Thinking about the future

By Ellen Weiss, TOP Jewish Foundation Executive Director

Have you thought about what you can do today to make sure there is a strong Jewish community for you, your children, grandchildren and future generations?

Estate planning, legacy giving, and endowment development are essential things you can do now to ensure the future of all charitable organizations, including those within the Jewish community. Jewish affiliation and identification rates have been declining, especially among young adults. Assimilation is increasing while synagogue membership and Jewish organizational involvement is decreasing. The best defense is a strong offense. Plan now.

Have a discussion within your family about what your priorities have been within the Jewish community and what you hope they will continue to support once you have passed. Encourage them to discuss and share their priorities and interests. Talk openly about what you plan to provide for them and your hopes for their continued involvement in support of Jewish causes. Remind them that past generations built the synagogues, JCCs, Federation and other Jewish agencies and organizations that are in your community now. Discuss why it is important for you, and them, to provide for future generations.

Talk to them about Jewish values related to Israel, the environment, health care, Jewish culture, feeding the hungry, taking care of and providing shelter for the homeless, and for those less fortunate. It is important that you pass on your Jewish values and charitable interests to the next generation.

Now that you have had the conversations, put your plans into writing and document your plans related to charitable giving upon your death. Determine the portion of your estate that you will leave to your favorite charities. Identify the assets you want to designate for Jewish organizations. Some of the best ways to give gifts upon one’s death is with life insurance, highly appreciated assets, IRAs and/or real property (real estate, art, jewelry, etc.). The most common ways to ensure your wishes are followed are by documenting them in a will or trust or naming the charity as a beneficiary in your life insurance policy or retirement plan.

If you want to support special programs, ensure they are shared with your family and designated in your will and/ or estate plans. If you do not designate specific uses for your donation, the funds will most likely go into the general endowment of the Federation, synagogue or other organization you choose to leave your gift(s).

TOP Jewish Foundation participates in several national programs that encourage legacy giving.

The Life and Legacy program

(https://topjewishfoundation.org/ life-legacy)

TOP partners with the Harold Grinspoon Foundation to assist local Jewish organizations in building endowment funds by promoting after lifetime giving.

The Jewish Future Pledge

(https://topjewishfoundation.org/ jewishfuturepledge)

This program encourages people to make a commitment that, from the funds you leave to charity upon your passing, at least half will be earmarked to support the Jewish people and/or the state of Israel.

Please contact TOP to find out if the Jewish organizations you support are involved in either of these initiatives, or if you would like to know how TOP can help an organization build its endowment assets. Organizations that partner with TOP find that TOP becomes an extension of the organization’s team, taking the role of the organization’s endowment department.

Any person, at any age, can make an impact by making a legacy gift. You can support the causes you care most about, while reaping the benefits of minimizing taxes and setting a positive example for your family and others in the community. Your TOP Jewish Foundation professionals can help you determine the best ways to implement your legacy-giving priorities.

The following are a few tips to get started from advisor Mark Halpern.

1) Define your “Why.” Which causes resonate with you? Where can you leave behind a meaningful impact?

2) Dream big. Start with an ideal charitable-giving goal and work forward from there.

3) Make it real. Commit to allocating a certain percentage of your estate to charity.

4) Put structures in place. Establish a charitable foundation or Donor Advised Fund (DAF) to manage your charitable gifts. Make sure your family knows your priorities in advance.

5) Gift assets strategically. Consider whether it makes the most sense to donate cash or give through appreciated securities, flow-through shares, life insurance, retirement savings or with a testamentary gift.

Always feel free to seek advice or share your ideas with the professionals at TOP Jewish Foundation.