When we think of “estate planning,” many of us think of deciding how to allocate our financial assets upon our deaths. However, planning our legacies can take on much more meaning than a mere transfer of assets. By making plans to support causes we care about, we ensure that our values are carried on beyond our lifetime. A charitable bequest allows us to plant a seed for future generations in our Jewish community. We may not see the plant’s yield during our lifetime, but we will nurture and nourish future generations.
But let’s be honest: it can be daunting to navigate estate planning. The tax implications, and even the language, often seem difficult to understand—not to mention the fact that planning necessarily forces us to contemplate our own mortality. However, intentionally, and strategically creating a plan for your legacy helps assure that your values continue into the future. Taking time to think about legacy giving can also be a helpful tool for clarifying your priorities right now.
In addition to the priceless benefit of perpetuating our values, a charitable bequest also often carries tax benefits. For example, leaving an IRA to an heir would require that the heir pay income tax on the inherited amount, as well as possible estate taxes. Leaving that same IRA to the Dallas Hebrew Free Loan Association (DHFLA) in our Jewish community would allow it to pass tax free.
Fortunately, there are professionals who can help in this process. If you or your estate advisor would like to talk about what bequest mechanism may be a good fit for you, the staff at the Dallas Jewish Community Foundation is an excellent resource. And if you’ve already included DHFLA in your estate plans, please let us know. We would like to thank you!
Types of Bequests to Benefit the Jewish Community
- Specific Bequest (Dollar Amount). One type of specific bequest involves making a gift of a specific asset such as real estate, a car, other property, or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to the Dallas Hebrew Free Loan Association.
- Specific Bequest (Percentage). Another type of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10 percent of your estate to DHFLA.
- Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30 percent of the residue of your estate to DHFLA.
- Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to DHFLA.
All above contributions to DHFLA will benefit the future of our Jewish community.
How to Get Help with Legacy Giving
When you include Dallas Hebrew Free Loan Association in your estate plans, you join our Legacy Society. Planned gifts make it possible for us to recognize your generosity during your lifetime, and you inspire others to include the Dallas Hebrew Free Loan Association in their estate plans.
Legacy gifts help build a permanent financial base for DHFLA and ensure that we can respond to the evolving needs of the Jewish community in Greater North Texas, North Central Texas, and East Texas for generations to come.
Complete our legacy intent form to let us know that you have included, or plan to include, the Dallas Hebrew Free Loan Association in your estate plans.