SINAI TEMPLE AND ESTATE PLANNING
Sinai Temple has been a cornerstone for Jewish life and religious events for 100 years. You can help ensure that future generations will continue to receive the Jewish education and religious foundation that we have all enjoyed and depended upon. Please remember Sinai Temple when planning your estate or making retirement plans. Gifts can be made to Sinai Temple in general or to funds established for specific purposes. Gifts can be made not only as a part of a will but also made with Sinai Temple being a beneficiary of an IRA or insurance policy.
Many planned giving options allow donors and their loved ones to receive income during their lifetimes from assets that will eventually benefit Sinai Temple. Planned giving arrangements can be set up to be revocable by the donor if circumstances change and planning can provide for the donor’s vision for the future in a tangible way without an uncomfortable financial burden during his or her lifetime. A donation plan developed with a professional may reduce estate tax for the surviving family members.
There are many ways in which to provide financial support for generations to come. The following is a summary of ways in which you can contribute to Sinai Temple.
WHERE WILL MY MONEY GO?
Sinai Temple’s income comes primarily from pledges from its members and from tuition for its religious school. Sinai also receives income from fundraising, investments and general donations. These fees cover most, but not all annual expenses. Donations to various Sinai Funds help cover the difference. The description for all of the funds can be found on this website with information on how to contribute to them now. There are three types of Funds:
A donation to Sinai’s General Fund provides an efficient and effective way to support Sinai. A donation to the General Fund can be spent immediately by Sinai on any Board-approved need.
A donation may also be made to any one or more Obligated Funds. These funds are listed on this website and include the Building Fund, Library Fund, and the Social Action Fund. Sinai Temple may use the entire balance in these funds for the purposes set forth in the fund.
A donation may also be made to an Endowment Fund. These funds are also listed on this website and include, for example, the General Endowment Fund, the Loeb Fund and the Lewis Fund. Except for the General Endowment Fund, congregants or their families have chosen to establish or contribute to an Endowment Fund in order to support a particular program or aspect of Jewish. Such programs include: bringing concerts and Jewish music to our community, beautifying our gardens, supporting lectures and Jewish cultural heritage in our community, and supporting the religious school and religious summer camps for underprivileged Jewish children. The Champaign-Urbana Jewish Endowment Federation manages each of the Endowment Funds for Sinai Temple with expenditures being approved by the Sinai Temple Board. Only the income generated from these Endowment Funds is used; the principal continues in perpetuity to assist Sinai Temple and the Jewish community per the donor’s wishes.
You may establish your own Endowment Fund with a minimum contribution of $10,000. It can be established in honor of one person or a family and can be designed to support a specific program or aspect of Jewish life as you see fit. You or anyone may contribute to the Fund once it is established. If you want to establish a new Endowment Fund, talk to Sinai Temple’s President or Treasurer as soon as possible.
WHAT IF I WANT TO DONATE IN THE FUTURE?
Many people have retirement funds (IRA’s or pensions), life insurance policies and other financial accounts (stocks, checking accounts). With any of these, you may list Sinai Temple as a beneficiary. You should consult your employer, bank or insurer about how to do it. It may be as simple as notifying them in writing of your desire that a certain monetary amount go to Sinai Temple.
Perhaps the most common way to plan for the future is through a will or a trust. Although you may create your own will or trust, consider consulting a legal or tax professional in order to determine which may be best in your particular financial circumstances and to maximize the tax savings for your estate. Even if you already have one prepared, it is simple to change it in order to list Sinai Temple as a beneficiary.
Wills and trusts provide simple ways in which to divide up your assets upon your death.
In a will or a trust, you can make a gift of a certain dollar amount, a specific property, a percentage of your estate, or what is left over after you have taken care of your loved ones.
The following language may be helpful in crafting a will or trust in which Sinai Temple is named as a beneficiary:
“I give to Sinai Temple, Champaign, Illinois, Illinois, the sum of $________________________ (or _________________ percent of the remainder of my estate) to be used for the benefit of Sinai Temple in such manner as the Board of Trustees thereof may direct.”
If you would like some or part of the gift to be applied to an existing Endowment Fund or a Obligated Fund at Sinai Temple, just list the amount and state:
“It is to be placed in the ___________ Fund.”
If you would like to establish an Endowment Fund at Sinai Temple in which the principal would not be used but the income would be used for a specific purpose, the following language may be helpful:
“I give to Sinai Temple, the sum of $________________________ (or _________________ percent of the remainder of my estate) to establish a permanently endowed fund to be known as the _____________________ FUND [could be any name you choose; the minimum amount for an endowed fund is $10,000]. Income from this Fund shall be used for the following purpose: [be specific]_____________________. The fund shall be administered by Sinai Temple.”
Not everyone can make a large gift to our Jewish community presently, but planned giving is something that everyone can do and there are several types of plans. Many of these have wonderful benefits for the gift donors. If structured properly, donors can enjoy increased income and generous tax savings.
The information provided here is not intended as legal, tax, or investment advice. For such advice, please consult your attorney, tax professional, or investment professional.