Support CBZ by Drafting Appropriate Will, Trust, or Life Insurance Provisions

This is a good time to remind members, friends and supporters of Congregation B’nai Zion (“CBZ”)
that you too can support CBZ with generous gifts that come at the donor’s death.

You may make a bequest using a Will, Trust, Retirement Assets, or Life Insurance.

A Will is one of the most important documents you will ever sign.

Think about the things a Will enables you to do:

*   A Will lets you direct precisely who will receive all the property you have accumulated during your lifetime.

*   Without a Will, the State decides who receives what—all according to inflexible rules.

*   Your Will can contain a trust that provides financial security and money management for family members
who need special assistance.

*   Your Will permits you to assist your synagogue, friends, worthwhile causes, charitable institutions and others.

*   Your Will can be an expression of your personal values. You may wish to memorialize a special person in your life,
aid an impoverished friend or assist your synagogue in providing a continuing place of worship for all who seek
to pray and to share in the simchas of their lives with their friends and fellow congregants.

Obtaining a Will is as simple as 1-2-3.

1. Call you attorney. Make an appointment to plan your Will. If you do not have an attorney, ask a friend,
the President of the synagogue, the Rabbi or a relative to recommend one.

2. Prior to the appointment, write out all the goals you would like to accomplish through your Will.

3. Follow your Will planning through to completion. Store your Will in a safe place and examine it periodically
to ensure that it is up to date with your family needs and personal desires.

CBZ has received several bequests—gifts by Will—from thoughtful people who considered it only fitting
to provide their synagogue something from their estates. Their bequests were simply a continuation of their support
for Congregation B’nai Zion. For these gifts, we are profoundly grateful. It is satisfying to point out that,
in a well-planned Will, the cost of a bequest for the future of CBZ can be surprisingly modest.

  Your bequest can be of a stated dollar amount, or you can leave a specific property.

One of our recent benefactors preferred to bequeath a certain percentage of the “residue”
(the amount that remains after paying all inheritances, debts and costs.)
There are special arrangements by which your bequest can provide financial benefits to your family
and later be used in our program.

If you already have a Will, take time to ensure that it is up-to-date with your current needs and circumstances.
Have your lawyer review the will from time-to-time.
Legislative changes may have occurred that could affect the taxation or distribution of your estate.

If it does turn out that you need a codicil or a new Will or an amendment to your trust document,
we hope that you’ll consider one more satisfying change: a thoughtful bequest to CBZ.

Drafting the Provisions

There is specific language that you or your attorney may wish to use to make a bequest with various instruments.
The following are some suggestions.

For a specific bequest, you may wish to consider using the following paragraph in your Will: 

” I bequeath to Congregation B’nai Zion (“CBZ”), 750 United Street, Key West, Florida 33040, a 501 (c ) corporation,
the sum of [dollars or percentage of estate], to be used to help CBZ carry on the good work and services of CBZ.”

To name CBZ as the beneficiary of part (or all) of the residue of an estate,
please consider the following:

“I devise and bequeath to Congregation B’nai Zion (“CBZ”), 750 United Street, Key West, Florida 33040, a 501(c ) corporation,
all (or specify a portion) of the rest, residue and remainder of my estate, whether real, personal or mixed, however and whenever acquired and wherever located. to be used to help carry on the good work and services of CBZ.”

To name CBZ as a contingent beneficiary, whereby you can make testamentary gifts to one or more persons with the assurance that if any of these persons predecease you, that bequest will come to CBZ, the following is suggested.

“If any of the above named beneficiaries should predecease me, I then devise and bequeath to Congregation B’nai Zion (“CBZ”) 750 United Street, Key West, Florida 33040, a 501 (c) corporation, all the property, real or personal,
whicH said beneficiary would have received had he/she/they survived me.”    

  Gifts to CBZ … Outside a Will

You don’t necessarily have to make or change a Will to make a bequest to CBZ at death.
Virtually any financial arrangement that allows you to designate a death beneficiary can be adapted
as a wonderful bequest type gift to benefit future generations, For example:

Life Insurance—you can name Congregation B’nai Zion as a beneficiary of your life insurance, or a co-beneficiary, or a contingent beneficiary. You may wish to consult your accountant or lawyer to determine whether it is a better idea for you to transfer actual ownership of the policy to CBZ, or buy a new policy for the benefit of the synagogue.

Such a gift would entitle you to an income tax deduction, and future premium payments would be tax deductible.

Revocable Living Trusts—all the gifts by Will that have been suggested here can also be accomplished by friends
who have revocable living trusts. Simply name CBZ as one of the beneficiaries of your trust.

Retirement Savings—IRAs, pensions, 401(k) plans and other retirement savings arrangements provide for death beneficiaries, which can include CBZ (a spouse’s consent may be necessary if the account owner is married.) This type of gift can save both estate taxes and income taxes that would have been owed by a person who received the death benefits.

Financial Accounts—Most financial accounts can be made payable on death to a friend, relative or institution,
such as CBZ.

Tell CBZ about Your Bequest  

Whatever way you choose to include CBZ in your estate plans, please let the synagogue know you have done it so that
we can honor you for your generous and thoughtful future bequest.
Please contact Eileen Kawaler, CBZ’s Treasurer, or Dr. Fred Covan, CBZ’s President.

Although it is possible to designate a specific purpose for your bequest, the needs of CBZ change over time.
We respectfully request that any specific purpose be stated as a preference, with the final determination
left to the discretion of the Board of Directors of the synagogue.

Thank you.