Support CBZ by Drafting Appropriate Will, Trust, or Life Insurance Provisions
is a good time to remind members, friends and supporters of Congregation B’nai
You may make a bequest using a Will, Trust, Retirement Assets, or Life Insurance.
A Will is one of the most important documents you will ever sign.
Think about the things a Will enables you to do:
* A Will lets you direct precisely who will receive all the property you have accumulated during your lifetime.
* Without a Will, the State decides who receives what—all according to inflexible rules.
Your Will can contain a trust that provides financial security and money management
for family members
* Your Will permits you to assist your synagogue, friends, worthwhile causes, charitable institutions and others.
Will can be an expression of your personal values. You may wish to memorialize
a special person in your life,
Obtaining a Will is as simple as 1-2-3.
Call you attorney. Make an appointment to plan your Will. If you do not have an
attorney, ask a friend,
2. Prior to the appointment, write out all the goals you would like to accomplish through your Will.
Follow your Will planning through to completion. Store your Will in a safe
place and examine it periodically
has received several bequests—gifts by Will—from thoughtful people who
considered it only fitting
Your bequest can be of a stated dollar amount, or you can leave a specific property.
One of our recent benefactors preferred to bequeath a certain percentage of the
you already have a Will, take time to ensure that it is up-to-date with your
current needs and circumstances.
If it does turn out that you need a
codicil or a new Will or an amendment to your trust document,
Drafting the Provisions
is specific language that you or your attorney may wish to use to make a
bequest with various instruments.
For a specific bequest, you may wish to consider using the following paragraph in your Will:
I bequeath to Congregation B’nai Zion (“CBZ”), 750 United Street, Key West,
Florida 33040, a 501 (c ) corporation,
name CBZ as the beneficiary of part (or all) of the residue of an estate,
devise and bequeath to Congregation B’nai Zion (“CBZ”), 750 United Street, Key
West, Florida 33040, a 501(c ) corporation,
To name CBZ as a contingent beneficiary, whereby you can make testamentary gifts to one or more persons with the assurance that if any of these persons predecease you, that bequest will come to CBZ, the following is suggested.
any of the above named beneficiaries should predecease me, I then devise and
bequeath to Congregation B’nai Zion (“CBZ”) 750 United Street, Key West,
Florida 33040, a 501 (c) corporation, all the property, real or personal,
Gifts to CBZ … Outside a Will
You don’t necessarily have
to make or change a Will to make a bequest to CBZ at death.
Life Insurance—you can name Congregation B’nai Zion as a beneficiary of your life insurance, or a co-beneficiary, or a contingent beneficiary. You may wish to consult your accountant or lawyer to determine whether it is a better idea for you to transfer actual ownership of the policy to CBZ, or buy a new policy for the benefit of the synagogue.
Such a gift would entitle you to an income tax deduction, and future premium payments would be tax deductible.
Revocable Living Trusts—all the gifts by Will that have been suggested here
can also be accomplished by friends
Retirement Savings—IRAs, pensions, 401(k) plans and other retirement savings arrangements provide for death beneficiaries, which can include CBZ (a spouse’s consent may be necessary if the account owner is married.) This type of gift can save both estate taxes and income taxes that would have been owed by a person who received the death benefits.
Financial Accounts—Most financial accounts can be made payable on death
to a friend, relative or institution,
Tell CBZ about Your Bequest
way you choose to include CBZ in your estate plans, please let the synagogue
know you have done it so that
it is possible to designate a specific purpose for your bequest, the needs of
CBZ change over time.