Solomon and Sylvia Bronstein Seminar for Professionals 2022

27th Annual

Solomon and Sylvia Bronstein Seminar for Professionals Charitable Gift Vehicles: Which One(s) to Use When, and Why Featuring Brad Bedingfield, Esquire and the presentation of the Edward N. Polisher Award to Rebecca Rosenberger Smolen, Esquire, LLM

September 9, 2022

The Jewish Federation of Greater Philadelphia is here today, every day and in emergencies.

You are at the heart of the critical work of inspiring and sustaining our Jewish community.

Our Holocaust survivors. Our future leaders.

Our families. Our older adults.

Our kids. Our most vulnerable.

Our community depends on you.

You have the power to make a difference in Jewish lives.

With your support, the Jewish Federation:

Invests more than $40 MILLION in the Jewish community through grants, programs, real estate subsidies, emergency funding, restricted gifts, endowments and our partnership with the Foundation for Jewish Day Schools Helps more than 266,000 people locally and in Israel access nutritious food, financial assistance, and other social services Inspires Jewish identity for more than 26,000 community members

Give today. jewishphilly.org/donate 215.832.3484

27th Annual Solomon and Sylvia Bronstein Seminar for Professionals

Charitable Gift Vehicles: Which One(s) to Use When, and Why Featuring Brad Bedingfield, Esquire and the presentation of the Edward N. Polisher Award to Rebecca Rosenberger Smolen, Esquire, LLM

Program Welcome......................................................Mark Fishman, Endowments Committee Chair Jewish Federation of Greater Philadelphia Welcome..................................................................................Gail Norry, Board Co-Chair Jewish Federation of Greater Philadelphia Presentation of Edward N. Polisher Award................ Larry Chane, Polisher Committee Chair Edward N. Polisher Award Recipient.............................. Rebecca Rosenberger Smolen, LLM Introduction of Speaker.............. Kim Heyman, Bronstein Seminar Planning Committee Chair Featured Presenter...................................................................................Brad Bedingfield Closing Remarks........................................................................................... Kim Heyman

Bronstein Seminar Planning Committee Kim V. Heyman, Chair Bennett L. Aaron Mark S. Blaskey Larry S. Chane Karen Schecter Dayno J. Richard Greenstein Scott A. Isdaner

Michael Kirsh Ryan L. Newman Howard H. Silverman Dr. Douglas S. Simon Rebecca Rosenberger Smolen Amy Ufberg

Jewish Federation gratefully acknowledges the following sponsors whose generous contributions have helped to underwrite the cost of this seminar.

GOLD

GLENMEDE IS PROUD TO SUPPORT THE

Jewish Federation of Greater Philadelphia Glenmede oversees $40.1 billion in assets under management* for Private Wealth, Endowment & Foundation, and Investment Management clients from our headquarters in Philadelphia as well as eight regional offices. Over 400 employees strong, our technical expertise and resources are delivered with a personalized approach. Please contact Scott McGough at 215-419-6973 or scott.w.mcgough@glenmede.com for a personal conversation.

*As of 6/30/22

glenmede.com

Ballard Spahr is proud to sponsor the Solomon & Sylvia Bronstein Seminar for Professionals and congratulates Rebecca Rosenberger Smolen.

SILVER

www.ballardspahr.com

Cozen O’Connor is proud to support the Jewish Federation of Greater Philadelphia and its 27th Annual Solomon and Sylvia Bronstein Seminar for Professionals.

Blank Rome LLP proudly supports the The Jewish Federation of Greater Philadelphia and the 27th Annual Solomon and Sylvia Bronstein Seminar for Professionals

Helene S. Jaron

Chair, Private Client, Trusts and Estates (215) 665-4657 | hjaron@cozen.com

Melissa M. Grossman

Vice Chair, Private Client, Trusts and Estates (215) 665-4641 | mgrossman@cozen.com

Alexia M. Fishman

Vice Chair, Private Client, Trusts and Estates (215) 665-4743 | afishman@cozen.com

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Goldman Sachs is a proud sponsor of The Jewish Federation of Greater Philadelphia's 27th Annual Bronstein Seminar

and congratulates Rebecca Rosenberger Smolen

on being awarded the Edward N. Polisher Award

© 2022 Goldman Sachs. All rights reserved.

Planned Giving Simplified, Customized, Amplified It’s time to take your program to the next level

Making a difference.

We are proud to support the Jewish Federation of Greater Philadelphia and salute Rebecca Rosenberger Smolen for her distinguished service to the community. troutman.com Troutman Pepper Hamilton Sanders LLP

BRONZE A Margolis Realty Co.

