That’s what Betty and Herbert Seidel did.
Giving back to the community has always been a part of Herbert and Betty Seidel’s lives. Mrs. Seidel can’t remember a time when she has not been “Jewishly” active. Her mother founded a Hadassah chapter in
Mr. Seidel’s charitable deeds span more than five decades. “I want others to have the same opportunities I had,” said Mr. Seidel.
Mr. Seidel’s parents and five family members left
Mr. Seidel’s parents were active Jews, but he was not. Yet, he stuck by his parents’ commitment to repairing the world by supporting secular causes. Mr. Seidel came back into the Jewish fold when he married Betty. Today, they are both leaders in the Jewish Federation of Central New Jersey. Mr. Seidel had established an IRA during his tenure as co-founder and president of Reisen-Seidel Hardwood Co., a nationally recognized processor, distributor and exporter of fine hardwoods. The couple named the federation as the beneficiary, allowing Mrs. Seidel to create a Lion of Judah Endowment, a gift she had wanted to make for a long time.
Leaving the IRA to the federation was an easy way for the Seidels to both make a donation and to avoid the IRA’s heavy after-death estate and income taxes. The gift also enabled them to perpetuate their joint tradition of tzedakah.
As it was for Alan and Sheila Budnick.
Sheila and Alan Budnick owned Berkline Corp., which produced reclining chairs and living room suites. The couple operated the company's distribution warehouse in the
After Mr. Budnick died in 2001, Mrs. Budnick established both a PACE gift and an unrestricted fund through her IRA. Mrs. Budnick gave up no current assets with this tax-free charitable gift, which will support the
Leaving your IRA to the federation is a smart estate-planning move that supports the Jewish community’s needs. As a charity, the federation gets 100 cents on the dollar. In giving all or a portion of these retirement assets to the federation, after-death estate taxes disappear. And, heirs who might have received your IRA don’t get hit with high income tax rates on the proceeds received from the IRA.
That’s why Bob Kokol left his IRA to federation.
Mr. Kokol named the T.O.P. – that’s
When he moved from
As a financial advisor, Mr. Kokol recognizes that an IRA is often the most highly taxed asset in an estate. So it was easy naming T.O.P his IRA’s beneficiary, which he did by simply changing the IRA’s beneficiary form. His gift will go to T.O.P. tax free and will support children’s art education in Jewish pre-schools, which his wife, a teacher, firmly supports.
You can designate all or a portion of your retirement plan to the federation and the remainder to an heir. If you are married, you can name your spouse as the primary beneficiary and the federation as the contingent beneficiary. You can name specific Jewish and secular charities you want to support or identify the types of causes you want to fund. Because IRA designations are revocable, you can change your mind if your financial situation or tax laws change. For more information call xxx-xxx-xxxx or go to www.xxx.org.