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Legacy Planning


It's All About Securing the Future of Magen David Sephardic Congregation

Dues and fees alone cannot fully sustain MDSC on a long term basis. Planned Giving helps us plan for the education of our young people, assuring that our congregation will continue to grow and flourish dor l'dor -- generation to generation.

Legacy gifts are prudently invested to secure the future of MDSC. Your financial advisor can help you determine the donor plan that suits you best. If you do not have an advisor, the synagogue office can help you find a professional to help you.

Contributions may be made in many forms, including cash, bequest, securities, real estate, life insurance, and in trust.

Bequest: A donor bequeaths a gift to MDSC in a will or trust. The gift may be designated as (a) percentage of the donor’s estate, (b) specific dollar amount or description of property, (c) residual of the donor’s estate, or (d) contingent upon a certain event. Estate taxes can be reduced by the value of the gift.

Cash Donation: Real estate, personal property, and securities can be transferred to the synagogue. In most cases, an income tax deduction is allowed for the full market value, and capital gains taxes are avoided. A donor may deed his or her personal residential property. Throughout the donor's lifetime, the donor retains legal interest in the estate with full rights to live in or rent or sell those rights. 

Life Insurance may serve as a current outright gift, or a planned (future) gift. These donations are best made with consultation with a financial advisor. 

Gift of Retirement Assets. The donor receives an immediate income tax deduction, and at retirement may begin receiving income. Because the principal compounds between the date of the gift and the first date when the donor receives income, the amount of income can be significant and at a much greater rate than that of the standard charitable gift annuity.

Charitable Remainder. In the case of unitrust and annuity, a donor receives income from the gift for the remainder of his or her life. Trust assets become the property of MDSC upon the donor’s death, or in a pre-established time period. Additional contributions can be made annually to the trust. Income tax deductions for the donor are based upon current value of remainder interest going to MDSC. The complexities of this option can be described by a licensed financial advisor. 

Charitable Lead Trust. MDSC receives income payments from the Lead Trust for a given number of years or life of the donor. At the end of the trust term, the assets of the trust are returned to the owner or his or her designee. This allows the transfer of assets to children while greatly reducing gift taxes.

Tue, March 21 2023 28 Adar 5783