27th Annual Solomon and Sylvia Bronstein Seminar for Professionals September 9, 2022 Featuring Brad Bedingfield, Esquire and the presentation of the Edward N. Polisher Award to Rebecca Rosenberger Smolen, Esquire, LLM Charitable Gift Vehicles: Which One(s) to Use When, and Why
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Presentation of Edward N. Polisher Award ............... Larry Chane, Polisher Committee Chair
Edward N. Polisher Award Recipient Rebecca Rosenberger Smolen, LLM
Kim V. Heyman, Chair Bennett L. Aaron Mark S. Blaskey Larry S. Chane Karen Schecter Dayno J. Richard Greenstein Scott A. Isdaner
Charitable Gift Vehicles: Which One(s) to Use When, and Why
27th Annual Solomon and Sylvia Bronstein Seminar for Professionals
Featuring Brad Bedingfield, Esquire and the presentation of the Edward N. Polisher Award to Rebecca Rosenberger Smolen, Esquire, LLM
Closing Remarks........................................................................................... Kim Heyman
Michael Kirsh Ryan L. RebeccaDr.HowardNewmanH.SilvermanDouglasS.SimonRosenberger
Bronstein Seminar Planning Committee
Mark Fishman, Endowments Committee Chair Jewish Federation of Greater Philadelphia
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Introduction of Speaker ............. Kim Heyman, Bronstein Seminar Planning Committee Chair
WelcomeProgram
.................................................................................
Featured Presenter Brad Bedingfield
Smolen Amy Ufberg
Welcome Gail Norry, Board Co-Chair Jewish Federation of Greater Philadelphia
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JewishGOLDFederation
gratefully acknowledges the following sponsors whose generous contributions have helped to underwrite the cost of this seminar.
glenmede.com *As of 6/30/22
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.
Ballard Spahr is proud to sponsor the Solomon & Sylvia Bronstein Seminar for Professionals and congratulates Rebecca Rosenbergerwww.ballardspahr.comSmolen. © 2022 Cozen O’Connor cozen.com800 attorneys | 32 offices H e l e n e S . Ja r o n Cha ir, Pr ivate Clie nt , Tr u s t s a nd E s t ate s (215) 6 6 5 4 6 57 | hja r on@coze n com M e l i s sa M. G r os sm an Vice Chair, Private Client, Trusts and Estates (215) 6 6 5 4 6 41 | m g r os s m a n@coze n.com A l ex ia M . Fis h ma n Vice Chair, Private Client, Trusts and Estates (215) 6 6 5 474 3 | afis hm a n@coze n 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. SILVER Blank Rome LLP proudly supports the The Jewish Federation of Greater Philadelphia and the 27th Annual Solomon and Sylvia Bronstein Seminar for Professionals Chicago • Cincinna • Fort Lauderdale • Houston • Los Angeles • Orange County, C.A. • New York Philadelphia • Pi sburgh • Princeton • Shanghai • Tampa • Washington, D.C. • Wilmington
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Planned AmplifiedCustomized,Simplified,Giving It’s time to take your program to the next level Troutmantroutman.comPepperHamilton Sanders LLP
We are proud to support the Jewish Federation of Greater Philadelphia and salute RosenbergerRebeccaSmolen for her distinguished service to the community.
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
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BRONZE Israel 75 Mission May 14-21, 2023 Celebrate the 75th anniversary of the Jewish
founding by experiencing Israel your way! Join the
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your passions, interests, and how you want to hear, feel, see, smell, and taste Israel. Tracks include: Food,AdventureWine & Culture The Jewish Federation’s Joining the Mission as RABBI-IN-RESIDENCE: Eric Yano of Adath Israel Tech & Business - People, Places & Politics REGISTER for the mission today jewishphilly.org/israel75mission
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2022 RebeccaRecipientRosenberger
2018 – Morey H. Goldberg, CLU, ChFC
2015 – Scott Barsky, CPA
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.
2006 – Bennett L. Aaron, Esq.
2005 – Philip M. Shiekman, Esq.*
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.
* Of blessed memory
2020 – Award not given
2012 – Lowell H. Dubrow, Esq.
