Estate Planning

Would you like to ensure the future of Congregation Am Tikvah? Are you looking for ways to reduce your personal income tax, as well as benefit the synagogue that’s become part of your life?  Consider leaving a personal legacy by donating assets in a bequest in your will or trust, such as:

 - A specific amount of cash
 - A percentage of your total estate (e.g., 10% of an estate)
 - Real estate
 - Individual stocks and bonds 

Retirement plans and life insurance - Donors can name a nonprofit as the beneficiary of their life insurance policies or unused retirement assets. This includes individual retirement accounts (IRAs), 401(k)s, 403(b)s, or pensions. Because these gifts are often larger than what a donor could give in their lifetimes, they can significantly impact Am Tikvah.

Here are some end-of-year year strategies to reduce your personal tax liability while benefiting Am Tikvah:

 - Appreciated stocks or mutual funds can be donated at full market value without having to deal with capital gains taxes.
 - Consider donating all or part of your Required Minimum Distribution (for those 73 and older). If you ask that the RMD be sent directly to Am Tikvah, you do not need to report it as income on your personal income tax return. You can use it to pay your Am Tikvah member dues, honor a loved one’s yahrzeit, etc.
- If you have a traditional IRA and are age 70½ or older, you can make a gift directly from your IRA to Am Tikvah as a Qualified Charitable Distribution (QCDs) in 2024 tax-free. While withdrawals from traditional IRAs are taxable income, QCDs are not and can also satisfy some or all of your annual required minimum distribution (RMD). Requests should be make through your IRA administrator.

We hope you’ll discuss legacy charitable gift planning with your lawyer or trusted financial planner who can assist you with preparing a will or trust or advise you about ways to reduce income tax through charitable giving.