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Leaving Your Legacy with Temple Shir Tikvah

“As our parents planted for us before we were born, so do we plant for those who will come after us"  (Babylonian Talmud, based on Taanit 23a)

The Opportunity of Legacy Giving

Pause a minute to ask yourself: How has belonging to Shir Tikvah enriched your life?

Our members answer in many ways. For some, it’s learning. Others focus on the comfort of a caring community and the extra joy of celebrating together. Inspiration. Music. Deep personal connections. Acting on shared social-justice values. Meaningful ritual. All these make the list. Maybe at the core of each person’s answer is a centering sense of connection to something bigger than ourselves.

We’ve received a gift from the past that we’ve reshaped to make our own relevant, inclusive, ever- evolving Jewish community. We’ve created a home where we share our stories, care for each other, and provide a strong base for healing the world. And this is the Jewish community we will gift to the next generation so that they, too, can make it their own.

So that’s really what a legacy gift is about. It’s a way of ensuring the continuity of the Shir Tikvah experiences you’ve valued in your life.

A legacy gift is your statement to your children and heirs that Jewish community matters in this world and deserves ongoing support. Your gift is a lesson you teach about the essence of l’dor vador—from generation to generation. We hope you’ll explore what creating your legacy with Temple Shir Tikvah can mean for you and your family.

"With this legacy gift, we feel we are contributing both to the survival of our temple and the continued growth of the Jewish people.  Shir Tikvah’s commitment to openness, inclusion, and community is one that we feel is a model to emulate." - Diane & Steve Boettcher

"When I think about how I want to live my life and how I want this world to be, I think of Temple Shir Tikvah and its commitment to helping each of us to make ourselves and our world a better, safer, and more loving place for everyone. I believe it is up to each of us, it is our responsibility to ensure our Temple's perpetuity for ourselves, our children and their children's future." - Jill Bohlin

"To sustain Shir Tikvah’s impact, we need the long-term stability that comes from legacy gifts. And it's up to us who appreciate the uniqueness of Temple Shir Tikvah to create the endowment–if we don't do it, who will?" - Stu Koman

Click here to read full testimonials

 

The Legacy Circle

Everyone who includes a gift to Shir Tikvah in their estate plan becomes part of the Legacy Circle. It’s our way of honoring you and recognizing your generosity. And it’s something more, too. It’s a way for our community to learn from your example now.

No minimum amount is required to join. Click here to sign up.

Is Shir Tikvah already in your estate plan?

If you have already included a gift to the Temple in your estate plan, please contact director of administration Linda Singer-Berk, or fill out the online form so we can properly recognize your generosity.

Ready to learn more?

Read our Legacy Giving Questions & Answers and How to Make a Legacy Gift

Questions and answers about legacy giving

NOTE: All donors should consult with their tax and/or legal advisors when considering a planned gift.

What is a legacy gift and how does it work?

A legacy gift is a portion of your estate that you set aside through your will or other instructions for the disposition of your assets. You can specify the gift as a sum of money, a percentage of your estate, or a particular asset such as a retirement plan. See the section on How to Make a Legacy Gift for more information.

What does my gift allow Temple Shir Tikvah to do that would be different from regular donations?

A legacy gift keeps giving year after year. Legacy donations go into our endowment fund, where we preserve the principal and draw on the earnings every year to support our programming and operations.  Your legacy gift, as part of our endowment, is a lasting support for our continuity.  

Do I need to be wealthy to make a legacy gift?

A legacy gift is about values, not wealth. It is a statement about the Jewish values that were central to your life and wanting to preserve them for future generations. Shir Tikvah is eternally grateful for every legacy gift regardless of size.

How to make a legacy gift

There are two primary ways to make a legacy gift to Shir Tikvah. One is a bequest in your estate plan. The other is using a beneficiary designation. All donors should consult with their tax and/or legal advisors when considering a legacy gift.

A Bequest in your Will or Living Trust

You can give Shir Tikvah a specific dollar amount or a percentage of your estate. The Temple accepts a bequest of any size as a legacy gift that will help fund our Temple year after year. Your legacy gift may have estate tax benefits for your heirs.

There are five different kinds of bequests:

• General bequest – You simply leave a specified dollar amount to Shir Tikvah.

• Specific bequest – You designate a specific asset that you want Shir Tikvah to receive.

• Residuary bequest – This gives Shir Tikvah all - or a portion of - your assets after all debts, taxes, expenses, and other bequests have been paid.

• Percentage bequest – This is expressed as a percentage of the gross estate. If the size of the estate varies over the years, this bequest will change in the same proportion.

• Contingent bequest – This provides for the situation when a beneficiary dies before you or disclaims the asset. You name Shir Tikvah as the contingent beneficiary. This type of bequest is often used by those whose children are not yet financially independent.

Adding a bequest will require a change to your estate plan. However, if you already have an estate plan that you are happy with, you can generally add a charitable bequest without redoing the entire plan. This is done with a codicil to a will or an amendment to a living trust. The effort and expense should be minimal.

• Sample Language: I give and devise to Temple Shir Tikvah, Winchester, Massachusetts, Federal Tax ID #04-3145322, {Insert amount of gift or percentage of estate}.

Note: Please rely on the advice of your estate attorney for the exact details needed to modify your estate plan to establish the legacy you desire.

Using a beneficiary designation

Certain assets use a beneficiary designation to specify what will happen to them after your death. Naming Shir Tikvah as a beneficiary on such assets is usually a very simple process and doesn’t require an update to your existing estate documents.

• Qualified Retirement Plan – You can specify Shir Tikvah as a beneficiary of an IRA or other qualified retirement plan. Ask your plan administrator for a change of beneficiary form. Because of income taxes due on retirement assets that are left to family, many people prefer to make their legacy gifts from these assets.

• Life Insurance – You can specify Shir Tikvah as a beneficiary of a life insurance policy you own. This is a useful option for those who own a policy that is no longer needed to protect family members.

• Charitable Trust – A variety of charitable trusts are available that offer income and/or estate tax benefits to the donor. Talk to your financial advisor for more information about charitable trusts. Once such a trust is established, it should be easy to name Shir Tikvah as a beneficiary.

Click here to make a commitment online, or download a printable form.

Mon, September 26 2022 1 Tishrei 5783