Create Your JSSA Legacy
From the youngest child to the most fragile senior, JSSA helps people from all religious backgrounds, races and ethnicities across the Greater Washington Metropolitan area meet emotional, social and physical challenges.
By making your legacy gift, you will ensure that JSSA will help individuals and entire families for generations to come to flourish through compassionate and professional care.
There are many ways to create your JSSA legacy that:
- Require no immediate donation. The asset you donate transfers to JSSA only after your lifetime
- Maintain your ability to change your mind at any time. You are not locked into a decision you make today;
- Are welcome in any amount; and
- Benefit both your loved ones and JSSA.
Here are some of the most popular ways to make a legacy gift.
Gift in Your Will or Trust
A gift in your will or trust is one of the easiest and most flexible ways you can remember JSSA in your estate. With the help of an attorney or tax advisor, you can:
- Give a specific dollar amount or asset
- Give a percentage of your estate
- Give the balance (or residue) of your estate
- Make a beneficiary designation of certain assets
Here is suggested language you can include in your will or trust:
- A fixed amount of money or a designated property
“I give to the Jewish Social Service Agency (JSSA), tax identification number 53-0196598, located at 200 Wood Hill Road, Rockville, Maryland 20850, $_________ (or describe the real or personal property, including exact location.)”
- A percentage of the estate
“I give to the Jewish Social Service Agency (JSSA), tax identification number 53-0196598, located at 200 Wood Hill Road, Rockville, Maryland 20850, ________% of my estate.”
- A residual bequest:
“I give all the residue of my estate, including real and personal property to the Jewish Social Service Agency (JSSA), tax identification number 53-0196598, located at 200 Wood Hill Road, Rockville, Maryland 20850.
- Beneficiary Designation in IRA, Retirement Plan or Insurance Plan
$____ or ____% to Jewish Social Service Agency (JSSA), tax identification number 53-0196598, located at 200 Wood Hill Road, Rockville, Maryland 20850.
Estate gifts and beneficiary designations can be dedicated toward a specific purpose or may be unrestricted for general use by JSSA. To have your gift applied to a specific program, please add “…for the benefit of (name of program)” to the language suggested above.
Retirement assets can be donated to JSSA. These funds grow tax-free, until the time of withdrawal. Here’s how you can to contribute to JSSA and provide for your loved ones using these assets:
- Outright gift through beneficiary designation
Name JSSA as the beneficiary or contingent beneficiary of your retirement assets after your lifetime. When a retirement account is left to a charity, the organization does not pay any income tax whereas your heirs may pay income tax if they inherit your retirement funds. Your retirement plan’s administrator can provide a beneficiary form for you to name JSSA as your partial or sole beneficiary.
- Special tax-free IRA gifts
For those aged 70½ or older, a total of up to $100,000 can be transferred directly from traditional or Roth IRAs to JSSA free from federal income tax each year. There may also be state income tax savings. Amounts given in this way count toward required IRA minimum withdrawal amounts for the year of the gift. To make a gift in this way, it is important to not withdraw funds prior to a gift, but have the gift amount distributed directly from an IRA to one or more qualified charities. For those with check writing privileges on their accounts, this may be the most efficient way to make gifts directly from an IRA.
- Charitable remainder trust after a donor’s lifetime
Name a trust as the beneficiary of excess or unused retirement assets. After your lifetime, the trust can provide income to heirs for a period of years, after which time the trust monies can fund your charitable gift. Since it is a charitable trust, there can be more money available to generate income for heirs.
There are a number of ways to support JSSA with an insurance-related gift.
- Add a beneficiary to your policy
You can make a change to the beneficiary/beneficiaries of your insurance policy without changing your will or other aspects of your estate plan. Ask your insurance company for a form that will allow you to make JSSA a beneficiary of your insurance policy.
- Give a paid-up policy
You can transfer ownership of a paid-up life insurance policy to JSSA. After the transfer, JSSA can elect to either cash in the policy or keep the policy and receive the benefit later. You would receive an immediate income tax deduction for either the cash surrender value or the basis (usually the cost), whichever is less.
- Making JSSA the owner and beneficiary
You can take out a policy and make JSSA the owner and beneficiary. Premium payments can be made by you directly to the insurance company or by JSSA, by way of your annual gift to the organization. You can take an income tax deduction for the premiums paid.
Charitable Remainder Trust
A Charitable Remainder Trust (CRT) provides you and your beneficiaries with a stream of income for life or for a period of years. At the end of the trust, the principal, or “remainder interest,” goes to JSSA. Unlike other life-income arrangements, CRTs are separately invested and managed trusts. Please note that JSSA does not manage these trusts for donors.
This is a powerful way for you to benefit along with your heirs and JSSA. You can choose to receive a variable or fixed income (beginning immediately) for life or a term of years. There is no limitation on the number of beneficiaries of a CRT.
CDs and Other Banking Accounts
You can create your JSSA legacy by making JSSA the beneficiary of a certificate of deposit (or any bank or brokerage account). Your financial institution can help you with this easy process.
U.S. Savings Bonds
Although it is not possible to make a charitable gift of a savings bond without first paying the tax on the interest earned, it does make a great asset to contribute.
After your lifetime, the interest accumulated by the savings bonds is taxed before your heirs inherit them. However, if they are left to a charitable organization, like JSSA, that tax is not due. Ask your attorney or tax advisor about the best way to gift your savings bonds to JSSA.
Gifts of Stock or Securities
A gift of appreciated securities, including stocks or bonds, is an easy way for you to make a gift. You may avoid paying capital gains tax and receive a charitable tax deduction while furthering the JSSA’s mission. It’s easy to make your gift by electronic transfer.
For more information, please contact Pamela Spears, Director of Major Gifts and Planned Giving at 301-610-8344 or email@example.com.
The information on this website is not intended as legal or tax advice. Always consult an attorney or tax advisor when planning your estate.
The JSSA Legacy Society recognizes and thanks those who have remembered JSSA with a gift in their estate. Benefits of membership to the JSSA Legacy Society include:
- Certificate of appreciation and lapel pin
- Listing in the Honor Roll of Donors (If you would like to be anonymous, please let us know.)
- Invitation to JSSA special events
You are under no obligation to do so, but we hope you will let us know if you have included JSSA in your estate. Informing us of your intention helps to ensure that we can honor your wishes.
If you have not yet included JSSA in your plans and would like to explore options for you and your family, please contact us. We would be glad to assist you. Please contact Pamela Spears, Director of Major Gifts and Planned Giving at 301-610-8344 or firstname.lastname@example.org.