26 | CLEVELAND JEWISH NEWS | CJN.ORG
MAY 20, 2022
GIFT GIVING GUIDE
Heed this advice when approaching legacy giving AMANDA KOEHN @AmandaKoehnCJN akoehn@cjn.org |
L
egacy gifts, or charitable donations distributed from one’s estate after death, not only allow for donors to give back long after life, but have major impacts on the beneficiary organizations. However, choosing where to give, ensuring your intended purpose is met and making straightforward, detailed plans that can later be executed without missteps may seem daunting. For that reason, Matthew Kaliff, senior director of endowment development and supporting foundations at the Jewish Federation of Cleveland in Beachwood, and Amanda Pinney, executive director of strategic giving at Case Western Reserve University in Cleveland, shared how potential donors can select charitable beneficiaries and verify their wishes will be met years or even decades later. First, individuals should consider what cause they want to give to and what specifically they want to give. Once the organizations are chosen, donors should then consider what specific needs they want to meet within that organization, if any. “Whether it is providing scholarship support to first-generation students, being a catalyst that provides seed funding for research, or perhaps even providing funding for the area of greatest need, ask yourself what area is most important to you,” Pinney
Kaliff
Pinney
said. “Make sure the purpose and impact align with the investment you are making – both in the future of the organization and in your legacy.” Once the purpose is chosen, donors will choose the vehicle for making the gift, Pinney said. They could write it into their will or trust, or use existing accounts or other methods that are best to be considered with a financial adviser or lawyer, as well as the charitable organization in mind. Pinney noted taking advantage of charitable gift annuities, or arrangements between a donor and charity that provide lifetime income for the donor while also benefiting the cause. Kaliff said planning a gift doesn’t have to be a complicated process. “There are a variety of simple ways to provide a bequest that do not require a will or trust,” he said. “For example, you can designate a charity as a beneficiary to your retirement account or to a life insurance
Giving Guide Index 28 29 30 31 33 34 35 36 37 39 40 41 42 43 45
A Kid Again ACLU of Ohio Akron Children’s Hospital Foundation American Cancer Society American Red Cross of Northern Ohio Benjamin Rose Institute on Aging Case Western Reserve University Cleveland Clinic Cleveland Metroparks Cleveland Museum of Art Cleveland Museum of Natural History The Cleveland Orchestra Cleveland Zoological Society College Now Greater Cleveland Cuyahoga Community College Foundation
policy. ‘Pay on death’ accounts allow you to name a beneficiary to a bank account or CD. So, while you first think of a will or a trust, a bequest can be as simple as filling out a form. Simple is obviously better.” Further, when selecting a charitable organization, donors should ask about issues like the impact of the gift, if and how it will be recognized publicly, accountability and transparency, specific areas that need the most support now and in the future, and tax advantages. Additionally, they will want to work with the organization to determine how their goals can be accomplished in the most effective way, Pinney said. Donors should think hard about the difference they hope to make and enjoy the process, she said. “My best advice is always to take the time to give thought to what impact you wish to have, and never forget that philanthropy should be fun,” she said. “Your passion for others should allow you to enjoy knowing the impact you are making on future generations.” Once one’s wishes are solidified, they should be documented. “I would also suggest completing a letter of intent with the organization and mirroring that same language in your estate plans,” Pinney said. “Having both your personal financial team and the university in alignment with your wishes provides an added layer of accountability to ensure that
your gift has the direct impact that you wish.” Kaliff explained that donors should consider the longevity of nonprofit organizations. “Is the organization likely going to be there in the future when the bequest comes into fruition?” he recommended taking into account. “And what happens if it’s not there? How are they going to plan for that contingency?” He also noted that legacy giving is not limited to wealthy individuals. “Legacy giving and bequests are not limited to the very wealthy,” he said. “Anyone can make a bequest … at any amount. And it is always appreciated by the recipient organization.” And no matter the amount or exact type of gift, legacy giving at its core reflects Jewish values, Kaliff said. “Legacy giving is an expression of a person’s values and also a very Jewish idea in that it expresses optimism for the future and it expresses appreciation,” Kaliff said. “Those are both very Jewish perspectives. … It expresses appreciation for the beneficiary, for the work they do and what they do for the community, and optimism for the future that you are concerned for future generations, and that future generations will be here to benefit from your generosity.” Staff Reporter Meghan Walsh contributed to this story.
A Cleveland Jewish News Advertising Special Section
46 Global Cleveland 47 Goodwill Industries of Greater Cleveland & East Central Ohio 48 Great Lakes Science Center 49 Group Plan Commission | Cleveland Public Square 50 HFLA of NE Ohio 51 Holden Forests & Gardens 55 Hospice of the Western Reserve 56 Hunger Network 57 Ideastream Public Media 58 Jewish Federation of Cleveland 59 JumpStart Inc. 61 Koinonia Homes 62 Kol Israel Foundation 63 Legal Aid Society
64 65 67 68 69 70 71 72 73 74 75 76 77 78 79
Leket Israel The National Food Bank Maltz Museum of Jewish Heritage MAZON, A Jewish Response to Hunger Menorah Park MetroHealth Foundation Na’amat USA, Cleveland Council National Council of Jewish Women/Cleveland OhioGuidestone Planned Parenthood of Greater Ohio Providence House Shoes and Clothes for Kids Stella Maris United Way of Greater Cleveland University Hospitals Youth Opportunities Unlimited
