example. Here are a few examples:
- Testamentary Gift: A bequest to JFSA from your will affords you flexibility and control over the legacy you leave behind and means a portion of your assets will go directly to a cause you care about rather than to the government in the form of taxes. If you already have a will, you may be able to make your gift by preparing, with the involvement of your estate planning attorney, a codicil (a brief written amendment) to your will.
- IRA or 401K Gift: This method typically offers the greatest income tax savings (and perhaps estate tax savings) when you direct that a gift to JFSA be made from your estate. As an alternative, people age 70-1/2 or older wishing to make lifetime donations can transfer funds from an IRA directly to JFSA tax fee so long as certain conditions are met. Either option is easy to arrange.
- Life Insurance: This type of gift is particularly popular with donors who have policies that are no longer needed to provide for their families. The gift is made to JFSA by transferring ownership of a life insurance policy to JFSA or simply changing the policy’s beneficiary designation to JFSA for some or all of the policy’s proceeds. It is also an attractive way to give if you want to provide significant support for JFSA but are unable to make a large outright donation.
- A Life Income Plan: A charitable gift annuity or a charitable remainder trust allows you to make a substantial future gift to JFSA while still providing for your own personal financial needs. These plans provide you, the donor, or your named beneficiaries that you designate income for life with an ultimate gift to JFSA. There are several types of life-income plans and they offer substantial tax benefits, depending on the asset contributed.
You Can Help Meet These On-Going Needs…
The best way to enhance the quality of life for individuals and families challenged either by crisis or by chronic disabilities is to provide strong, integrated services and support that help address a variety of needs. These include:
- For individuals with mental illness and intellectual disabilities: full range of community based services including clinical and therapeutic services, work and recreation, residential services, family advocacy and support, and more.
- For aging adults who want to live independently in their own home: home health care services, including skilled nursing, case management, home delivered meals, emergency response services, home management assistance and special supports and programming for Holocaust Survivors.
- For families affected by domestic violence and homelessness: Culturally specific services including emergency housing, case management, legal advocacy, emergency financial assistance, outreach and education.
- For college-bound students: college financial aid in the form of scholarships, loans and grants.
Continuous funding is needed to support these vital services. Your planned gift will help make lives better and reflect your support of JFSA’s role in our community.
Remember: You should always involve your attorney and, as necessary, other advisers in your estate planning.
Contact Karen Leizman Moses, Esq., Major Gifts Officer, at (216) 504-6407. If you have already made arrangements for a planned gift to JFSA, please let us know – we would like to thank you!
All inquiries are confidential.