Thomas was a widower who had a great love for our charity. As an individual who had directly benefited from our work, Thomas wanted to thank us with a gift from his estate.
Thomas told his attorney that he wished to make a bequest to Jewish Federation of Las Vegas. Thomas' estate included some stocks, real estate and an IRA. Thomas' attorney recommended that he give the appreciated stock and real estate to his children and leave his IRA to charity.
Thomas: My attorney told me that if I gave the stock and real estate to my children, these assets would receive a step-up in basis at my death. My children could then sell them without paying tax. However, if I gave my children my IRA, the IRA would be subject to estate and income tax. After paying all of these taxes, very little would be left for my family. By giving the IRA to this organization, I could make a nice gift and avoid any additional tax for my estate and children.
Thomas contacted his IRA custodian to obtain a beneficiary designation form. He filled out the form and designated Jewish Federation of Las Vegas as the 100% recipient of his IRA account. Thomas' attorney then specified in Thomas' will the bequest of his other assets to his children.
Thomas called and notified the Federation of his bequest. Thomas was pleased that because our organization was a tax exempt charity, it would receive the full amount of the IRA value when he passed away, creating a legacy for the future.
You also may want to make it easy and convenient to have a bequest included in your will. The language below shows how a bequest can very easily be included in your will.
You might find it helpful to select the "print" button on the top of your screen and print this page. You may feel free to give this page to your attorney. If he or she has any questions, please have him or her contact Daniel Prepas at Daniel@jewishlasvegas.com,
Please note: The name and image above is representative of a typical donor and may or may not be an actual donor to our organization. Since your IRA gift benefits under federal rules may be different from this person, you may want to contact us to discuss an IRA gift.
You may print a Bequest tri-fold brochure. What Legacy Will You Leave.
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