Planned Giving provides a unique opportunity for you to support
Temple Jeremiah's mission. Every gift - large or small - is
an expression of your belief that the temple has a significant
impact on you, the congregation and the community. Click here
to download the Planned Giving brochure.
In addition to your gift benefiting Temple
Jeremiah, you may benefit financially in the following ways:
Income tax savings through the charitable
deduction for the value of a gift;
Avoidance of capital
gains tax on contributions of certain kinds of property
that have increased in value over time;
Life income - for you and/or other members
of your family through deferred, life-income plans;
Potentially
greater spendable income with certain arrangements;
Elimination
of federal estate tax on the value of a gift passing
to charity upon your death;
Reduced estate settlement costs.
It is highly recommended that you consult with
your own tax and legal advisors prior to making a charitable
gift.
For more information on charitable giving and on the different
ways to make a charitable gift to Temple Jeremiah, see the
topics listed in the menu below:
To participate in Planned Giving or for more information
on any of the Planned Giving options, please email Executive
Director Michael
Garlin or call him at 847-441-5760, x102.
DECLARATION OF INTENT
You can confirm your intention to make a charitable gift
to Temple Jeremiah by signing a Declaration of Intent. While
not a legally binding document, the Declaration confirms that
your estate plan will provide a benefit for Temple Jeremiah.
By signing it, you can ensure that your
promise to benefit Temple Jeremiah will be kept, exactly as
you intended. Once you sign a Declaration of Intent, you qualify
for membership in the Temple Jeremiah Covenant
Society.
The Planned Giving Handbook has been mailed
to all congregants. Click here
to view and download a pdf copy of the handbook*. The Declaration
of Intent form is on the last page. Simply print the form,
complete and sign it, and either mail it to Temple Jeremiah
or fax it to the temple office at 847-441-5765. If
you need help in completing the form, please contact the temple office at 847-441-5760, or email the temple office
with questions.
OUTRIGHT GIFTS
Gifts of Cash
Gifts of cash account for the largest percentage of all contributions
to Temple Jeremiah and these gifts help meet the temple's
most immediate needs. This is the most straightforward way
to support the temple. Gifts of cash can be made for the general
purposes of the temple or for a particular area of interest
to you that is within the scope of the temple's mission.
A gift of cash is considered made on the date it is hand-delivered
or mailed, and it is deductible in the year in which it is
given. The deductible amount is limited to fifty percent (50%)
of your adjusted gross income; a deduction in excess of that
percentage can be carried over for five (5) years.
Gifts of Appreciated Assets
Examples of appreciated assets include securities, real estate
(both residential and commercial) and personal items such
as art, antiques and rare books. Gifts to the temple of appreciated
assets held by you for more than one year may be especially
beneficial to you. Among the tax benefits are:
For publicly traded stocks and securities,
the charitable deduction is the fair market value of
the securities as of the date of gift.
For real estate or closely
held stock, the charitable deduction is the fair
market value determined by an appraisal.
Gifts of appreciated
property eliminate capital gains tax that would ordinarily
become due if the asset was sold and the proceeds
from the sale donated to Temple Jeremiah.
The deductible amount is limited to 30 percent of your
adjusted gross income. Any unused deductions can be carried
forward over the next five years.
Charitable contribution are favored deductions
under the Internal Revenue Code, even if you are
in the alternative minimum tax.
Charitable deductions help you
achieve your financial planning objectives of reducing
income and estate taxes.
We encourage you to consult with your own tax
and legal advisors before considering a gift of appreciated
assets.
GIFTS BY WILL
Gifts through Wills, or bequests, are the cornerstone
of charitable giving. There are several types of bequests:
General bequests - You leave a specified dollar amount
to Temple Jeremiah.
Specific bequests - You leave certain assets (whose value
may change over time) to Temple Jeremiah.
Residuary bequest - You leave a certain percentage of
your estate to Temple Jeremiah, which helps ensure that
the temple receives a constant proportion even though changes
may occur in the value of your estate.
