End of Year giving opportunities for you and your family

November 26, 2018

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At this time of year, most think about other people, friends, and family. This year, I hope you will also think about your community and the many ways to make a difference. Several exciting programs and matching gift opportunities are available through Tidewater Jewish Foundation (TJF) that will help you to positively impact your Jewish community before the end of 2018 and feel good about yourself during this holiday season. No matter your age, there are many ways to get involved and make an impact today and for generations to come.

Following are just a few suggestions.

Hanukkah—Commit to a family day of giving to others

At Hanukkah, consider making at least one night “dedicated” to giving to others. Incorporate the concept of Tikkun Olam (repairing the world) into the holiday by after lighting the candles and in lieu of presents one night, talk with children about making a gift to a favorite Jewish charity as a family. Talk about what is meaningful and important to each person. To create a family philanthropic fund, read below about how to incorporate philanthropy with your family throughout the year. Join me and my family, as we continue this tradition of giving to others in need this year.

Create a Donor Advised Fund (DAF)

If you make charitable contributions to one or more organizations on an annual basis, consider opening a Donor Advised Fund (philanthropic fund) with TJF. For a limited time, if you establish a new Donor Advised Fund (DAF) through TJF with at least $7,500, TJF will match your gift with an additional $2,500 totaling $10,000 or more. A DAF allows you to make charitable gifts into the fund at any time and retain the ability to make distribution requests from the fund to charitable organizations of your choice (Jewish or non-Jewish). Think of it like a charitable parking lot to maintain all of your philanthropy managed through our online donor portal, providing 24/7 access. You may also name your child(ren) as successor advisor(s) to your family fund. This type of fund may be established by an individual, a couple, or a family.

Given the recent tax law changes, you may consider “bunching” a few years’ worth of charitable gifts to create your fund. Gifts into the fund are tax deductible and then you can make distributions from the fund over a period of years to support the charities of your choice in a consistent manner over time.

B’nai Tzedek Teen Philanthropy: a teen philanthropic fund and program

A teenager, parent, grandparent or friend of a teen might consider establishing a B’nai Tzedek Teen Philanthropy Fund in his/her/their name. With an initial gift of $250, a teen can have their own philanthropic fund (a mini Donor Advised Fund). TJF will match the initial gift (up to $250) simply for establishing your fund with us. This is a fantastic opportunity for teens to use some bar/bat mitzvah gifts and learn how to become philanthropists.

Legacy Match Life Insurance Program

Life insurance can be used to make a significant philanthropic impact in our community and for generations to come. Another great match opportunity is through the gift of life insurance where the Jewish community is the beneficiary of your policy. Right now, TJF is offering a 35% match of premiums for specific types of policies. Call to learn more how tax-deductible insurance premium payments can create a fund to benefit one or more Jewish organizations and causes which are important to you.

LIFE & LEGACY

Our community is nearing the end of Year 2 in the Harold Grinspoon Foundation’s LIFE & LEGACY program, which includes more than 57 Jewish communities. LIFE & LEGACY is a four-year program that assists communities, through partnerships with Jewish Federations and Foundations, to promote after-lifetime giving to benefit local Jewish day schools, synagogues, social service organizations, and other Jewish entities. TJF is leading this initiative for Tidewater’s Jewish community, with 10 participant organizations: Congregation Beth El, Toras Chaim Day School, Hebrew Academy of Tidewater, Ohef Sholom Temple, Beth Sholom Village, Jewish Family Service of Tidewater, United Jewish Federation of Tidewater, Temple Emanuel, Chabad of Tidewater, and Simon Family Jewish Community Center.

The program provides everyone the opportunity to participate by making a commitment to leave a legacy to one or more Jewish organizations of your choice.

Charitable IRA Roll Over

The charitable IRA rollover, or qualified charitable distribution (QCD), is a special provision allowing certain donors to exclude from taxable income—and count toward their required minimum distribution (RMD)—certain transfers of Individual Retirement Account (IRA) assets that are made directly to public charities. In order for a gift to qualify for the charitable IRA rollover, the gift must be made by a donor age 70½ or older and must be transferred directly from a traditional or Roth IRA directly to a permissible public charity (such as Tidewater Jewish Foundation for the benefit of one or more organizations). The gift must be completed during the applicable tax year. An individual taxpayer’s total charitable IRA rollover gifts cannot exceed $100,000 per tax year. If you have not already taken your required minimum distribution (RMD), a qualifying rollover gift may count toward satisfying this requirement. Consult your own professional advisor (tax, legal, financial) to learn how this provision may apply to your specific situation.

Gifting of Appreciated Securities

The end of year is a great time to consider a charitable contribution of long-term appreciated securities (e.g. stocks, bonds and/or mutual funds that have realized significant appreciation over time). It is one of the most tax-efficient ways to give. Long-term appreciated securities with unrealized gains (meaning they were purchased over a year ago, and have a current value greater than their original cost) may be donated to a public charity (such as TJF) and a tax deduction taken for the full fair market value of the securities—up to 30% of the donor’s adjusted gross income. Since the securities are donated rather than sold, capital gains taxes from selling the securities no longer apply. The more appreciation the securities have, the greater the tax savings will be. You may gift any appreciated securities directly to Tidewater Jewish Foundation into a current fund or create a new fund, such as a Donor Advised Fund to benefit one or more organizations now and in the future. You may receive your tax deduction at the time of the gift of the securities and determine later which organizations you would like to receive distributions from the fund.

Scott Kaplan

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To discuss any of these programs or gifting options, consider setting up a confidential conversation with Scott Kaplan, president and CEO of the Tidewater Jewish Foundation. To learn more and to discuss specific goals and objectives, call him at 757-965-6109 or email at skaplan@ujft.org.

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