Fuhrman Management Associates

Abramson Senior Care

The Haverford Trust Company

Astor Weiss Kaplan & Mandel, LLP

Isdaner & Company, LLC

Bala Law Group

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Charlap & Miller, Inc.

RSM US LLP

Dechert

RubinGoldman and Associates

Feldman and Feldman, LLP

Savran Benson LLP

Fox Rothschild LLP

Timoney Knox LLP

The Jewish Federation’s

Israel 75 Mission

May 14-21, 2023 Celebrate the 75

anniversary of the Jewish State’s founding by experiencing Israel your way! Join the Jewish Federation of Greater Philadelphia on a meaningful eight-day mission to our Jewish homeland. Personalize your journey by selecting a customized track that speaks to your passions, interests, and how you want to hear, feel, see, smell, and taste Israel. th

Joining the Mission as RABBI-IN-RESIDENCE: Eric Yanoff of Adath Israel

Tracks include: - Adventure - Food, Wine & Culture

- Tech & Business - People, Places & Politics

REGISTER for the mission today

jewishphilly.org/israel75mission

Brad Bedingfield is Chair of the Nonprofit Practice Group at Hemenway & Barnes LLP in Boston. He represents private foundations and public charities, as well as counsels high-net worth individuals and families on charitable giving, estate planning and lifetime gifting strategies. He has more than 15 years of experience in private practice with national firms and previously worked as a tax law specialist with the Exempt Organizations Division of the IRS in Washington, D.C.

Edward N. Polisher Award The Edward N. Polisher Award, established through a bequest from Mr. Edward Polisher, is presented to an estate planning professional in the Philadelphia community in recognition of his or her distinguished service to the Jewish Federation of Greater Philadelphia’s endowment programs.

Throughout his career, Mr. Polisher served as an example and inspiration to estate planners through his personal integrity, leadership and service to the Jewish community.

2022 Recipient Rebecca Rosenberger Smolen is a founding member at Bala Law

Group, LLC, a boutique estate planning law firm which was established in 2012. She concentrates her practice in the areas of tax and estate planning, closely-held business succession planning, charitable giving, estate and trust administration, and tax-exempt organizations. Rebecca has served in leadership positions in many community organizations, including as a member of the board of directors of the Federation Endowments Corporation and past President of the Philadelphia Estate Planning Council.

Edward N. Polisher, who died at age 102 in September 2004, was often referred to as “the dean of estate planning.” A highly respected Philadelphia attorney, longtime Jewish community leader and philanthropist, Polisher was known as a true visionary.

Polisher made certain that his legacy would live on in multiple ways. One of his important bequests was to establish an annual award for an estateplanning professional in recognition of outstanding service to the Jewish Federation of Greater Philadelphia’s endowment program.

Prior Recipients

2021 – Robert A. Miller, CLU, ChFC, RICP 2020 – Award not given 2019 – Scott Isdaner, CPA, JD, AEP 2018 – Morey H. Goldberg, CLU, ChFC 2017 – Michael S. Paul, JD, LLM, CLU 2016 – Lawrence S. Chane, Esq. 2015 – Scott Barsky, CPA 2014 – Ronald P. Perilstein, CLU, ChFC, CLTC 2013 – Edward M. Glickman, Esq. 2012 – Lowell H. Dubrow, Esq.

2011 – Mark S. Blaskey, Esq. 2010 – Howard H. Silverman, CLU and ChFC 2009 – David H. Wice, Esq. 2008 – Clifford D. Schlesinger, Esq. 2007 – Matthew H. Kamens, Esq. 2006 – Bennett L. Aaron, Esq. 2005 – Philip M. Shiekman, Esq.* * Of blessed memory

Planned Giving and Endowment Programs and Services Gift Proposals, Illustrations, Site Visits and Other Resources Available • Bequests • Donor Advised Funds • Charitable Gift Annuities • Family Foundation Consulting Legacy Society Honors individuals and families endowing gifts of $100,000 or more through all types of vehicles. Members may designate their gifts for general or special purposes, including designating up to 50% to support other Jewish organizations.

Tikkun Olam Society Honors individuals and families endowing gifts of any size (up to $99,999) through bequests, charitable gift annuities and other vehicles.

Women of Vision A Jewish women’s foundation offering its more than 500 members the opportunity for joint investment and collective grant-making. Dedicated to funding innovative projects for Jewish women and girls.

Circle of Partners Honors over 3,000 members for their 25 years or more of contributions to the Jewish Federation’s annual campaign. Members enjoy an annual Gala Celebration.

