Anybody who knew Al Schachter (of blessed memory) could quickly see the passion he exuded for Congregation B'nai Tikvah-Beth Israel (CBT-BI) in Sewell, Gloucester County.
When the LIFE & LEGACY initiative of the Harold Grinspoon Foundation (HGF) launched in Southern New Jersey in 2014, Al (pictured, with Arlene Schiff of HGF during the LIFE & LEGACY launch) embraced the idea that anybody could leave a legacy and benefit a synagogue or other charitable organization of their choice.
Thanks in large part to Al's efforts, along with the efforts of his longtime friend and fellow CBT-BI lay leader, Art Shapiro, many devoted congregants at CBT-BI quickly signed on to leave a legacy for future generations. For a relatively small but tight-knit congregation, this was a giant leap to ensure that the congregants' children, grandchildren, and beyond would benefit from all that CBT-BI has to offer the local Jewish community.
Sadly, Al died in 2018 but his legacy lives on through a gift he left via a life insurance policy in his name. As a result of this generous gift, which is professionally invested by the JCF in an endowment fund, CBT-BI can receive annual income for decades on end.
Let's look at several important benefits of utilizing a life insurance policy for your legacy giving:
It can cost you nothing to initiate. Generally, the insurance company that administers the policy can provide you a beneficiary designation form either online or via mail. When filling out the form, you can indicate what percentage or dollar amount you'd like to leave to charity and what percentage to leave to loved ones. There should be no charge to make these changes.
It can be very easy to do. As indicated in bullet point #1, it can be as simple as filling out and submitting a brief form to address your personal philanthropic wishes.
The payout occurs after your lifetime. When updating a beneficiary on a life insurance policy, you are deferring your generous gift until after your lifetime, so you need not draw from your current assets.
Updates can be executed as needed. Should you wish to modify your beneficiaries in the future, you may do so by submitting an updated beneficiary designation form.
Share your values with your loved ones. When you leave an after-lifetime gift, you are sending a message to family, friends, and broader community that giving back to others is a mitzvah and is an important value to pass along.
For these reasons and others, utilizing an existing life insurance policy to leave a generous gift has many benefits, and future generations will remember and thank you for creating a Jewish legacy.
To learn more or for any questions, please contact the JCF today at 856-673-2528 or infojcf@jfedsnj.org today.