Planned Giving

About Planned Giving to the Israel Tennis & Education Centers

The dream of the Israel Tennis & Education Centers that began in 1976 has grown into a network of 23 communities that today represent one of the most important social service agencies for children in Israel. The programs and services of the ITEC are more vital and necessary than ever before, and it is critical that funding is available to ensure their continuation into the future.

The Israel Tennis & Education Centers Foundation offers a comprehensive Planned Giving program to assist you in planning your estate, fulfilling your charitable goals, and receiving all the tax benefits to which you are entitled. Your gift to ITEC can be a wise investment for you and your family, as well as for future generations of children and families in Israel.

Donors who have created provisions in their estate plan that include the Israel Tennis & Education Centers Foundation at a minimum of $25,000 and inform the Foundation of their generosity will be recognized as members of the Israel Tennis & Education Center’s Yitzhak and Leah Rabin Fellowship Society.

We would be delighted to talk with you and your advisor to help you explore which of these gift arrangements may best suit your needs and your desires for the future of the Israel Tennis & Education Centers. To discuss Planned Giving with the Israel Tennis & Education Centers, please contact Marcy Guttman, VP of Development, at mguttman@itecenters.org.

Some examples of the benefits of a planned charitable gift include:

  • Generate a high and secure income for life;
  • Earn higher income while avoiding capital gains taxes;
  • Provide an income stream to family and loved ones;
  • Increase your retirement income;
  • Pass on more of your wealth to your family and loved ones;
  • Realize a substantial current-year income tax charitable deduction;
  • Reduce or eliminate your estate tax burden

And much more!

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Gift of Life Insurance

A gift of life insurance is for you if:

  • You are maintaining insurance coverage that your family no longer needs.
  • You hold few appreciated securities in your portfolio, or few that you wish to donate and are looking for an alternative way to give.
  • You are a younger donor who wants to create a future gift for the Israel Tennis & Education Centers at a lower cost.

What You Can Do:

  • You either transfer ownership of a life insurance policy to Israel Tennis & Education Centers Foundation, or make the ITEC one beneficiary of a life insurance policy.
  • If ownership is transferred, Israel Tennis & Education Centers Foundation elects to cash in the policy now or hold it.

How You Benefit:

  • Make a gift using an asset that you and your family no longer need.
  • Receive an income tax deduction.
  • In some cases, you can use the cash value in your policy to fund a life-income gift, such as a deferred gift annuity.

A life insurance policy is a wonderful asset that can be used to create a much greater philanthropic impact at Israel Tennis & Education Centers Foundation than you might have thought possible. If you are carrying more insurance coverage than your family obligations now require, or if you would like to explore a low-cost/large impact gift generally, consider using life insurance to create a meaningful legacy at Israel Tennis & Education Centers Foundation for relatively little cost.

Donate an Existing Policy

You can designate Israel Tennis & Education Centers Foundation as the owner and beneficiary of an existing policy. If the policy is fully paid up or if it has an internal value, you will be able to claim a current income tax charitable deduction at the time of contribution for approximately the cash surrender value of the policy. If the policy is not yet fully paid up, you will continue to make annual premium payments as they are due and will be able to claim an income tax deduction for each payment.

Designate Israel Tennis & Education Centers Foundation as a Beneficiary

If you have a policy that is not yet ready for outright donation, you can create a wonderful legacy by designating Israel Tennis & Education Centers Foundation as a partial or full beneficiary. You will retain ownership of the policy and the flexibility to change your beneficiary designation later if your circumstances change, but your estate will receive an estate tax charitable deduction for  any policy proceeds distributed to Israel Tennis & Education Centers Foundation. This allows you to create a wonderful legacy at a comparatively low cost.

Gifts from Your Will or Revocable Trust

A gift from your will or revocable trust is for you if:

  • You want to help ensure the Israel Tennis & Education Center’s future viability and strength.
  • Long-term planning is more important to you than an immediate income tax deduction or an estate tax charitable deduction.
  • You want the flexibility of a gift commitment that doesn’t affect your current cash flow.

What You Do:

  • Include a bequest to Israel Tennis & Education Centers Foundation in your will or revocable trust.
  • Make your bequest unrestricted or direct it to a specific purpose.
  • Indicate a specific dollar amount or a percentage of the balance remaining in your estate or revocable trust.

Your bequest to support our mission should be planned thoughtfully. Many good planning techniques are available, and you should choose the type of bequest that best suits your personal objectives.

For example, your bequest can be a stated dollar amount or you can bequeath specific property . Alternatively, some of our friends have chosen to bequeath a certain percentage of their residuary estate i.e., the amount that remains after paying all debts, expenses, and other legacies. Your estate will receive a charitable deduction for the entire amount passing to the Israel Tennis & Education Centers Foundation.

Whichever form you prefer, you can direct that your bequest be used for our greatest needs or for a specific purpose you designate. Whatever your objectives, we will be happy to work with you in planning a bequest that will be satisfying, economical, and effective in carrying out your desire to support our important mission.

With your permission, we will recognize your gift through membership in The Yitzhak and Leah Rabin Fellowship Society, a distinguished group of supporters who have made a planned gift to our mission.

