Create a Jewish Legacy through a Planned Gift to Kehilath Israel Synagogue
A planned gift to Kehilath Israel Synagogue is powerful statement of your commitment to the congregation and a wonderful way to ensure its vibrant future. It is a way of perpetuating values and leaving an enduring legacy. There are a wide array of creative methods to establish a planned gift. The Jewish Community Foundation of Greater Kansas City is also here as a resource to work together with you and K.I. to find the most appropriate strategy.
The most common way to leave a legacy gift is through a bequest in your will or trust. A charitable bequest allows you to retain use and control over your assets during your lifetime. An outright charitable bequest reduces the amount of your estate subject to federal taxes.
IRA or Pension Funds
If you have accumulated substantial amounts in your retirement account and have named your children or grandchildren the beneficiaries at your death, taxes can consume the majority of the money. As a result these plans are often not ideal assets to bequeath to your heirs. Naming K.I. as the death beneficiary can avoid these taxes and enable you to accomplish your charitable goals, preserving the full value of these accounts.
Life insurance can be an advantageous and inexpensive way to fund a planned gift, especially for younger donors. When you purchase a new policy naming Kehilath Israel Synagogue as owner and beneficiary, or the Jewish Community Foundation (for the benefit of K.I.), you will receive a tax deduction for each premium payment. You could also transfer an existing policy which would entitle you to a current income tax deduction equal to the net cash or replacement value of the policy. All future premium payments you pay would generate additional income tax deductions.
Charitable Remainder Trust
A Charitable Remainder Trust is a tax exempt irrevocable Trust that you can create which provides income to the you, and/or another named beneficiary, for life or a term of years. Upon the death of the donor and/or beneficiary, the remaining balance of the Trust will pass as a gift to the Jewish Community Foundation for the benefit of K.I. Synagogue.
Other Funding Vehicles
Other options for planned gifts include charitable income plans and gifts of real estate, art, or jewelry. Your financial professional or estate planner can help you select the one best suited for your individual needs and charitable goals.
Recognizing Your Generosity
In addition to recognition by the Kehilath Israel Synagogue, the Jewish Community Foundation honors donors who have made a present or future commitment of $10,000 or more to the permanent endowment of a local Jewish organization or synagogue. The Endowment Book of Life is a beautifully designed book on display at the Jewish Community Campus, and is inscribed with each donor’s photo and personal story of commitment and motivation. If you have made such arrangements and have not been included in the Endowment Book of Life, please contact the Foundation. Of course, you may remain anonymous as well.
For questions about these various planned giving vehicles or to discuss options that would make the most sense for you, contact Elizabeth Peden, Executive Director, at Kehilath Israel Synagogue (913.642.1880 ext. 203 or email) or Josh Stein, Director of Fund Development, at the Jewish Community Foundation (913.327.8121 or email).