There are many ways that you can establish your yerushe—your legacy—at the Yiddish Book Center. Outright gifts of a variety of assets—such as appreciated stock, mutual funds, real estate, business interests, retirement plans, or insurance policies—can create substantial tax savings while allowing you to preserve your cash for other important needs. There are strategies to help enhance your financial security or maximize the inheritance you leave to your heirs.*
Bequests are made primarily through gifts of cash, securities, real estate, and tangible personal property. A bequest made through your will is often the simplest way to make a gift and continue your support of the Yiddish Book Center. You may write a new will to include the bequest or simply add a codicil to your existing will. Your charitable bequest is 100 percent deductible for estate tax purposes.
There are a number of ways to structure your bequest:
Outright bequest: a bequest to the Yiddish Book Center of a specific sum of money or property
Residuary bequest: a bequest to the Yiddish Book Center of a percentage or all of the remainder of a donor's estate after specific bequests, debts, taxes, and estate expenses have been paid
Contingent bequest: a bequest payable only in the event of the death of other beneficiaries or upon the satisfaction of other contingencies specified in the donor's will
Sample language for an unrestricted bequest:
"I give, devise, and bequeath the sum of _____ dollars, [or all or _____ percent of the rest, remainder, and residue of my estate of every kind and description (including lapsed legacies and devises)] to the National Yiddish Book Center, 1021 West Street, Amherst, Massachusetts, for its general corporate purposes."
Suggested language for a bequest that is designated for a specific purpose:
"I give, devise, and bequeath the sum of _____ dollars, [or all or _____ percent of the rest, remainder, and residue of my estate of every kind and description (including lapsed legacies and devises)] to the National Yiddish Book Center, 1021 West Street, Amherst, Massachusetts, to create an endowment fund which, subject to the Center's endowment spending rules, is to be used for the following purpose: ___________."
One of the easiest ways to create a legacy at the Yiddish Book Center is by designating the Center as a full or partial beneficiary of the remainder of the remainder of a financial or stock account, retirement plan assets (an IRA, 401(k), or 403(b)), or life insurance policy. All you need to do is fill out a beneficiary-designation form with the financial or brokerage firm that serves as custodian of your plan and list the National Yiddish Book Center, 1021 West Street, Amherst, Massachusetts, as a beneficiary.
Charitable Gift Annuities
A charitable gift annuity is a simple contract between you and the Yiddish Book Center. In exchange for your irrevocable gift, the Yiddish Book Center agrees to pay you (and/or another beneficiary named by you) a fixed sum each year for life beginning at age 65. Annuity rates are fixed, meaning you'll receive a guaranteed return on your investment every year for the rest of your life (or whatever term you specify). At the end of the annuity term, the balance will go to the Yiddish Book Center.
When you establish a charitable gift annuity, you will receive a tax deduction and will be paid income for life by the Yiddish Book Center. Part of each payment is tax free, increasing its after-tax value.
Charitable gift annuities are not offered by the National Yiddish Book Center in all states. Please email Zvi Jankelowitz, director of institutional advancement, at [email protected] for further information.
IRA Charitable Rollover
An IRA charitable rollover allows donors aged 70 1/2 years or older to donate up to $100,000 to charitable organizations directly from their Individual Retirement Account (IRA) without the distributions' being treated as taxable income. The transfer will be made free of federal income tax and will qualify for the donor's required minimum distribution (RMD) for that tax year as long as the donor arranges a direct transfer by check or wire transfer from their IRA to the Yiddish Book Center by December 31 of that year.
* We encourage you to speak with your financial or legal advisor, who can help you make the best giving decisions for your specific financial needs and goals.