Jewish News Supplement - Estate Planning (March 2024)

Estate Planning

Simple tips for estate planning in 2024

Stephanie Peck

Estate planning may sound like something that only wealthy people with multiple homes and millions of dollars in the bank consider. The truth is, however, that estate planning, or some version of it, should be on everyone’s radar. And, in addition to including designations about money and property, other important provisions should make their way into a plan such as guardians for under-age children, end-of-life care, and funerals.

No matter how large or small one’s net worth, estate planning is a process that ensures that assets are handed down how, and if possible, when desired.

While some people’s estates require a complicated plan, others might just necessitate one that is simple and straight-forward. In fact, one common mistake made by way too many people, according to the National Council on Aging, is failing to have a plan at all. A simple will is better than none, according to the agency. Other common

mistakes, it says, are not properly executing estate planning documents, not providing for future care of dependents, and not expressing wishes for end-of-life care.

Jody Balaban of The Spindel Agency offers, “One piece of advice I have is to establish an experienced team of professionals to assist with your planning. This would include a financial advisor, a tax professional, and an estate planning attorney to help you with a customized plan.”

That tax professional is especially important in preventing an inheritance from getting eaten away by taxes; as even someone with modest savings will want to ensure their property and assets go to their heirs and not to the government.

And, to make certain your estate doesn’t go to the wrong person, Balaban reminds to “make sure your beneficiaries are up to date.”

Janet Mercadante of Davenport & Company goes one step further. While IRAs and retirement accounts have beneficiary requirements, taxable accounts and bank accounts do not. She suggests adding a POD (payable on

death) to these accounts. Not only will a beneficiary be designated, but these accounts will also bypass probate.

Probate is the analysis and transfer administration of estate assets previously owned by a deceased person. When a property owner dies, their assets are commonly reviewed by a probate court. The process can be long, tiresome, and in some cases, costly.

For those who desire to pass money to heirs tax-free, that may be accomplished by converting traditional retirement accounts to Roth accounts, according to US News. The converted amount is subject to regular income taxes, but withdrawals – either by the owner or the heirs – are tax-free.

Complex strategies and the ever-evolving tax code might make estate planning feel cumbersome and even intimidating. Ignoring the task, however, can be a costly mistake for heirs, even if there’s not a lot of money in the bank. In fact, not making the plan will assure there’s even less in the end.

WHAT’S YOUR LEGACY?

And how can you make it last for future generations?

At Kaufman & Canoles, we’re here to help you pay your wealth forward, so you can protect your family, your business and your values for years to come. Our dedicated Estate, Trust & Wealth Transfer team will listen to you and transform your goals into a unique long-term plan, one that merges excellent proactive advice with smart tax strategies. Because whether you need a single will or a complex trust, your legacy should never be in doubt. We can. And we will.®

How to build a healthy money mindset for a stable financial future

(StatePoint) Building and managing your wealth is a lifelong process that can have major implications for you, your children, and other beneficiaries. While your path to building wealth should be tailored to sepecific circumstances, this three-pronged approach from Freddie Mac can help you plan for a stable financial future.

1. Understand your money mindset

Understanding your relationship with money can help you identify opportunities to create healthier spending and saving habits. A positive outlook toward money can provide you with a strong base on which to build wealth and achieve goals. Conversely, a negative outlook can make you reluctant to take the steps you need to establish a strong fi nancial history. For example, being overly focused on displaying wealth can lead to overusing credit. Likewise, becoming preoccupied with fi nancial success to the point of anxiety can prevent you from spending the wealth you do have on items you need

and want to live comfortably.

By recognizing the factors that influence how you spend and save, you can make new choices that better support your financial goals.

2. Set and manage goals

Establishing and maintaining a set of defined financial goals is the next step when building wealth. Think about what you would like to accomplish over the short-, medium- and long-term, and make a savings plan to help you get there. It’s also important to take actions to safeguard your accumulated savings. This includes being mindful of inflation, guarding your information from scammers, and planning for unforeseen circumstances and emergencies.

