Frequently Asked Questions

Frequently Asked Questions

How do I leave a gift for a charitable organization that I admire?

It’s easy. You can arrange for a gift in several ways, the most common being through a charitable gift in a will or a living trust. Many people set aside a certain dollar amount. Others leave a percentage of their estate, or any assets left over after they have provided for their family. Others leave a paid-up life insurance policy, retirement account, or other financial investment.

Must I have an estate in order to leave a legacy?

Everyone can leave a legacy. “Estate” is simply a word used to describe any money, property, or personal belongings that you own at the time of your death. Most people leave an estate when they die, even though they may not have a great deal of wealth. Even modest gifts are appreciated.

Do I have to include my wish to leave a legacy to a specific organization in my will?

A charitable bequest will not take effect unless you state your intention in your will or living trust. Without a will, you may lose control over your assets after your death.

When should I start to think about leaving a legacy?

The answer is different for each individual. Some people make their wills when they have a first child, or when they receive an inheritance. But don’t put it off–the time is always right to think about how you wish to be remembered.

How can I invite my children into the process?

You should engage your children in every step of the legacy planning process. Here are some suggestions:

  •  Initiate a family discussion about how your charitable giving and values.
  • Together, visit the institutions and programs you are committed to supporting.
  • Listen to and acknowledge their concerns.

How can my legacy inspire the community?

The legacy planning process can build bonds with your partners in your community. It is truly a way to let your name be remembered as a blessing. Your promise to provide for the Jewish community after your lifetime also makes you eligible for the community’s recognition society.

When should I fund my legacy?

Depending on your assets and goals, you can fund your legacy now or after your lifetime.

How should I fund my legacy?

With the help of the kollel and your professional advisors, you will carefully choose the source of your dollars to help fund your legacy. Examples include retirement funds, highly-appreciated stock and real estate.

How should I structure my legacy?

Depending on your goals, your legacy can be structured in the way that is most advantageous for you. You, your spouse and family members can receive income for life through charitable gift annuities or charitable remainder trusts. Or your legacy can be a simple bequest in your will or from your IRA.

What is the difference between a bequest and an endowment?

A bequest is a legacy gift, distributed from the donor’s estate after the end of his or her life. If not designated, it can be spent in the year that it is captured. An endowment is a permanent fund that is held in perpetuity, distributing a specified percentage annually to the designated purpose.

How can I get started?

Simply call the kollel for a confidential meeting. They look forward to working with you to keep the community strong and vibrant for generations to come.