Testamentary Charitable Remainder Trust - You establish
a Charitable Remainder Trust under your Will which uses
a specified amount of your estate to provide income to one
or more family members. Temple Jeremiah receives the principal
that remains at some specified time in the future, such
as after all beneficiaries have passed away. To learn more
about Charitable Remainder Trusts, click
here.
Testamentary Charitable Lead Trust - You establish a Charitable
Lead Trust under your Will, which uses a specified amount
of your estate to provide income to Temple Jeremiah for
some agreed upon period of time. On termination of the trust,
your family receives the remaining principal. To learn more
about Charitable Lead Trusts, click here.
A gift to Temple Jeremiah through your Will
has the following benefits:
Charitable gifts made through your
Will are 100 percent deductible for estate tax purposes.
A
charitable bequest may place your estate in a lower
estate tax bracket.
You may specify that your bequest is used
for the general purposes of Temple Jeremiah or for
a particular area of interest.
Once you notify Temple Jeremiah
of your bequest intention, you qualify for membership
in the Covenant Society.
There is no limit on the amount that can be
deducted from your taxable estate, and since estate tax rates
are graduated - the larger the estate, the greater percentage
of tax owed - a bequest to Temple Jeremiah may reduce
the percentage of tax owed on the remainder of your estate.
Although legal consultation is always advisable before inserting
appropriate language in your Will, please note that a bequest
to the temple can be simply stated as follows:
"I give and bequeath to Temple Jeremiah,
presently located at 937 Happ Road, Northfield, Illinois,
the sum of $_____________ (or other property, or _____________%
of my residuary estate), to be used for its general purposes."
Such a provision in your Will creates an unrestricted
bequest, which assures that the gift will be used where it
is most needed.
If you wish to designate your gift be used
for some special purpose within the scope of the Temple's
mission, the following language may be used:
"I give and bequeath to Temple Jeremiah,
presently located at 937 Happ Road, Northfield, Illinois,
the sum of $__________ (or other property, or _____________%
of my residuary estate) to be used for the following: (insert
purpose here)."
If you designate your bequest for a specific purpose, the
temple requests that you include the following provision to
ensure that your gift will continue to provide for the Temple's
needs:
"If the Board of Directors of Temple Jeremiah
determine at any time that such purpose is obsolete, inappropriate
or impracticable, the Directors may use the income or principal
of this bequest for such other purposes as they deem will
carry out my purposes and intentions in making this bequest."
We encourage you to consult with your own tax
and legal advisors prior to making a charitable bequest in
your Will.
CHARITABLE REMAINDER TRUSTS
A trust is a legal agreement that specifies
how the assets titled in the name of the trust will be managed.
The Charitable Remainder Trust is a way to make a gift to
Temple Jeremiah that allows you and/or family members to
receive annual payments for life or for a term of years.
After all of the annual payments have been completed, the
property remaining in the trust will be used by Temple Jeremiah
as you specified. There are two types of Charitable Remainder
Trusts - unitrust and annuity trust.
1) Unitrust: provides a payment that fluctuates
annually with the fair market value of the trust. The trustee
distributes a fixed percentage of the trust's assets,
as revalued each year, to the income beneficiary. You may
add to a unitrust at any time and a tax deduction is allowed
for a portion of each new amount contributed.
2) Annuity Trust: The trustee pays the beneficiary
a fixed amount each year, the amount being determined at
the creation of the trust. You may not add to an annuity
trust once it is established.
The major advantages of a Charitable Remainder
Trust are as follows:
Income for life or a term of years
to you or income beneficiaries selected by you, such
as your spouse, children or other family members;
If funded
with appreciated securities, an income tax deduction
based on the full market value of securities and bypassing
of the capital gains tax;
An immediate income tax charitable
deduction when you create the trust;
Possible estate and
gift tax savings;
An opportunity to make a significant
gift to Temple Jeremiah; and
Membership in the Temple
Jeremiah Covenant Society.
Charitable Remainder Trusts are typically feasible
in amounts of $50,000 or more.
Charitable Remainder Trusts allow you to attain
your own personal financial objectives while making a significant
gift to Temple Jeremiah. The best type of Charitable Remainder
Trust for you depends on your own individual needs. We encourage
you to consult with your own tax and legal advisors to determine
whether a Charitable Remainder Trust is right for you.
