You Can Make A Tax-Free Gift
to
Temple Israel from your IRA

A Unique Opportunity

Are you required to take money out of your IRA every year, even when you don’t want to, because of the tax problems and minimum requirements?

Here’s some great news! New legislation makes it easier to avoid these hassles. Instead of accepting the required amount, you can make a gift from your IRA directly to Temple Israel!

In the past, once you were over age 70 1/2, you were required to take the Minimum Required Distribution every year. That mandatory distribution is fully taxable.

The good news is that on August 17, 2006, the President signed HR4. This complex piece of legislation allows for charitable contributions to be made directly from an IRA to the Temple Israel with no tax implications for you!

Imagine the pleasure of avoiding taxes on that mandatory payment while helping Temple Israel.

This is the last year, 2007, you can do this, as long as you are over age 70½.

To avoid any taxes, your gift must be in the form of a direct payment from an IRA to Temple Israel. You can’t make a personal withdrawal and then gift the cash. That would trigger income taxes.

By making a gift transfer at least equal to the minimum required distribution, you will not need to take a required annual withdrawal. This transfer gift will have a net zero effect on your federal taxes and a major impact on your commitment to our temple.

This is a brief overview of the IRA Charitable Rollover Program. It will not work for everyone. Before making any commitments like this, be sure to evaluate the opportunity with your own legal and financial advisors.

For more information about making a gift to Temple Israel, please contact Steve Bascove at (562) 434-0996

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Is Temple Israel on
Your Year-End Giving List?

The culmination of the secular calendar year usually triggers thoughts about making a donation to our favorite charities. I hope you will add Temple Israel or the Temple Israel Foundation to your gift giving list. A gift to Temple Israel can be used to support current programming needs. And a gift to the Temple Israel Foundation can sustain our programs and services for generations to come.

Many types of gifts allow you to fulfill your charitable intentions and may result in immediate and possible future benefits for you.

Gifts of Cash - Cash contributions are deductible as an itemized tax deduction in the year you make the donation, up to 50 percent of your adjusted gross income. Excess charitable deductions can be carried forward for up to five additional years.

Gifts of Securities - The best stocks to donate are those that have increased greatly in value, particularly those producing a low yield. In order to preserve tax advantages, it is critical that you transfer the physical securities to the charity rather than the proceeds from a sale.

Gifts of Life Insurance - You can contribute a life insurance policy to us by naming either Temple Israel or Temple Israel Foundation as the policy owner or simply as the beneficiary. If you name us as owner and beneficiary, in most cases, you will be entitled to an income tax deduction limited to the lower of the fair market value of the policy or your cost basis in the contract.

Life Income Gifts - Life income gifts allow you to receive payments as a result of make a charitable gift. Depending on your plan, payments will be fixed or variable, payable to you or other beneficiaries you choose. For example, you might create a charitable remainder trust to pay income to you for life. Once assets are placed in the trust, the assets can be sold (without up-front capital gains tax) and the proceeds reinvested to produce a higher yield. Life income gifts entitle you to an immediate income tax deduction, based on the present value of your gift to us.

Gifts of Real Estate - If you own property that is not subject to a mortgage and has appreciated in value, a charitable gift may be an attractive option. You can claim an income tax deduction based upon the fair market value of property you’ve owned for more than one year, avoid all capital gains taxes, and remove that asset from your taxable estate. Or, you can transfer your home to us now and continue to use the property for life. You will be entitled to an income tax deduction based on your age and the value of your property.

Regardless of the type of gift you ultimately make, you will receive the immediate gratification knowing that you are doing a mitzvah for your temple family. And, whatever the amount of the gift, please be assured that your generosity is deeply appreciated by Temple Israel and the Temple Israel Foundation.

Jan Stein
Foundation President