Planned Giving - Chabad of Kirkland

This is your moment to hold hands across the generations. This is your moment to ensure a Jewish future that is spiritual and meaningful. This is your moment to leave a Jewish legacy.

Planned Giving builds Judaism where it is needed most, in your local community. From preschool to day school, visiting the sick or comforting the poor, this is your moment to make a difference. Join with us through the loving act of planned giving by leading your community to a strong and vibrant future.

This is your Moment.

FREQUENTLY ASKED QUESTIONS

WHY SHOULD I REMEMBER CHABAD OF KIRKLAND IN MY WILL?

You care deeply about Jewish continuity and want to see Judaism flourish in your community. Chabad of Kirkland is serving our local community today and will continue to serve generations into the future.

I AM NOT WEALTHY, WILL MY GIFT MAKE A DIFFERENCE?

Yes, every gift is important. Leaving a bequest to Chabad of Kirkland is your opportunity to take care of your family and create a meaningful Jewish legacy.

WHAT IS A BEQUEST?

A bequest is a gift of property or assets left to Chabad of Kirkland in your will. A bequest can be established as either a percentage of your estate or a fixed sum. Every bequest to Chabad of Kirkland is a powerful expression of faith and goodwill in the future of our Jewish community.

HOW CAN MY MONEY WORK FOR ME IN MY LIFETIME?

A charitable gift annuity is one of the most popular ways to help Chabad of Kirkland and receive income during your lifetime. For example, you can set up a gift annuity and receive a guaranteed payment far above market rates. The current rate for an 80 year old single life term is 6.8% percent.

HOW CAN LIFE INSURANCE BENEFIT CHABAD?

You can make a substantial Jewish legacy gift to Chabad of Kirkland through designating Chabad of Kirkland Inc. as the named beneficiary of your existing life insurance policy. This gift can, in some circumstances, be far greater than anything you could donate during your lifetime.

WHAT IF AM READY TO REMEMBER CHABAD OF KIRKLAND IN MY ESTATE PLAN?

We would be honored to enroll you in the Jewish Legacy Society. Please take a moment and contact us for a confidential consultation. Informing Chabad of Kirkland about your intentions allows us to plan appropriately for the future. Thank you in advance for this generous contribution.

BEQUESTS
Bequests can be a major source of funds for Chabad of Kirkland. Your testamentary charitable bequest ensures that your support of Chabad of Kirkland will continue in perpetuity. It is possible to designate a special purpose or program for your bequest, keep in mind, the specific needs of the Center may change depending on the future state of world events. Therefore, it is preferable to authorize the Center to use the bequest for its general charitable purposes in the event the designated use is determined to be inapplicable.

There are many types of Bequests:
Outright Bequest - The Chabad of Kirkland is given a specific dollar amount or a specific asset, such as securities or marketable real estate.
Residuary Bequest - The Chabad of Kirkland is given all or a percentage of the remainder of the estate after payment of all expenses of the estate and any other specific amounts bequeathed to other beneficiaries of the will.
Testamentary Trust - You may provide for income to be paid from the trust to a designated beneficiary, and after that individual's lifetime all or part of the principal passes to the Center.
Contingent Bequest - You may have family and friends for whom you feel a responsibility and choose to provide for them first in your will. The Center is given a bequest only if the designated beneficiarie(s) predecease you.

The provisions in your will or revocable living trust for leaving a charitable bequest to the Chabad of Kirkland will depend upon the type of gift and your unique circumstances. We hope these sample bequest clauses will be helpful to your attorney.

Unrestricted General Legacy (Outright Bequest) I bequeath to the Chabad of Kirkland not for profit corporation, the sum of ($________) DOLLARS for its general charitable purposes.

Bequest for Specific Purpose I bequeath to the Chabad of Kirkland a not for profit corporation, the sum of ($________) DOLLARS [OR] a percentage (%________) of my residual estate to be used for the Chabad of Kirkland Jewish [insert specific purpose designation]*. If in the opinion of the Board of Directors, the purposes of the Chabad of Kirkland would be better served by using the income or principal, or both, for the Chabad of Kirkland general purposes, the income or principal, or both may be so used.

Bequest for Specific Purpose by Endowment I bequeath to the Chabad of Kirkland not for profit corporation, the sum of ($________)DOLLARS [OR] a percentage(%________) of my residual estate to establish an endowment fund bearing the name of________________ . The net income therefrom shall be used for the benefit of the Chabad of Kirkland [insert specific purpose designation]*. If, in the opinion of the Board of Directors, the purposes of the Chabad of Kirkland designated program would be better served by using the income and principal of the fund, they may have the discretion to do so .

LIFE INSURANCE

We are grateful to those who choose to work with Chabad of Kirkland, ensuring Jewis h continuity. The multiplier effect of life insurance is an o utstanding strategy to help the Jewish community far beyond your personal finances.

A charitable gift of life insurance is a pioneering way to deliver a legacy gift to Chabad of Kirkland. There are several ways to donate life insurance.
How Life Insurance works:

You may contribute a new or existing policy by transferring the policy to Chabad of Kirkland.
You name Chabad of Kirkland as the owner and beneficiary of the policy.
There are substantial benefits to both you and our center.
The premium payments will provide you with an income tax deduction.
The endowed gift to our center will be substantially larger than the amount used to fund the insurance policy.
The insurance policy proceeds pass directly to Chabad of Kirkland outside of your estate and are not subject to probate or estate taxation.
Gifts of life insurance are extremely affordable for younger donors, allowing them the opportunity to make sizable gifts.

