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Have you already included Hadassah in your estate plan?

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A life insurance policy may allow you to leave a legacy gift to Hadassah far in excess of what you may have thought possible. Here are some ways that you can turn your policy into charitable support for Hadassah:

  1. You may have taken out a policy years ago to provide for your family in case something happened to you or your spouse, but the original purpose for your policy no longer applies. This policy may be a “hidden asset” that you can use to support Hadassah.

    If you transfer ownership of the policy to Hadassah and name Hadassah as the beneficiary, you may receive an immediate income tax charitable deduction and may reduce your future estate tax liability. If the policy is in premium-paying mode, you may receive additional tax benefits when you make annual gifts to Hadassah to cover the premium payments. Hadassah could choose to surrender the policy for the cash value immediately or wait until the policy matures to receive the death benefits.
  2. If you would like to make a future gift to Hadassah while retaining ownership of your existing life insurance policy, you can name Hadassah as the beneficiary of all or part of the benefits and keep the right to change the beneficiary designation. This type of gift gives you the opportunity to make a significant future gift to Hadassah and the flexibility to change your mind at any time.
  3. In most states, you can purchase a new insurance policy and name a qualified charity like Hadassah as the owner and beneficiary of the policy. You would make annual cash gifts to Hadassah to cover the premiums and may be eligible to receive an income tax deduction for these donations. Another option is to purchase a two-life, second-to-die policy that would provide benefits to Hadassah only after the last surviving person on the policy dies. Because this type of policy is more affordable, you and your partner or spouse can make a significant future gift to Hadassah at a substantially lower cost.

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Learn more about this gift by downloading your FREE copy of our informative guide Life Insurance: A Gift for Hadassah’s Future.

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Action Steps

  1. Contact us at (800) 428-8884 or with any questions.
  2. Seek the advice of your financial or legal advisor.
  3. Contact your insurance agent to arrange for assignment of ownership of the policy to Hadassah.
  4. Please use our legal name, address and Federal Tax ID if naming Hadassah owner and beneficiary of your policy.
Legal Name: Hadassah, The Women's Zionist Organization of America, Inc.
Address: 40 Wall Street, 8th floor, New York, NY 10005
ATTN: Planned Giving & Estates
Federal Tax ID No.: 13-1656651

A charitable bequest is one or two sentences in your will or living trust that leave to Hadassah a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Hadassah, a nonprofit corporation currently located at 40 Wall Street, 8th floor, New York, NY 10005
ATTN: Planned Giving & Estates, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Hadassah or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Hadassah as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Hadassah as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Hadassah where you agree to make a gift to Hadassah and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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A comprehensive guide to all of Hadassah's planned giving options

How to make a gift for Hadassah through a charitable gift annuity

Deferred charitable gift annuities

Using retirement assets to make a gift to Hadassah

Using life insurance to make a gift to Hadassah

Favorite ways to make a gift to Hadassah

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