3. Be prepared

Building an emergency fund can help you maintain financial stability by putting you in a better position to weather unexpected financial circumstances, such as a loss of income,

unplanned medical bills, or property damage from a storm. Creating an emergency budget can help you gauge how much you need to save, but in general, you should save up enough money to cover three to six months of your typical monthly expenses. Keep this money separate from your other savings, and don’t touch it until it’s needed. Additionally, having adequate homeowners or renters insurance will help ensure that your wealth is protected in certain unexpected circumstances. Familiarize yourself with your coverage so you understand what is and isn’t covered by your policy.

Want to know more about managing money and establishing wealth? Whether you’re renting or owning a home, or saving for the future, Freddie Mac’s CreditSmart offers free personalized financial educational resources. Visit creditsmart.freddiemac.com to learn more.

By adopting a healthy money mindset and setting tangible financial goals, you’ll be well on your way to a stable financial future for you and your loved ones.

BY SENIOR HOUSING NEWS ARCHITECT & DESIGN

The new Harbor’s Edge River Tower has not only redefined the Norfolk skyline—it’s also set a new precedent for luxury senior living nationwide. With 24 stories of sophisticated architecture and breathtaking waterfront views, our residents come home to a truly exceptional lifestyle.

A team of industry experts judged numerous national and global projects on their design aesthetics, community integration, amenities and lifestyle. Harbor’s Edge River Tower rose to the top.

YOU THANK

Today, we honor and thank our Legacy donors, whose unwavering commitment will help ensure a vibrant future for the Tidewater Jewish community. Your generous contributions will address the evolving challenges and aspirations of our community for generations to come.

Names displayed in BLUE signify those who have formalized a Life & Legacy gift through the Tidewater Jewish Foundation, thereby empowering our cherished organizations to pursue their missions with renewed vigor. Thank you for your dedication to shaping Jewish futures in Tidewater and beyond.

