A charitable bequest is one of the easiest and most flexible ways that you can leave a gift to OneFamily, ensuring that we will be able to continue to rehabilitate and support Israel’s victims of terror attacks, while enhancing your legacy.

Benefits of a Bequest

By making a charitable bequest, you could:

  • Receive an estate tax charitable deduction.
  • Reduce the burden of taxes on your family.
  • Leave a lasting legacy to OneFamily.

How a Bequest Works

A charitable bequest is one of the easiest gifts to make. By consulting with your attorney, you can include language in your will or trust specifying that you wish to leave a gift to OneFamily as part of your estate plan. A bequest can also be made using a beneficiary designation form.

Here are Some of the Ways You Can Leave a Bequest to OneFamily:

  • Name OneFamily Fund (EIN 11-3585917) as a beneficiary of your life insurance policy.
  • Include a bequest to OneFamily Fund in your will or revocable trust.
  • Designate OneFamily Fund as a full, partial or contingent beneficiary of your retirement account whether it’s an IRA, 401(k), 403(b), or pension plan.

Different Ways A Bequest Can Be Made:

  • Percentage bequest– make a gift as a percentage of your estate.
  • Specific bequest– make a gift of a specific dollar amount or a specific asset.
  • Residual bequest– make a gift from the balance or residue of your estate.

Please Contact Us If You Have Additional Questions

 If you have any questions about leaving a bequest to OneFamily, please contact our Treasurer, Chaim Szafranski, at (646) 289-8600, and he will be happy assist you. If you have been so generous as to include a bequest to OneFamily as part of your estate plan, please take the time to let us know. In deep appreciation, we would like to recognize you and your family for your generosity.

Donating appreciated securities, including stocks or bonds, is an easy and tax-effective way for you to make a gift to OneFamily. Why?

  • The donor receives a federal income-tax deduction for the full fair-market value of the securities.
  • The donor avoids long-term capital-gain tax on any appreciation in the value of the stock, thereby donating 20% more!
  • The donor’s gift will support OneFamily’s mission to rehabilitate Israel’s victims of terror.

Here’s an example of why donating appreciated stock may make sense for you:

The reason is simple: avoiding capital gains taxes.  By donating the stock directly to OneFamily, you avoid paying capital gains tax on the appreciated value of the stock.  By donating stock that has appreciated for more than a year, you are actually giving 20% more than if you sold the stock, and then made a cash donation. The maximum federal capital gains tax rate is 20% on long-term holdings. Given that the Dow Jones Industrial Average rose from almost 13,000 at the end of December 2012 to over 28,500 at the end of December 2019, you are likely to realize a taxable profit on the sale of assets you purchased in the past seven years. But, if you donate the stock directly to OneFamily, there is no capital gains tax to pay. Plus, you are still eligible to deduct the full fair-market value of the asset that you donated from your income taxes, up to the overall amount allowed by the IRS.

If you have any questions about gifts of stocks and bonds, please contact our treasurer, Chaim Szafranski, at (646) 289-8600. We would be happy to assist you.  OneFamily is a 501(c)(3) and our EIN # is 11-3585917.

What is a Qualified Charitable Distribution?

QCDs are also known as a Charitable IRA Rollover. QCDs allow individuals age 70½ and older to make direct transfers of up to $100,000 per year (and up to $200,000 per year for married couples) from individual retirement accounts to qualified charities, like OneFamily, without having to count the transfers as income for federal tax purposes. Since no tax is incurred on the withdrawal, gifts do not qualify for an income tax charitable deduction but are eligible to be counted toward an individual’s minimum required distribution (RMD).

Provisions of the Charitable IRA Rollover:

  • Distributions must be made directly to a qualified charity, such as OneFamily, by the plan administrator of an IRA. Retirement assets in 401(k), 403(b), SEP, or SIMPLE plans do not qualify but may be rolled into a new or existing IRA and transferred to the charity.
  • Distributions may only be made to 501(c)(3) tax exempt organizations and cannot be made to donor advised funds, private foundations, or supporting organizations.
  • Distributions may not be used to fund life-income gifts such as charitable gift annuities, charitable remainder trusts, or pooled income funds.

Making a distribution is an easy process. Simply contact your IRA Custodian and tell them that you would like to make a charitable donation from your IRA. Your custodian must transfer the money directly to OneFamily. Typically, they will supply you with a distribution form for you to fill out and return. Do not withdraw the funds and make a contribution yourself, or you will have to report the withdrawal as taxable income.

When you contact your IRA custodian, request that they make a direct transfer to:
OneFamily Fund
Chaim Szafranski, Treasurer
1029 Teaneck Road, Suite 3B
Teaneck, NJ 07666

Our tax ID number is: 11-3585917. If you are requesting the transfer at the end of the tax year, please allow enough time for the transfer to be completed by December 31st. For any other questions, please call (646) 289-8600 and ask for Chaim Szafranski (OneFamily Treasurer) or Naomi Nussbaum (Executive Director).
At the end of the year, the administrator will provide you with a Form 1099-R so that you can report it on your taxes. The distribution will go on your Form 1040 tax return, where you will report the distribution as a non-taxed QCD. See the Form 1040 instructions and contact your tax professional for additional information.

The information provided herewith is not intended as legal, accounting, or other professional advice. For assistance in planning charitable gifts with tax and other financial implications, the services of appropriate advisors should be obtained. Consult an attorney for advice if your plans require revision of a will or other document.

Their Smile is YOUR Success

Latest news delivered right to your inbox!