This is a wonderful opportunity for young leaders to make a defining statement about the Jewish future.

Always speak with a professional before making any decisions. For more information please contact us.

CHARITABLE TRUST

There are various ways to set up a trust. Each one will serve a different purpose.
Charitable Remainder Trust
A charitable remainder trust is a highly recommended estate planning tool that allows you to donate your assets to Chabad of Kirkland while providing an income stream to you and your family. A charitable remainder trust has significant tax advantages for your children and beneficiaries during your lifetime.
Here’s how a Charitable Remainder Trust can work for you:

Appreciated real estate or securities are often an excellent asset to place in a charitable remainder trust.
You establish a remainder trust that provides income payments to you or your family.
A charitable remainder trust will, in most cases, reduce your estate taxes.
After your passing, the assets are given to Chabad of Kirkland.
This is a significant and important way to leave a meaningful Jewish legacy.

Charitable Lead Trust
A charitable lead trust can be an effective estate planning tool to transfer the assets to your heirs with significant tax advantages, while making a meaningful gift to the Chabad of Kirkland.
How Charitable Trusts can work for you:

You can establish a lead trust that will make income payments to Chabad of Kirkland for a predetermined number of years.
After the trust term ends, the assets are distributed to you or your family.
This is an outstanding way to give charity today, eventually leaving the asset to your heirs.
Appreciated real estate is often an excellent asset to place in a charitable trust.

Retained Life Estate
A retained life estate is a strategy that allows you to donate a home to Chabad of Kirkland while retaining the right to live in it for the rest of your life.

You deed your home to Chabad of Kirkland, but retain the right to live there for the rest of your life.
You continue to live on your property for as long as you want and are responsible for the expenses: maintenance fees, insurance, property taxes, repairs, etc.
When you pass, the property is transferred to Chabad of Kirkland.
You are able to receive a substantial tax deduction.
You benefit by knowing your property or vacation home will ensure a Jewish legacy.

If you are considering a charitable lead trust or a retained life estate, or for any information on planned giving, please contact us.

RETIREMENT PLANS

You may wish to designate the Chabad of Kirkland as a beneficiary of your retirement plan. IRA's, 401k's, Keogh Plans and others are subject to both estate and income taxes. Consider designating Chabad as a beneficiary. This outstanding gesture gives the Jewish community a substantial donation at a minimum cost to your family.

How to Designate Chabad as a Retirement Plan:

Request a beneficiary change form from your retirement plan administrator and designate Chabad as the beneficiary.
Designate Chabad as the beneficiary of your retirement plan.
This gift avoids both income and federal taxes.
This type of gift is easy and can be done at no cost.
You can continue to take withdrawals during your lifetime.
You can always change your beneficiary if circumstances change.

Avoid the low payout of some IRAs, which sometimes pay your children 30 cents on the dollar, with a generous donation to our Chabad of Kirkland.

Chabad will receive 100 percent of your gift to encourage Jewish continuity.

Allow us to work with you, your family, and if desired, your financial advisor to develop the most personalized strategy for your goals.
For more information, contact us.

CHARITABLE GIFT ANNUITY
The Charitable Gift Annuity is an agreement between you and Chabad of Kirkland Inc. to pay you or your designated beneficiary, a fixed annuity for life. A CGA can be funded with cash, stock, and in most cases real estate. The payments vary according to the age of the individual. You can enjoy significant tax benefits while providing a legacy gift to Chabad of Kirkland.

Below are the current rates from the American Gift Annuity Council for a single life term.
Age 65- Rate 4.7
Age 70 - Rate 5.1
Age 75 - Rate 5.8
Age 80 - Rate 6.8
Age 85 - Rate 7.8
Age 90+ - Rate 9.0

How can a Charitable Gift Annuity work for you?

A charitable gift annuity to Chabad of Kirkland will pay a fixed payment for life.
Receive a guaranteed income stream for life far above market rates.
A CGA is the easiest gift that will benefit both you and Chabad of Kirkland.
The remainder of your gift will go towards our institution after the donors passing.
You can donate appreciated stock to fund the annuity.
A portion of the income stream is Tax Free.
A Gift Annuity is Irrevocable.

A Charitable Gift Annuity is a wonderful vehicle to leave a legacy to the Jewish people.

Allow us to work with you, your family, and if desired your financial adviser, to develop the most personalized strategy for your goals.
For more information, contact us.

ADVISOR INFORMATION
We are always happy to provide detailed information, including any bequest language, for attorneys or other advisors regarding Legacy gifts to Chabad of Kirkland Inc.

We welcome the opportunity to assist you, as you work with your clients to address their charitable goals. We also encourage our prospective donors to consult with their advisors and family when they are considering a planned gift to Chabad of Kirkland.

Please Contact us - We're here to help!
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Chabad of Kirkland federal Tax ID number is 81-4575781
Chabad of Kirkland full legal name is Chabad of Kirkland Inc.

Important for Estate Lawyers & Financial Professionals:

Chabad - Lubavitch is blessed to have many centers operating throughout the world and in Washington State. While supervised by headquarters, each center is financially independent. Please make sure that your clients Legacy Gift are properly worded to benefit Chabad of Kirkland Inc.

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