Bertram* Aaron

Laurent Abitbol

Rachel & David Abraham

Rachel & Marc Abrams

Adelle & Herman* Adler

Helen & Warren Aleck

Janice Aleck

Bobby & Jack Barr*

Helen Jayne & Melvin Barr*

Dolores & Alan Bartel*

Gary Bartel

Marlene Bass*

Susan & Jon Becker

Linda & Calvin Belkov*

Kimberley & C. Earl Allsbrook

Benjamin Altschul

Sylva B. Altschul*

Jasmine Amitay

Tamar & Rabbi Jeffrey Arnowitz

Karen Ashkenazi

Patricia* & Avraham Ashkenazi

Leslie M. Auerbach

Rosalyn Levy August

Gail & Thomas* Bachman

Jody Balaban

Linda & Leigh Baltuch

Babbi & Brad Bangel

Bessie Banks*

Roslyn & Michael Barney

Elena & Gary Baum

Lisa Benjamin

Gail & Bill Berger

Marcia & Amos Berkovich

Beth Hirsch Berman

Carole & William Bernstein*

Helene Bernstein

Richard Beskin

Roy Beskin

Frances Levy Birshtein*

Paula & Michael Blachman

Leyba & Herman Blumenthal*

Moira Wright Bodner

Bonnie & David Brand

Rashi & Rabbi Levi Brashevitzky

Isabel & Louis Brenner*

Bernice & Percy Brill*

Elyssa Brinn

Joan Brock

Edmund Brodie*

Wendy Jo Einhorn Brodsky & Ronald Brodsky

Eleanor & Leonard Brooke

Marjorie & Robert Brotman

Beryl & Steven Brown

Carol & Allan Brum

Larry Bublick

Norbert Bublick

Kelly Burroughs

Aaron Busch*

Alice E. Buxbaum

Marilyn & Stuart* Buxbaum

Stephanie Calliott

Elyse & David Cardon

Rose & Armond Caplan*

Deborah Mancoll Casey

Marsha L. Chenman in Memory of Sol & Bertha Chenman

Jeffrey Chernitzer

Rita Cogan*

Charlene & David Cohen

Leo Cohen

Ronnie Lynn Jacobs Cohen

Ruth & Aaron Cohen

Sol W. Cohen*

Barbara & Harvey Coleman

Barry Comess*

Jean* & Allan Comess

Raizy & Rabbi Velvel Cook

Allison & Jeff Cooper

Minette & Charles Cooper

Monica & John Cooper

Ann & Robert Copeland

Robin & Todd Copeland

Edward Cross*

Stuart Davis*

Lisa & Mark Delevie

Renee & Arthur Diamonstein*

Esther & Glenn Diskin

Judy & Larry Dobrinsky

Susan & Allan Donn

Ronald Dozoretz*

Abby & Mark Draluck

Leora & Nathan Drory

Bronia Drucker*

Barbara Dudley

Ingrid & David Edery

Susan & James Eilberg

Lois & Barry Einhorn

Susan & Martin* Einhorn

Devorah & Morris Elstein

Dianne Epplein

Adrienne Lehman-Winkleman

Epstein & Edwin S. Epstein

Shayne R. Evans

Thelma Fantuch*

Jeffrey Feld

Mary & William Feldman

Freda & Jules Feuer*

Barbara & Andrew Fine

Jan & Morris Fine

Karen & Matthew Fine

Hyman Fine*

Minnie S. Fine*

Nancy & Sheldon Fineman

Kim & Andrew Fink

Mandi & Ross Firoved

Gail & Joel Flax

Mona & Jeffrey Flax

Anne Fleder

Esther & Alan Fleder*

Gail Fleder

Joseph Fleischmann*

Nataly & Seth Fleishman

Barbara Fletcher*

Kristy & Adam Foleck

Sandra & Pete Forte-Nickenig

Colleen & Andy Fox

Helen Frank

Rita Frank

Edwin Franklin

Barbara Fried

Harry Fried

Cantor Wendi & Gigi Fried

Kathleen & Walter Fried*

Claire & Marvin Friedberg

Beverly & Alan Frieden

Jodie & Jack Frieden

Rosa Frieden*

Alicia London Friedman & Robert Friedman

Celia & Jay Friedman

Debbie & Mark Friedman

Jerome Friedman

Leslie Friedman

Shari Dozoretz Friedman

Ann & Louis Friedman*

Fannie & Milton Friedman*

Margaret & Leonard* Frierman

Penny & David* Gallo

Sidney Gates*

Karen Gershman

Helen G. Gifford*

Amy Ginsburg

Pam & Arty* Gladstone

Martha Mednick Glasser

Rose Frances Glasser*

Hara Glasser-Frei

Pearl Glassman*

Carly Glikman

Gail L. & Donald Gogan

William Goldback*

Farideh & Norman Goldin

Charles Goldman

Elaine Goldman

Jane Klein Goldman

Beatrice & Harry Goldman*

June & Joseph Goldman*

Bootsie & Morty* Goldmeier

Lawrence Goldrich*

