As the end of 2021 approaches, there’s a greater sense of normality: people are returning to society and the workplace. Yet, millions of people across the globe are still being impacted by COVID-19. Still, there is a silver lining: according to Giving USA 2021, a record $471.44 billion in charitable giving was reached in 2020 to address needs around the world. According to The Philanthropy Outlook, total giving is predicted to increase again in 2021 by 5.1%.
When sitting with advisors to discuss year-end tax and charitable planning, consider leveraging these opportunities, which are offered at the Tidewater Jewish Foundation:
Gifting of Appreciated Securities
It is possible to gift any appreciated securities directly to Tidewater Jewish Foundation into a current fund or to create a new fund, such as a Donor Advised Fund to benefit one or more organizations now—and in the future. Tax deductions are possible at the time of the gift of the securities. Which organizations will receive distributions from the fund may be determined later.
Create a Donor Advised Fund (DAF)
When establishing a new DAF through TJF with at least $7,500, TJF will match the gift with an additional $2,500, totaling $10,000 or more in the new fund. That’s an extra $2,500 with which to make a difference.
Legacy Match Life Insurance Program
Charitable Life Insurance is one of the most impactful (and underutilized) ways to make a gift. When donating $5,000 or more per year (including synagogue dues) and if under age 65, this is an excellent philanthropic vehicle to consider. For example, a couple, both age 40, can make annual tax-deductible gifts of $1,753 for a period of 10 years to make a $250,000 gift to their community.
Right now, TJF is offering a 35% match of premiums for specific types of policies. A Charitable Life Insurance Policy can help make a greater gift than most ever thought possible.
LIFE & LEGACY—
A gift to secure a Jewish future
LIFE & LEGACY is a program that helps individuals and families create legacy gifts, providing a permanent source of support for the Jewish causes they care about. These endowed gifts are already working to help care for the elderly, ensure local synagogues are able to keep its doors open for the next generation, feed the hungry, preserve Jewish identity, protect and strengthen Israel, and much more. With this program, anyone can make a gift to ensure a strong, Jewish tomorrow. A variety of giving options are available that can be tailored to meet specific needs and help achieve personal philanthropic goals.
In just four years of the program, Tidewater Jewish organizations secured 578 commitments totaling $21.5 million in current and future endowed gifts. Tidewater LIFE & LEGACY partners include: Congregation Beth El, Strelitz International Academy, 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.
This information is not intended as tax, legal, or financial advice. Gift results may vary. Consult a personal financial advisor for information specific to each individual situation.
To discuss any of these gifting options, specific goals and objectives, contact Naomi Limor Sedek, Tidewater Jewish Foundation president & CEO at 757-965-6109 or email at nsedek@ujft.org.
-Thomas Mills