The Foundation: Your Resource for Legacy Giving

The Foundation of the Greater Miami Jewish Federation is your one-stop source for smart, tax-wise giving. In fact, we can help you with:

• Finding the best giving option to meet your needs, lifestyle and interests
• Sharing your values with those you care about
• Engaging your family in conversations about giving
• And much more

Giving Today

Donor-Advised Fund

A Foundation Donor-Advised Fund (also known as a Philanthropic Fund) is a kind of “charitable bank account” you can establish with as little as $5,000. It allows you to make charitable contributions and realize significant tax advantages, when the time is right for you. Once established, you, your family or anyone you designate may recommend that distributions be made from the fund to Federation and almost any other qualified charitable recipient, Jewish or non-Jewish, local or otherwise, at any time.

Benefits:

• Income tax charitable deduction for any year in which contributions are made to the fund
• Savings on capital gains taxes by funding the Donor Advised Fund with appreciated assets
• There is no annual qualifying distribution requirement; no meetings, corporate record-keeping, taxes or tax returns are required
• Opportunity to involve your entire family

Supporting Organization

A Supporting Organization is a separate corporate entity with its own Board of Directors. It must acquire and maintain its own tax-exempt status. Like a Donor-Advised Fund, a Supporting Organization allows you to make charitable contributions and realize significant tax advantages, both when the time is right for you.

You fund the Supporting Organization and name it. The organization’s board of directors, the majority of which is appointed by Federation, approves allocations and makes investment and management decisions. You can recommend allocations to specific organizations or fields of interest, both in the Jewish community and the community at large.

Benefits:

• Easier and less time-consuming than a private foundation
• Opportunity to involve children and grandchildren in philanthropy
• Charitable income tax deduction for any year in which contributions are made to the organization
• Charitable income tax deduction for any year in which contributions are made to the organization
• Savings on capital gains taxes by funding the Supporting Organization with appreciated assets
• No annual qualifying distribution requirement
• The Foundation is responsible for all administration

Giving in the Future

Gift in a Will

You can name the Greater Miami Jewish Federation as a beneficiary in your will or revocable living trust. You may also add a codicil to your will and/or make an amendment to an existing revocable trust. The amount can be specified in dollars or percentage of your estate.

Benefits:

• Effective planning tool to reduce estate taxes, if applicable
• Does not affect your current income or assets during your lifetime
• Easy to create and modify with the assistance of an attorney if your circumstances change

Gift in a Retirement Plan

Naming the Greater Miami Jewish Federation as a remainder beneficiary of all or part of your retirement plan is an easy and tax-effective way to make a legacy gift. Your heirs may receive only a fraction of the plan’s value since inherited retirement plan assets are subject to both estate and income taxes.

The beneficiary designation form is provided by the retirement plan’s administrator and can be found online. Your legacy commitment is complete once you will out the form and return it to the appropriate financial institution or specific advisor and provide a copy to The Foundation of the Greater Miami Jewish Federation.

If you are age 70-1/2 or older, you can also fund your legacy commitment now by transferring up to $100,000 directly from your Individual Retirement Account each year to the Greater Miami Jewish Federation. The IRA Charitable Rollover is now permanent.

You can also do a combination of the two methods, if applicable.

Benefits:

• Heirs avoid paying estate and income taxes on the assets left in your retirement account
• Easy to create and modify using the beneficiary designation form
• Establishes endowment separate from family money, will or estate plan
• Through the IRA Charitable Rollover, a direct distribution to the Greater Miami Jewish Federation counts toward your minimum required distribution and does not trigger income tax for you if you are age 70-1/2 or older.

Gift of Insurance

Charitable donations of life insurance can enable you to substantially increase the potential amount of your donation while enjoying attractive tax advantages.

When you participate in The Foundation’s special life insurance program, Federation will share the policy cost. The reasonable cost and tax benefits make this choice particularly appealing for younger donors.

Benefits:

• Paid premiums are tax-deductible
• Easy to arrange and administer
• Establishes endowment separate from family money, will or estate plan

Gifts That Pay You Income

You can create a lasting Jewish legacy while income is paid to you or someone you designate during your lifetime. The Foundation offers two options: a Charitable Gift Annuity or a Charitable Remainder Trust.

A Charitable Gift Annuity is a contractual agreement between you and the Greater Miami Jewish Federation, which provides an irrevocable gift of cash or marketable securities is to Federation. In return, the donor receives a guaranteed fixed income for life. The remaining funds become a permanent legacy in your name.

With a Charitable Remainder Trust, income is provided to you or another you specify for life or for a specified number of years. When the trust ends, the remaining assets are transferred to Federation to fund a permanent endowment in your name.

Benefits:

• Guaranteed income for you and/or a loved one, either for life or for a specified number of years
• Charitable income tax deduction in the year of the gift and favorable tax treatment for the income as it is paid
• You save capital gains taxes with appreciated property

Click here for tax-smart ways to maximize your charitable giving.

Click here to learn how we thank you for your participation in the Jewish community.