Planned Giving Website Visit jewishphilly.giftplans.org and tour our Planned Giving section. Sign up for GiftLaw to receive the latest updates on gift planning, including current private letter rulings, case studies and IRS regulations. To receive our free weekly GiftLaw service, email jbrier@jewishphilly.org.

Choosing Your Area of Impact In choosing to create an endowment fund as part of your estate planning, you can be as broad or as focused as you wish. Because of the Jewish Federation of Greater Philadelphia’s knowledge of the communities and our long-term relationships with our partners locally, nationally and globally, we can ensure that your fund is used for its intended purpose.

Among the types of permanent endowment funds you can create are: Unrestricted Fund This type of fund is not restricted in its purpose. You are looking to the Jewish Federation’s future leaders to make distributions that will meet the critical needs which will exist in the future. You can provide that your gift be added to the Jewish Federation’s Unrestricted Endowment Fund or create an unrestricted fund in your own name or the name of a loved one.

Special-Purpose Fund Also known as a designated fund, this is a fund you create for a particular purpose that interests you, such as education, Israel, older adult care, care of the needy or cultural affairs. You may also endow a particular program or project or set up a fund to make an annual distribution to an agency, synagogue or other organization of your choice. We can work with you to define the purpose of your fund and make sure your fund will have the greatest possible impact.

General Considerations Creating a separate endowment fund requires a gift of at least $25,000. Gifts to an existing endowment fund can be in any amount. The assets of your fund will be invested by the Jewish Federation as part of its diversified portfolio, which is structured to provide the return necessary to make annual distributions.

Gifts of Life Insurance Life insurance is an advantageous way to fund an endowed gift to the Jewish Federation of Greater Philadelphia. A large endowment fund can be created through relatively small premium payments, thereby leveraging your dollars to create a significant gift. You can make a gift of an existing policy or enable the Jewish Federation to purchase a new policy on your life.

Existing Policy You may own a life insurance policy you no longer need. You can transfer the policy to the Jewish Federation, naming it as owner and beneficiary. At the time of your gift, you may be able to deduct slightly more than the net cash value of the policy for income tax purposes. Any gifts you make to the Jewish Federation for future premium payments will qualify for a current income tax deduction.

New Policy The Jewish Federation can purchase a new policy on your life, with the Jewish Federation designated as owner and beneficiary. Your contributions to the Jewish Federation in the amount of the annual premium may qualify as charitable deductions. Typically, the younger you are, the lower the premium payments. More savings may also be available for married couples if the policy is on both lives and is payable at the death of the surviving spouse.

Matching Life Insurance Program The Jewish Federation of Greater Philadelphia also offers a life insurance matching program for policies with an aggregate premium of at least $50,000 over 5 years.

Within specific parameters, the Jewish Federation Endowment Fund will match a portion of the policy premium insuring the donor’s life to produce a valuable longterm financial result for both the donor and the Jewish Federation. The Jewish Federation will invest up to an additional 50% of the premium amount to obtain an increase in the face value of the policy. A minimum of 75% of the total face amount must be placed in the Jewish Federation’s unrestricted endowment. The remaining 25% can be designated to establish a permanent fund. Annual distributions from that fund will be made forever, to local, national or international Jewish charities identified by the donor.

Wealth Replacement: When you make an outright or planned gift to the Jewish Federation, there are ways in which the value of the contributed asset can be “replaced” for your family with an insurance policy. For example, the tax savings or earnings created by your charitable gift may be used to purchase a new life insurance policy held by an irrevocable insurance trust. When this is done properly, the insurance proceeds can pass for the benefit of your family free of estate taxes, while at the same time a significant permanent endowment fund is created.

Donor Advised Funds Donor Advised Funds (DAFs) are an ideal charitable giving vehicle for families looking for a simpler way to manage their giving.

Benefits of a Donor Advised Fund at the Jewish Federation •

Provides immediate tax advantages and a flexible timetable for making gifts

•

Creates an opportunity to involve the entire family in the giving process

•

Administrative functions are managed by the Jewish Federation

•

Allows you to support the charities of your choice over time

•

Honors your family’s Jewish values and ideals

Donor Advised Fund and Private Foundation Comparison Donor Advised Fund

Private Foundation

Cash contributions

Deductible up to 60% of adjusted gross income (AGI)

Deductible up to 30% of AGI

Appreciated Marketable Securities

Deductible at fair market value up to 30% of AGI

Deductible at cost up to 20% AGI

Excise tax on net investment income

None

1% - 2%

Record keeping

Done by the Jewish Federation

Done by own staff or hired

Legal and accounting fees

Subject to minimal annual administrative fees

Subject to annual fees and administrative costs

Annual tax reporting

None for individual fund holder

IRS and State filings by donor, foundation manager or advisor

Confidentiality

Grants can be made anonymously

990PF is available to the public

Bequests The cornerstone of an estate plan is your will or revocable trust. By making a bequest in your will or a provision in your trust to benefit the Jewish Federation of Greater Philadelphia or other Jewish organizations, you can create a permanent gift that will continue to impact the world for years to come.

