Your Legacy at TBS

Naming Temple Beth Shalom as a beneficiary of your estate is just one of the ways you can leave a lasting mark and will help to secure TBS as a pillar of the community for future generations.  

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• Bequest (via will or trust): You can name Temple Beth Shalom in your will (or trust) as a beneficiary for a specified amount or for a percentage of your estate. Any charitable gift should be eligible for an estate tax deduction.

  • Sample Bequest Language:  

“I give, devise, and bequeath [the sum of __________ dollars][all or ______________ percent of the rest, remainder and residue of my estate of every kind and description (including lapsed legacies and devises)] to Temple Beth Shalom, 670 Highland Avenue, Needham, MA 02494, for its general corporate purposes.”

 

PLEASE NOTE: The language above is only suggested and is meant to be used with advice of your attorney.

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• Life Insurance Beneficiary Designation: You can name the Temple as a beneficiary of a specified amount or percentage of the proceeds of any life insurance you own or control. You may even specify the Temple as a beneficiary of your group life insurance. Any proceeds will go directly to the Temple and should provide an estate tax deduction.

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• Gift of Life Insurance Policy: You may transfer an existing life insurance policy to the Temple while you are still alive. The current cash value of the policy may be a tax-deductible gift based upon the IRS guidelines. You and the Temple may arrange a program whereby you continue to make contributions sufficient to pay the ongoing insurance premiums. Any such ongoing contribution should qualify for an additional income tax deduction. As long as the policy is maintained, the proceeds will ultimately go to the Temple, free of income tax.

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• Retirement Plan Beneficiary Designation: As with life insurance, you can name the Temple as a beneficiary of your retirement plan(s), including any IRA or qualified plan (such as a pension plan or 401(k)). The specified amount (or percentage) will be paid directly to the Temple and should not be subject to either income or estate taxes.

 

Legacy Circle: The Temple is creating a “Legacy Circle” to recognize those individuals who have made a bequest in their will, or made the Temple a beneficiary of their life insurance or retirement plan. Initially, the minimum bequest for membership would be $1,000. Our objective is to create a broad constituency who are committed to providing the long term financial safety net for the Temple’s continued growth, future options and financial wellbeing.

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If you or your tax or legal representation have any questions about the information below, please contact the TBS Philanthropy Office at giving@tbsneedham.org or (781) 444-0077 ext. 58.

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Legal Notice: The information set forth herein is provided as an aid to persons considering a possible gift to Temple Beth Shalom. It is intended only as a summary and not as any definitive legal or tax advice. Though the Temple believes such information to be accurate, the rules regarding charitable donations are complex and changing, and special rules may apply in your particular circumstances. You, therefore, should not rely on this information to make any final decisions. Rather, it is essential that you consult with, and rely on, your own legal or tax advisor.