Remembering CBZ in Your Will

You 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.

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.

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.” 

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 may entitle you to an income tax deduction, and future premium payments may be tax deductible. Please check with your accountant for specific tax advice.

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.

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.

Please contact your attorney for specific advice regarding your estate. This is meant for information only, and should not be considered legal advice.