INSURING THE GROWTH OF JEWISH STUDENTS
The multiplier effect of Life Insurance provides an outstanding opportunity to help Bais Menachem Chabad far beyond what your current personal finances allow. Bais Menachem Chabad is named as a beneficiary of a portion, or all, of the proceeds from a Life Insurance policy. You can also provide benefits for family members or even other organizations you want to support.
The proper title for the beneficiary of any insurance proceeds is “Bais Menachem Chabad Inc.”
How you can to donate Life Insurance to Bais Menachem Chabad
You can simply name “Bais Menachem Chabad, Inc” as a beneficiary of the Life Insurance Policy. You can also name others to receive a portion of the policy benefits.
Instruct your Life Insurance Agent to have the policy issued identifying the benefits that are to go to “Bais Menachem Chabad Inc.”.
For an existing policy, have the agent or the Life Insurance company provide you with a change of beneficiary form. Then modify the beneficiary designations to include the portion to be distributed to “Bais Menachem Chabad Inc.”
You may contribute a new or existing policy by transferring ownership of the policy to “Bais Menachem Chabad Inc.”
You name “Bais Menachem Chabad Inc.” as the owner and beneficiary of the policy.
There are substantial benefits to both you and Bais Menachem Chabad. Transferring an existing policy with cash surrender value can result in an immediate income tax deduction. For large estates, this takes this amount out of a gross estate for estate tax purposes (meaning the full amount of the gift is available for uses you care about).
Your premium payments on policies transferred to “Bais Menachem Chabad Inc” can be entitled to income tax deductions. You give the amount to Bais Menachem Chabad to make payment to the insurance company.
Your resulting gift will be much larger than the total amount paid over the years to fund the insurance policy. This leverages your giving for the most impact.
Your insurance policy proceeds go straight to “Bais Menachem Chabad Inc.”; outside of your estate; avoiding probate, the claims of any creditors and taxation.
Younger donors have the opportunity to make sizable gifts, because of how Life Insurance works, without failing to provide for their family. At the same time, much of the policy proceeds can be used to support family along with continuing to foster Jewish growth. Certain policies even offer the use of advance payments of Life Insurance proceeds for you and your family if the donor has a lifetime medical emergency.
In this way, young leaders can make a significant contribution to the future of Bais Menachem Chabad.
You will receive proper recognition of your leadership as a member the Jewish Legacy Society.
Your commitment supports the work of Chabad at the University of Tampa in Tampa, Florida. “Bais Menachem Chabad Inc.” is recognized by the IRS as an IRC Sec. 501(c)(3) organization.
It is important that you consult with your estate planning or financial adviser before using life insurance as a way to support Bais Menachem Chabad. For more information please contact us. We are more that happy to help.