Will Power

WILL POWER -- that's what you have if you write a will!

Exercise your willpower now!

Power to use the accumulated fruits of your lifetime to provide for your loved ones as you see fit, rather than as the government determines. Power to ease the transition of your passing for those who survive you.  And power to leave behind a legacy supporting the values you believe most important.

Communities have only as much power as each one of us provides.

Today, thousands of citizens continue to broaden the resources that support and secure the nonprofit and religious sector of our growing community.

We invite you to join us.

If you presently have a will, you can easily add a codicil (an amendment to your will) providing for a bequest to Temple Beth El and/or the nonprofit agency of your choice. If you don't have a will, this is the time to prepare one! And a will is fully revocable while you live -- you retain control and can easily make revisions should your circumstances change.

When you include Temple Beth El in your will, you're using your will power to support your Jewish community. Your bequest will help build a solid funding base to support that work far into the future.

Besides strengthening your community and creating a personal legacy, charitable bequests also provide tax benefits to your estate.  At your death, your estate is entitled to an estate-tax charitable deduction for the full value of your bequest. Because rates for the federal gift and estate tax go as high as 55%, this deduction can mean significant tax savings for your estate. For example, if you have a taxable estate of $900,000, a $100,000 charitable bequest can save $39,000 in taxes, so the “net cost” of your bequest is only $61,000.  (Note:  The 1997 tax act increases the amount of non-charitable gifts and bequests that are excluded from gift and estate tax.  The increased exclusion will be phased in from the current $600,000 to $1,000,000 over the period 1998 to 2006.)

Types of Bequests

Your bequest may take any of several forms. Here are some examples in appropriate wording:

• A general bequest is for a certain dollar amount of property, usually cash: "I give to Temple Beth El located in Tacoma, Washington, the sum of $__________.” (indicate the amount to be given)

• A specific bequest directs that the nonprofit organization, located in a certain city, is to receive a specific piece of property:  "I give Temple Beth El located in Tacoma, Washington,    #    shares of XYZ stock.”

• A residual bequest designates all or a portion of whatever remains after all debts, taxes, expenses, and other bequests have been paid:  "I give Temple Beth El located in Tacoma, Washington, fifty percent (50%) of the rest, residue and remainder of my estate, to.."

• A contingent bequest takes effect only under certain conditions. "In the event my wife does not survive me, I give the sum of $__________  to Temple Beth El located in Tacoma, Washington."

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In addition to the choice of form, you also have options as to the purpose for which your bequest will be used. It could be totally unrestricted, allowing the Temple to use it where the need is greatest. It could be designated for a particular program or area of interest. Another possibility is to direct that your gift becomes part of an endowment fund. The principal of the fund is retained and invested in perpetuity, and only the income is expended for the benefit of the community.

Many charitable institutions establish a minimum dollar amount for a named fund. The fund can bear your name, the names of you and your spouse, or the name of another family member, friend, or colleague.  Here is an example of language creating a named fund:

“I give to Temple Beth El located in Tacoma, Washington,, $__________ (indicate the amount or property to be given) to establish the Donor’s Name Endowed Fund within the name of Endowment Fund. The income distributed from this endowment shall be used for programs in the area of (state purpose, if restricted).”

Possibly you have created a living trust and transferred many of your assets to it.  Although assets within the trust will not be subject to probate, the trust agreement acts like a will, in that it specifies the individuals and organizations to receive the trust estate.

Whichever of these forms and purposes you choose for your bequest, it is important to review these materials with your professional advisor.

WILL POWER -- it's yours when you write a will and include Temple Beth El and/or your favorite nonprofit agencies.

Your "present" will be a gift that endures far into the future.  Exercise your will power now!

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Thank you to Leave a Legacy of Western Washington for this information.

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