2019 – Scott Isdaner, CPA, JD, AEP
2017 – Michael S. Paul, JD, LLM, CLU
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.
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.
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.
2008 – Clifford D. Schlesinger, Esq.
Edward N. Polisher Award
2016 – Lawrence S. Chane, Esq.
2013 – Edward M. Glickman, Esq.
Prior Recipients
2010 – Howard H. Silverman, CLU and ChFC
2007 – Matthew H. Kamens, Esq.
2021 – Robert A. Miller, CLU, ChFC, RICP
2014 – Ronald P. Perilstein, CLU, ChFC, CLTC
2011 – Mark S. Blaskey, Esq.
2009 – David H. Wice, Esq.
Planned Giving and Endowment Programs and Services
Gift Proposals, Illustrations, Site Visits and Other Resources Available
Honors individuals and families endowing gifts of any size (up to $99,999) through bequests, charitable gift annuities and other vehicles.
Tikkun Olam Society
• Charitable Gift Annuities
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.
Women of Vision
Legacy Society
Circle of Partners
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.
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.
• Donor Advised Funds
• Bequests
Planned Giving Website
• Family Foundation Consulting
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.
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.
Among the types of permanent endowment funds you can create are:
Special-Purpose 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.
Unrestricted Fund
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.
General Considerations
Choosing Your Area of Impact
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.
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.
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.
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.
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.
Existing Policy
New Policy
Wealth Replacement:
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.
Matching Life Insurance Program
• Allows you to support the charities of your choice over time
Deductible up to 60% of adjusted gross income (AGI)
• Creates an opportunity to involve the entire family in the giving process
Deductible up to 30% of AGI
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
Deductible at fair market value up to 30% of AGI
Donor Advised Fund
• Honors your family’s Jewish values and ideals
Record keeping Done by the Jewish Federation Done by own staff or hired
Annual tax reporting None for individual fund holder IRS and State filings by donor, foundation manager or advisor
MarketableAppreciatedSecurities
Private Foundation
Cash contributions
Legal and accounting fees Subject to minimal annual administrative fees Subject to annual fees and administrative costs
Confidentiality
• Provides immediate tax advantages and a flexible timetable for making gifts
• Administrative functions are managed by the Jewish Federation
Deductible at cost up to 20% AGI
Grants can be made anonymously 990PF is available to the public
Excise tax on net investment income None 1% - 2%
Donor Advised Funds
Donor Advised Fund and Private Foundation Comparison
Bequests
When meeting with your attorney, here is some suggested language that can be used in your will or, with certain modifications, your revocable trust:
“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.”
“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.”
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.
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.
Unrestricted Gifts
General Considerations:
Special-Purpose Gifts
“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].”
In
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.
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.
Supports innovative curriculum content provided by Jewish organizations to public school students.
EITC Programs
Individuals and businesses can redirect their PA tax liability and participate in any or all of four distinct tax credit programs that support education.
Both individuals and businesses can receive a 90% state tax credit while providing valuable needsbased scholarships for Pre-K and K-12 education.
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.orgpartnership with the Jewish Federation of Greater Philadelphia
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.
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.
Educational Improvement Organization (EIO)
Pre-K EITC (PKSO)
Supports synagogue and private pre-school tuition for eligible pre-k students.
ImprovementEducational Tax Credit (EITC) Programs for Jewish Education
215.832.0504agillespie@jewishphilly.org
Senior Donor Advised Fund Coordinator
Michael Balaban
President and 215.832.0551mbalaban@jewishphilly.orgCEO
Sarah Solomon
Jennifer M. Brier, Esq.
Patricia Quarles
Gail Norry And David Adelman Board Co-Chairs
Director of Planned Giving and Endowments
Alaina Gillespie
Endowments Chair
Leadership
215.832.0528jbrier@jewishphilly.org
Mark Fishman
Bill Glazer and Michele Levin Campaign Co-Chairs
215.832.0894ssolomon@jewishphilly.org
Planned Giving and Endowments Staff
215.832.0514pquarles@jewishphilly.org
Senior Administrative Assistant for Endowments
Interim Chief Development Officer
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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.