Steven A. Goldstein

Laura & Keith Goldstein

Ann Goodman*

Martha & Robert Goodman

Victor Goodman*

Barbara S. Gordon

Janet* & Daniel Gordon

Paula & James Gordon

Freda & Tavia Gordon*

Joyce &

Helene

Susan

William

Carol

Helen

Laura

Louis

Sharon

Rose

Carla

Fay

Jeri

Phyllis & Arthur Kaplan*

Sue Ellen Kaplan

Roberta Joy Kaps

Mimi & Warren Karesh*

Betsy & Ed Karotkin

Florence Karp*

Melissa & Aaron Kass

Juliet A. Katz*

Ellen & Larry* Katz

Alene & Ron Kaufman

Linda Kaufman

Ted G. Kaufman

Marilyn & Steven Kayer

Debra Keeling

Reva & Lee Kelberg*

Marissa & Benjay Kempner

Arlene & Isidoro Kessel

Arlene* & Howard Kesser

Kay & Barry* Kesser

Janna & Arnold Kestenbaum

Jodi & Jay Klebanoff

Hanna & William Klebanoff*

Esther & Andrew Kline

Sofia* & David Konikoff

Wendy & Albert Konikoff

Melanie & Alex Kordis

Joyce & Jay Kossman

R. Mark & Brenda O. Kozak

Anne & Edward Kramer

Cindy & Ron Kramer

Milton Kramer*

Rabbi Marc Kraus

Celia Krichman*

JoAnn Kroll

Irwin Kroskin*

Sylvia & David Krug*

Adel & David Kruger*

Sue & Jeff Kurtz

Nichole & David Kushner

Alma & Howard Laderberg*

Jody & David Laibstain

Phyllis* & David Lannik

Robert Lansing

Selma & Leon Leach*

Sharon Leach

Mavolyn B. & Sanford L. Lefcoe*

Edward Legum

Leslie* & Jay Legum

Lorna & Steven Legum

Ina & Martin Leiderman

Corrie Lentz

David Leon

Lisa Leon

Sandra & Miles Leon

Telsa & Arnold Leon*

Betty Ann & Scott Levin

Natalie Levinson*

Amy & Kirk Levy

Paula Levy

Gail & Joel Lewis

Mark Lipton*

Sara & Rabbi Gershon Litt

Elayne & Jeffrey Littman

Robert Liverman*

Rabbi Dr. Mordechai Loiterman

Karen & Richard Lombart

Joan Kaplan London

Becca Lovitz

Jason Lovitz

Marcia Lovitz

Bernard Lubschutz*

Joseph Lust

Herman Mallick*

Rabbi Rosalin Mandelberg

B. Thomas Mansbach

Raizel & Rabbi Shmuel

Margolin

Rychel & Rabbi Aron Margolin

Martin Marin

Brandy Martire

Paola & Noah Matilsky

Jordan Asher & Jody Mattison

Debra & Bernard Mayer

Andrea McGuinness

Thomas McGuinness

Deborah & Jerry Meltsner

Shaina Ettel & Rabbi Menda

Janet W. Mercadante

Ellen & Bryan Mesh

David Metzger & Alicia WillsonMetzger

George Metzger

Laura & Jerry Miller

Hallie Miller*

Tanya Miller

Heather & Doug Moore

Betty Moritz

Melvin Morrison*

Marcia & Burton Moss

Alyssa & Jonathan Muhlendorf

Evelyn Munden

Rena & Michael Myers

Judith & Stuart Nachman

Sara & Norbert Newfield

Mimi & Frederic* Nicholson

Alan Nordlinger

Rosalind & Harry Norkin*

Joan Nusbaum*

Lois & Bertram Nusbaum*

Robert Nusbaum*

Marlene Nusbaum

Nancy & Charlie Nusbaum

Sharon & Bill Nusbaum

Carolyn & Charles Osman*

Kelli Anne & Bryan Pace

Abbey Pachter

Barbara & Joseph Patish*

John Patton

Pincus Paul* Charitable Trust

Linda R. Peck

Nancy & Stanley Peck

Stephanie & Paul Peck

Alex Pomerantz

Erinn & Felix Portnoy

Rona & David Proser

Eleanor & Julian Rashkind*

Ann & Allen Richter*

Zelma & Bernard Rivin*

Mark Roesen*

Gina & Neil Rose

Joan Rose & Peter Sharpe

Rose & Kurt Rosenbach*

Diane & Malcolm* Rosenberg

Estate of Carol Rosenberg*

Carol Rosenblatt

Judith Rosenblatt

Barbara Rosenblum*

Ellen Rosenblum

Sharon & Gene Ross

Beverly & Louis Rostov*

Joanne & Philip Rovner

Miriam & Arthur Ruberg

Judy & Robert Rubin

Abraham Rubin*

Sara Jo & Joel R. Rubin

Malka & Rabbi Gavriel Rudin

Paula Russel

Sarita & Bert Sachs*

Karen & Warren Sachs

Annabel & Hal* Sacks

Ada S. Salsbury

Linda & Stanley Samuels

Annie & Art Sandler

Toni Sandler

Reba & Sam Sandler*

Judy Saperstein

Terri & Lonny Sarfan