When meeting with your attorney, here is some suggested language that can be used in your will or, with certain modifications, your revocable trust: Unrestricted Gifts “I give to the Jewish Federation of Greater Philadelphia the sum of $____ to be added to its Unrestricted Endowment Fund.”

“I give to the Jewish Federation of Greater Philadelphia [describe specific property] for its Unrestricted Endowment Fund.”

“I give ____% of my residuary estate to the Jewish Federation of Greater Philadelphia to be added to its Unrestricted Endowment Fund.”

Special-Purpose Gifts “I give to the Jewish Federation of Greater Philadelphia the sum of $____ to be added to its [name of fund] to be used for the purposes of the Fund.”

“I give the sum of $____ or ____% of my residuary estate to the Jewish Federation of Greater Philadelphia to establish the [name under which you would like the fund established], distributions from which shall be used for [specific purpose, program, service or field of interest].”

General Considerations: Your unrestricted or special-purpose gift can be used to establish an endowment fund in your name or in the name of a loved one.

You may also establish either a charitable remainder trust or a charitable lead trust under your will (or revocable trust), which provides benefits to your family and the Jewish Federation. We can work with your attorney to provide the necessary language to create these types of charitable trusts.

Educational Improvement Tax Credit (EITC) Programs for Jewish Education Both individuals and businesses can receive a 90% state tax credit while providing valuable needsbased scholarships for Pre-K and K-12 education.

The Foundation for Jewish Day Schools, a Commonwealthrecognized Scholarship Organization, manages Pennsylvania’s Educational Improvement Tax Credit (EITC) program, a strategic and easy way to invest in Jewish education. EITC offers scholarships to students from lowerand middle-income families attending Jewish day or preschools in the Greater Philadelphia area. There is also an opportunity to support innovative curriculum content for public school students.

Thanks to the EITC program, and the generosity of business and individual donors, for the 2022-2023 school year, the Foundation has awarded well over $13 million in need-based scholarships to over 1,200 K-12 and pre-k students.

E I TC Pro gr a m s

Individuals and businesses can redirect their PA tax liability and participate in any or all of four distinct tax credit programs that support education.

K-12 Educational Improvement Tax Credit (EITC)

Supports eligible students enrolled in private schools grades K-12. Allows for scholarships of up to the full cost of tuition.

Opportunity Scholarship Tax Credit (OSTC)

Supports eligible students (K-12) who live within the catchment area of one of the 15% poorest performing schools in the Commonwealth.

Pre-K EITC (PKSO)

Supports synagogue and private pre-school tuition for eligible pre-k students.

Educational Improvement Organization (EIO)

Supports innovative curriculum content provided by Jewish organizations to public school students.

In partnership with the Jewish Federation of Greater Philadelphia

To learn more, visit jewishphilly.org/eitc or contact: Ellen Horowitz Matz, Director, Educational Tax Credit Programs, Foundation for Jewish Day Schools, Jewish Federation of Greater Philadelphia 215.832.0525 or ematz@jewishphilly.org

Leadership

Planned Giving and Endowments Staff

Gail Norry And David Adelman Board Co-Chairs

Jennifer M. Brier, Esq. Director of Planned Giving and Endowments jbrier@jewishphilly.org 215.832.0528

Bill Glazer and Michele Levin Campaign Co-Chairs Mark Fishman Endowments Chair

Michael Balaban President and CEO mbalaban@jewishphilly.org 215.832.0551 Sarah Solomon Interim Chief Development Officer ssolomon@jewishphilly.org 215.832.0894

Patricia Quarles Senior Donor Advised Fund Coordinator pquarles@jewishphilly.org 215.832.0514 Alaina Gillespie Senior Administrative Assistant for Endowments agillespie@jewishphilly.org 215.832.0504

The Jewish Federation of Greater Philadelphia mobilizes financial and volunteer resources to address the communities’ most critical priorities locally, in Israel and around the world.

Two Commerce Square, 2001 Market Street, Suite 2300, Philadelphia, PA 19103

jewishphilly.org | @JewishPhilly