CHARITABLE LEAD TRUSTS
Charitable Lead Trusts are the reverse of Charitable Remainder
Trusts. This type of trust provides Temple Jeremiah with the
right to the annual payments for the life of one or more individuals,
or for a fixed term of years. The annual payments to the temple
may be in the form of a fixed annuity, or may fluctuate based
on a percentage of the fair market value of the trust corpus
valued annually. At the expiration of the trust period, the
balance of the trust fund is typically distributed to family
members (usually children or grandchildren) or to you.
The major advantages of a Charitable Lead Trust
are as follows:
An opportunity to make an immediate
gift to Temple Jeremiah of the annual payments from
the trust for your life or a term of years;
If funded with securities,
the transfer of future appreciation to your family
at little or no gift and estate tax cost;
Income tax charitable deduction for the value of the interest
given to the temple; and
Membership in the Temple Jeremiah Covenant Society.
Charitable Lead Trusts are typically feasible
in amounts of $50,000 or more.
We encourage you to consult with your own tax
and legal advisors to determine whether a Charitable Lead
Trust is right for you.
OTHER SPECIAL GIVING ARRANGEMENTS
Gifts of Remainder Interests in Residences
This gift is created by deeding your primary residence or
vacation home to Temple Jeremiah, but retaining the right
for you (and your spouse) to live there for your lifetime(s).
During your lifetime, you continue to enjoy the use of the
property. By deeding the property now, you receive an immediate
income tax charitable deduction for the value of the temple's
remainder interest. The amount of the deduction depends on
your age, your spouse's age, and the property's value.
Gifts of Life Insurance
You may no longer need some or all of your
life insurance. Your children may be self-sufficient or your
investments may provide sufficient income and security. You
may designate Temple Jeremiah to receive all or a portion
of the proceeds of a life insurance policy which is no longer
needed for family protection. Or, you may wish to contribute
a paid-up policy to Temple Jeremiah, thereby realizing an
immediate charitable deduction for an amount approximately
equal to the policy's cash surrender value. Another
way to make a gift of life insurance is to purchase a new
policy, naming Temple Jeremiah as both owner and beneficiary.
Gifts of life insurance offer a way to make
a substantial contribution to Temple Jeremiah at a relatively
low cost to you.
Gifts from Retirement Accounts
You may wish to designate Temple Jeremiah as
the final beneficiary of some portion or all of the funds
remaining in your company's pension plan, 401(k) plan,
or under your Keogh or individual retirement account, after
you and your spouse are gone. Distributions from retirement
accounts are subject to income taxes and may also be subject
to estate taxes at your death. Often, a large percentage
of a retirement account is used to pay such taxes.
You can save all of those taxes by designating Temple Jeremiah
as a beneficiary of your retirement account. The portion of
your retirement account distributed to Temple Jeremiah isn't
subject to income taxes, and your estate (or your spouse's
estate) will get an estate tax deduction for the value of
the assets distributed to the temple.
We encourage you to consult with your own tax
and legal advisors before considering any of the special
giving arrangements discussed above.
TEMPLE JEREMIAH COVENANT SOCIETY
The Temple Jeremiah Covenant
Society was established to honor all who support Temple
Jeremiah through their estate and financial plans - that is,
through wills, trusts, and other planned gifts. These gifts
provide important ways to strengthen and sustain the temple's
future.
We are pleased to invite you to join the Temple Jeremiah
Covenant Society. Membership is extended to those individuals
who make one of the following commitments to the temple:
Include Temple Jeremiah in their estate
plans;
Create a Charitable Remainder Trust or Charitable Lead
Trust to benefit the temple;
Transfer ownership of their residence to the temple; or
Name the Temple as a
beneficiary of retirement assets or life insurance.
Learn
about ways to remember a loved one or honor a special event
such as a wedding, Bar/Bat Mitzvah or birth by contributing
to a specific fund such as the Education Fund or Families
Helping Families Fund.
Commemorate a special event
such as an anniversary or Bar/Bat Mitzvah or honor the
memory
of a loved one by placing your name in our Siddur,
Mishkan Tefilah, or The Torah: A Modern Commentary.