Laure & Richard Saunders

Natalie & Larry Saunders*

Margaret & William Sawyer

Marge & Steve Schechner

Edie & Louis Schlain

Lynn Schoenbaum

Rachel Schoenbaum

Joanna & Craig Schranz

Elaine & Joash Schulman

Peter Schulman

Helen & Buzzy Schulwolf*

Ruby & William Schwarzschild

Ruth Schwetz*

Naomi Limor Sedek

Miriam & Bob* Seeherman

Patti & Paul Seeman

Deborah & Peter Segaloff

Lynn & Robert Seltzer

Sandy & Norman Sher

Carol & Louis Sherman

Annette Shore*

Laurie Goldsticker & Gary Siegel

Leslie & Lawrence Siegel

Marilyn & Kenneth Siegel

Barry Simon

Carin & Mike Simon

Marilyn & Marvin* Simon

Shelly & Britt Simon

Simon Family Foundation

Cheryl & Harris* Sloane

Jill & Larry Smith

Pamela & Louis Snyder

Harry Snyder*

Helen & Daniel Sonenshine

Spigel Family

Linda & Ron Spindel

Dorothy and Ron Spitalney

Deborah E. Stadlin

Alan Stein

Herbert & Ronda Stein*

Jane Stein

Michal & Rabbi Yisroel Stein

Robert Stein

Stuart Stein

Jean & Ira Steingold

Joseph Steingold

Lawrence Steingold

Neal Stern

Robert Stern*

Randi Strelitz

Renee & John Strelitz

Joyce & Leonard Strelitz*

Burle Stromberg

Steven Suskin

Sandra Tabachnick

Kevin & Gary Tabakin

Marcy & Paul Terkeltaub

Marian Bear Ticatch*

Linda & Alan Troy

Hilary Truman

Nancy Tucker

Jody & Alan Wagner

Patti Wainger

Nancy & Alvin Wall

Doris Waranch

Trudy & Martin Waranch

Carol & Stanley Waranch*

June & Oscar Warner*

David Warsof

Joel Warsof

Lisa & Steven Warsof

Herbert L. Weinberg*

Amy & Eliot Weinstein

Barb Gelb & Kenny Weinstein

Carol Downing & Lawrence

Weinstein

Matthew Weinstein

Miriam & Harry Weisberg*

Diane & Sam Werbel

Adam White

Eric White

Matthew White

Harriet & Samuel White*

Matthew & Valeria Williamson

Dorothy & Manuel Wyron*

Syvia Yavner*

Steven Yetiv*

Tina Yomtob

Amy Zelenka

Harold Zedd

Betty & Henry Zetlin*

Dorothy Zimmerman

Ashley & Greg Zittrain

Ann* Zukerman

Herbert Zukerman

*of blessed memory

As of 2/26/24

Denotes formalization of Life & Legacy gift(s) from FY17—FY24.

If you have already formalized and your name appears in black, contact us to ensure we have the formalized documents. To formalize your commitment or discuss donor opportunities, please contact Naomi Limor

Sedek at nsedek@tjfva.org.

Warm Spring Wishes from

Estate Planning: One of the best ways to demonstrate caring

Tidewater Jewish Foundation staff

ALooking forward to greeting you soon.

ddressing the sensitive topics of money, mortality, and family relationships can be challenging, especially when it involves estate planning. The hesitation to have the discussion often stems from the perceived complexity and emotional weight of making decisions regarding the distribution of assets.

a legacy that not only supports the Jewish community today, but also lays the foundation for its prosperity in the future. Our role is vital in educating and facilitating meaningful contributions that echo the values of tzedakah across generations.”

making planned gifts, individuals signal their dedication to the future of

Proactively organizing one’s estate is a gift to heirs, alleviating the stress and uncertainty that can accompany the loss of a loved one. It also provides an opportunity to make meaningful contributions to cherished causes within the Jewish community and beyond. By including charities such as Tidewater Jewish Foundation in estate plans through beneficiary designations, individuals can establish a philanthropic legacy that is both tax-efficient and impactful.

