CHARITABLE BEQUESTS are instructions in a will that designate a specific dollar amount or a portion of your estate to charity. You may use a charitable bequest to establish a fund within the Foundation to enable you to help ensure the future well-being of the Jewish community.
How Does It Work?
When you make a Charitable Bequest, you direct the Foundation regarding the allocation of your bequest; for example, to create or augment an unrestricted endowment fund, a Legacy Fund, a special purpose fund, a donor-advised fund, or a supporting foundation. By signing a “Letter of Intent,” you enable the Foundation to register your charitable bequest. We will provide you with the language for your Letter of Intent.
Consider a Deferred Charitable Bequest to Benefit Your Family
You may establish a testamentary charitable remainder trust or charitable gift annuity through your will that provides payments to one or more designated beneficiaries for their lifetimes with the remainder going to the Foundation upon their deaths.
Below are some examples of bequest language in a trust or a will that you may wish to share with your legal counsel:
To make a specific bequest to the Federation:
I give $____ (or a specific percentage of your estate) to the Jewish Community Foundation, Pittsburgh, Pennsylvania, to establish a fund to be known as the “________ Fund,” subject to the Federation’s rules governing the operation of endowment funds, the annual distribution from which shall be used to support (insert appropriate instruction).
To add a bequest to an existing fund of the Federation:
I give $____ (or a specific percentage) to the Jewish Community Foundation, Pittsburgh, Pennsylvania, to be added to the “________ Fund,” subject to the Federation’s rules governing the operation of endowment funds.
What Are the Benefits?
- You may be able to reduce estate taxes for your heirs.
- Testamentary Charitable Remainder Trusts or Charitable Gift Annuities can provide loved ones with income during their lifetimes and a benefit to the Jewish community upon their deaths.
- Your generosity during your lifetime can extend to help the Jewish community far into the future.