Gifts of Real Estate

Giving real estate, such as a primary home, vacation home, undeveloped property, or a farm, can be a highly effective philanthropic and financial strategy.

Each of the following gift arrangements has distinct tax benefits, which we would be happy to discuss with you:

  • Your property can fund a trust that makes payments back to you or someone you name for a period of time.
  • You can choose to make an outright gift of real estate, which can be used for funding a capital facility, creating a program endowment, or for other purposes.
  • If you are planning to sell your real estate, you can transfer ownership of an interest in the property to the Israel Tennis & Education Centers Foundation prior to sale. After the sale, ITEC receives its share of the proceeds.
  • You can make a gift through a retained life estate arrangement, under which you give the Israel Tennis & Education Centers Foundation your home, but retain the right to live there for the rest of your life. You also receive a current income tax deduction.

Under any of the above arrangements the property that you contribute is removed from your taxable estate.

Gifts of Stock and Appreciated Assets

A gift of appreciated securities is for you if:

  • You’re holding stocks, bonds, or mutual fund shares that have increased in value.
  • You want to make a gift that allows the full value to go to the Israel Tennis & Education Centers Foundation without having to pay the capital gains taxes that would result from a sale of the securities.

What You Do:

  • You transfer appreciated stocks, bonds, or mutual fund shares you have owned for more than one year to the Israel Tennis & Education Centers Foundation.
  • Israel Tennis & Education Centers Foundation sells your securities and uses the proceeds for its programs.

How You Benefit:

  • You receive an immediate income tax deduction for the fair market value of the securities on the date of transfer, no matter what you originally paid for them.
  • You pay no capital gains tax on the transfer when the stock is subsequently sold by the Israel Tennis & Education Centers Foundation.

An Illustration:

A $5,000 cash gift and a gift of $5,000 in appreciated securities both generate the same charitable deduction. But if you use publicly-traded stocks, bonds, or mutual fund shares that you have held for a year or longer to make your gift, you will receive an additional tax benefit! The IRS allows you to make your transfer to the Israel Tennis & Education Centers Foundation without paying any capital gains tax on the appreciation. You can thus leverage a larger donation than you could make with cash and receive a larger tax benefit by “buying low and giving high!” Your gift of stock is valued, for tax purposes, at the mean of the high and low on the date of transfer. Mutual funds are valued at the “net asset value.”

If you and your advisors are transferring assets at the end of the year, it is especially important to note the following:

  • For stocks transferred through the U.S. Post Office, the gift date may be found in the postmark. (Stock certificates should be sent unsigned to Israel Tennis & Education Centers Foundation with an executed stock power mailed under separate cover on the same day.)
  • Gifts delivered by UPS, Fedex, or any other delivery company are credited, by law, on the day received by the Israel Tennis & Education Centers Foundation.

Important Tip: Don’t sell the stock first. Even though you may give us the proceeds as a gift, the IRS/CRA will impose capital gains tax on your sale, reducing the tax benefits of your gift.

Outright Gifts

A gift to the Israel Tennis & Education Centers Foundation can make an immediate impact on the programs, services and facilities…and provide immediate benefits to Israeli children, teens, adults and families! While cash is the most often-used and easiest way to make an outright gift, such gifts can be funded in a variety of ways. Making an outright gift will meet your goals and make great things happen at the Israel Tennis & Education Centers.

The Benefit to You

  • You can claim an income tax charitable deduction of up to 50% of your adjusted gross income for gifts of cash in the year you make the gift. Excess deductions may be carried forward for up to five years.
  • Many companies offer programs that match charitable contributions from their employees at rates as high as 2-1 or even 3-1. Please check if your company has a matching gift policy and will match your gift to the Israel Tennis & Education Centers Foundation.

Wealth Replacement

When used together with a life income gift, a wealth replacement trust may help you transfer your estate to your heirs without estate tax.

Donors who wish to replace contributed assets in their estates can purchase life insurance for the benefit of family members, funded partly by tax savings from their charitable deductions.

The life insurance replaces the assets that the Israel Tennis & Education Centers Foundation receives, and if you employ an irrevocable life insurance trust, your family may receive the insurance proceeds free of gift or estate tax.

Benefits of Yitzhak and Leah Rabin Fellowship Society

As members, donors are entitled to receive the following benefits, should they desire:

  • The donor’s name(s) will be included on the Yitzhak and Leah Rabin Fellowship Society Wall of Honor at the ITEC – Ramat Hasharon.
  • Invitations to exclusive events
  • A framed, personalized Yitzhak and Leah Rabin Fellowship Society certificate
  • Personal estate and tax planning consultations
  • Acknowledgement in Israel Tennis & Education Centers Foundation’s website and seasonal newsletter

Contact Us:

Planning your legacy for future generations – and for ITEC – takes careful evaluation. Consulting with the appropriate professionals can help you. Discussing your charitable intentions with us can lead to a much better result than going it alone – and will ensure that your gift is used just as you wish.

To discuss Planned Giving with the Israel Tennis & Education Centers, please contact Marcy Guttman, VP of Development, at mguttman@itecenters.org.

Your legacy helps ensure that the Israel Tennis & Education Centers will continue to enrich lives for generations to come.