Estate planning represents a profound act of caring from generation to generation, embodying the principle of l'dor v'dor— ensuring the continuity of Jewish traditions and commitments to tzedakah (charity) and community support. By making planned gifts, individuals signal their dedication to the future of Jewish life and values, encouraging the next generation to uphold these ideals.

TJF can play a pivotal role in facilitating this process – guiding individuals on how their legacy can sustain the institutions, programs, and services they are passionate about.

Charlie Nusbaum, TJF's board chair, says, “Through TJF, individuals can craft

Many choose to support their favorite charities in an estate plan through a beneficiary designation. While working with attorneys and other advisors, be sure to review the beneficiary designations on insurance policies and retirement plans. Perhaps naming a charity such as a Tidewater Jewish Foundation fund is the most tax-efficient, streamlined way to make gifts to favorite causes upon death and establish a philanthropic legacy. A bequest like this avoids estate tax and income tax on the retirement plan distributions.

Stories abound about the sad consequences of someone not having an estate plan or even having out-of-date beneficiary designations. TJF can work with donors to update the terms of donor-advised funds to assure that wishes are carried out following death, whether naming specific charities to receive distributions or naming children as successor advisors to a fund.

An estate plan allows you to demonstrate how much you care about the people in your life and your charitable passions.

– – – – – – – – – – – – – – – – – – – – – – – – –

Ready for a legacy conversation? Contact Naomi Limor Sedek, Tidewater Jewish Foundation president & CEO, at nsedek@ tjfva.org or 757-965-6109.

Sylvan Adams, philanthropist known for boosting cycling in Israel, gives $100M to help Ben-Gurion U after Oct. 7

Deborah Danan

(JTA) — Canadian-Israeli businessman Sylvan Adams has donated $100 million to Ben-Gurion University as part of an effort to rebuild the south following the devastating Hamas attacks on Oct. 7, university officials announced at a benefit gala in Toronto in December.

“If we want the south to flourish after the October 7th pogrom, we must invest in the south, beginning in its capital of Beersheba,” Adams says.

Adams, a real estate magnate who moved to Israel in 2015, is perhaps best known for his support of cycling in Israel. He established the country’s first cycling institute and velodrome, created an eponymous commuter bike path in Tel Aviv and brought the opening stage of the Giro d’Italia competition to Israel in 2018 — at a personal cost of more than $20 million. He also owns the Israel-Premier Tech Cycling Team and won the world championship in cycling for his age group last year.

giving. The $100 million donation is the largest ever to an Israeli university and on par with some of the largest made to any university, matching splashy gifts that have been announced recently at Harvard and Duke universities in the United States.

(The largest-ever gift to an American university was $1.8 billion to Johns Hopkins University in 2018, by Michael Bloomberg, the Jewish businessman and philanthropist who has also donated prolifically in Israel.)

“One of our responses to the terrible October 7th attack and the rise of lies about Israel and antisemitism around the world must be to dedicate ourselves to Jewish values as a force for good.”

It will go to boost a university that lost 82 members of its community on Oct. 7, including students, staff, faculty, and their family members, according to a statement released by the university. The university has 20,000 students enrolled and employs 6,700 staff members, most of whom reside in the southern region.

Aside from cycling, Adams and his family foundation have also supported the Israel Academy of Sciences and Humanities; SpaceIL, Israel’s nonprofit space organization; and multiple medical centers in Israel. He also played a role in bringing pop star Madonna to the Eurovision song competition in Israel in 2019. He has given widely in his native Canada, as well.

The latest donation dwarfs any of that

The funds will focus on six key areas, including the future of the Negev and Israel, technological advancements, climate change, sustainability, and global health, BGU President Daniel Chamovitz told guests at the Negev Strong gala, which was hosted by the university’s Canadian fundraising arm, according to the statement.

Describing BGU as Israel’s “most important university,” Adams cites its research in several sustainability arenas, including water management, solar energy, desert ecology, and climate change solutions – especially through its campus at Sde Boker, the desert kibbutz that was

the retirement home of the country’s first prime minister and the university’s namesake.

