Bronstein Seminar Digital Booklet

26th Annual

Solomon and Sylvia Bronstein Seminar for Professionals Recent Developments in Estate Planning for Retirement Benefits: Planning in a Post-SECURE World Featuring Natalie Choate, Esquire and the presentation of the Edward N. Polisher Award to Robert A. Miller, CLU, ChFC, RICP

September 10, 2021

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26th Annual Solomon and Sylvia Bronstein Seminar for Professionals

Recent Developments in Estate Planning for Retirement Benefits: Planning in a Post-SECURE World Featuring: Natalie B. Choate, Esq. and the Presentation of the Edward N. Polisher Award to Robert A. Miller, CLU, ChFC, RICP

Virtual Event Program Welcome.......................................................... Mark Fishman, Endowments Committee Chair

Jewish Federation of Greater Philadelphia Welcome......................................................................... Michael Balaban, President and CEO

Jewish Federation of Greater Philadelphia Presentation of Edward N. Polisher Award................. Ronald P. Perilstein, CLU, ChFC, CLTC Edward N. Polisher Award Recipient................................ Robert A. Miller, CLU, ChFC, RICP Introduction of Speaker........................................................................................ Kim Heyman

Bronstein Seminar Planning Committee Chair Featured Presenter............................................................................... Natalie B. Choate, Esq. Closing Remarks.................................................................................................... Kim Heyman

Click here to open Natalie Choate’s Presentation Materials

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

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

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

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We are proud to support the Jewish Federation of Greater Philadelphia and salute Robert A. Miller for his distinguished service to the community.

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Isdaner & Company, LLC Raymond James Rose Glen LLC RSM US, LLP RubinGoldman and Associates Savran Benson LLP Silver Lining Home Health Care, Inc. Stedmark Partners at Janney Montgomery Scott

Natalie Choate is an estate planning lawyer in Wellesley, Massachusetts.

Her book Life and Death Planning for Retirement Benefits is a leading resource for estate planning professionals. She has written numerous articles for Estate Planning, Tax Management, Trusts and Estates, has lectured extensively, and has been quoted in the New York Times, Forbes, Business Week, and The Wall Street Journal. Named “Estate Planner of the Year” by the Boston Estate Planning Council, she is listed in The Best Lawyers in America. The National Association of Estate Planners and Councils has awarded her the “Distinguished Accredited Estate Planner” designation.

Robert A. Miller

works with families, small businesses and charitable organizations for the design, implementation and management of their insurance planning. He is President of Charlap & Miller, Inc., a four-generation life insurance consulting firm that now includes his oldest son, Zachary. Bob has served on the board of numerous organizations including Philadelphia Estate Planning Council, Federation Endowments Corporation, Congregation Beth Or and Boys Town Jerusalem.

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.

Edward N. Polisher Award 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 estate-planning professional in recognition of outstanding service to the Jewish Federation of Greater Philadelphia’s endowment program.

2021 Recipient Robert A. Miller, CLU, ChFC, RICP Prior Recipients 2020 – Award not given

2010 – Howard H. Silverman, CLU and ChFC

2019 – Scott Isdaner, CPA, JD, AEP

2009 – David H. Wice, Esq.

2018 – Morey H. Goldberg, CLU, ChFC

2008 – Clifford D. Schlesinger, Esq.

2017 – Michael S. Paul, JD, LLM, CLU

2007 – Matthew H. Kamens, Esq.

2016 – Lawrence S. Chane, Esq.

2006 – Bennett L. Aaron, Esq.

2015 – Scott Barsky, CPA

2005 – Philip M. Shiekman, Esq.*

2014 – Ronald P. Perilstein, CLU, ChFC, CLTC 2013 – Edward M. Glickman, Esq.

* Of blessed memory

2012 – Lowell H. Dubrow, Esq. 2011 – Mark S. Blaskey, Esq.

For more information about the award, contact Jennifer Brier: 215.832.0528 or jbrier@jewishphilly.org

Planned Giving and Endowment Programs and Services Gift Proposals, Illustrations, Site Visits and Other Resources Available • Bequests • Donor Advised Philanthropic 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. Recognition walls in the atrium of Jewish Community Services Building honor the 600+ members representing over $200 million in gifts. 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 and participate in the Book of Life program.

Planned Giving Website Visit jewishphilly.org/endowments 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 us at 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.

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.

Leadership

Planned Giving and Endowments Staff

Michael Balaban President and CEO mbalaban@jewishphilly.org 215.832.0551

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

Melissa Greenberg Executive Vice President mgreenberg@jewishphilly.org 215.832.0635

Patricia Quarles Senior Donor Advised Fund Coordinator/Endowments Associate pquarles@jewishphilly.org 215.832.0514

Steve Rosenberg Chief Operating Officer srosenberg@jewishphilly.org 215.832.0577 Nikki DiCaro Chief Financial Officer & Chief Data Officer ndicaro@jewishphilly.org 215.832.0807

Alaina Gillespie 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.

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To ensure as much of the dollars raised as possible are utilized to support these priorities, this brochure was created and printed in-house.