Adams points to David Ben-Gurion as someone who “understood that the Negev is the beating heart of Israel.”

“One of our responses to the terrible October 7th attack and the rise of lies about Israel and antisemitism around the world must be to dedicate ourselves to Jewish values as a force for good,” Adams says. “We build, while Hamas destroys. We teach our children to love, while they teach theirs hatred.”

The donation marks a significant

investment in the future of Israel’s southern region and is seen as a beacon of hope and renewal after Oct. 7, according to Mitchell Oelbaum, president of Ben-Gurion University Canada. It comes as the country has a strengthened attachment to the region and as the mounting costs of war leave open questions about how prepared the Israeli government can be to make unrelated new investments in the near future.

“Our students, staff, and faculty persevered in the face of one of our country’s darkest moments,” Oelbaum says. “This gift comes at the perfect time for renewal.”

Hook, President of

Four things Millennials and Gen Zers should know about life insurance

(StatePoint) For a Millennial or Gen Zer who is young and healthy, life insurance may be the last thing on their mind.

However, life is unpredictable and having coverage is important in the event of unforeseen circumstances. According to Bankers Life, a national life and health insurance brand, these are four reasons why Millennials and Gen Zers should consider life insurance coverage.

1. People rely on you.

Life insurance promises to pay your loved ones a sum of money in the event you pass away. If you’re in a committed relationship, engaged, married, or have children, having life insurance is key to protecting those people who matter most to you. If you’re gone, your life insurance benefits can help your loved ones replace your income and maintain their home and lifestyle.

And even if you’re single and don’t have children, chances are there are still people who would be financially impacted if you were to pass away. For example, life insurance can help protect parents, siblings, and loved ones from your burial expenses. And if someone has ever co-signed a loan or credit card for you, life insurance can help protect them from your debts.

2. Life insurance tends to cost less when you’re younger.

Life insurance premiums, what you pay in exchange for coverage, are calculated based on many factors, beginning with how much coverage you’re purchasing and the type of policy. Then, your personal information and risk level are considered. Your age, health, and life expectancy are all factored in when determining the premium amount.

That said, the younger and healthier you are, the less your life

insurance will likely cost. When you lock in low, long-term rates in your 20s or 30s, you can enjoy them for decades to come. Further, if you develop an illness later in life, your coverage cannot be revoked if you keep paying your premiums.

3. Your employer policy may not be enough.

Does your employer provide free or low-cost life insurance?

Employer-sponsored life insurance is a great benefit, but it may not be enough, especially if you own a home, are married, or have children. This is because workplace policies often only provide a basic minimum amount of coverage, and you probably can’t keep the coverage if you change jobs. That’s why many people decide to purchase their own individual policies outside of work.

4. Choosing the right policy can help you meet other financial goals.

Life insurance coverage falls into two main categories: term and permanent. Term life insurance covers you for a certain number of years before coverage ends.

Permanent life insurance covers you for your lifetime, plus can also feature a money savings component that enables you to build cash value. There are several distinct types of permanent policies, including whole life and universal life. Depending on the type of policy, cash value grows from your deposits; interest earned; and/or growth based on the stock market, an index or investments. Typically, you can withdraw or borrow from your policy’s cash value as needed.

For more information on life insurance, reach out to a Bankers Life agent or visit bankerslife.com.

Obtaining life insurance when you’re young and healthy may not be top of mind, but it’s an important part of a holistic financial plan and can protect the people you love.

“For Judaism to survive, the needs increase with each passing year. While we see the act of giving as a mitzvah, it is during this time of renewed worldwide Antisemitism, a critical necessity as well. The survival of Israel has never been more crucial to our own survival as American Jews. We feel so fortunate to live in our country and to be in a position to make an endowment. For us, it is a sense of comfort that we have contributed to our own generation and that we will have an impact on the continuity of Jewish life for future generations.”

— Alan & Beverly Frieden

Create YOUR legacy today with a gift to endow the Jewish community, ensuring future generations have the opportunity to embrace our shared heritage and your cherished values.

foundation@tjfva.org

757-965-6111 foundation.jewishva.org