I VoLLXXXH
No. 23
Omaha, NE
5 Adar 1,5763
February 7,2W3
SPECIAL ISSUE ON TAX AND FINANCIAL PLANN1NG-STARTS ON PAGE 13
Super Sunday Tops Goa Sets Record of $65 by PAM MONSKY, Federation Communications Director -* .
--
-
.
^ :
• - « , - - - • * "
— . . #>
• • - • -V ' v
*X
:•>-*• I: '
More than $65,000 was raised on Super the sixth year in a row. In addition to the Sunday, Feb. 2, breaking the old record by Matalons, members of the Super Sunday $15,0001 Guy and Elinor Matalon, 2003 Co- Steering Committee are: Joell Gerber, Moshe chairmen, led a group of 25 volunteers who Gershovich, Todd Hutton, Nate Schwalb and contacted the Omaha Jewish community for Janette Shaffer. Above: Kate and Harris contributions to the Jewish Federation's Finkelstein enjoy volunteering together and Centennial Campaign. Omaha Steaks donat- talking to members of the community. ed the use of their telemarketing facility for More photos on page 21.
Even in Hardened Nation Like Israel, Death of Astronaut Comes asa Blow by NAOMI SEGAL and MATTHEW GUTMAN
JERUSALEM (JTA)| Shepard, John Glenn and Even for Israelis hard'Yitzhak Rabin rolled into ened by years of dealing one. He was, many with Palestinian terrorIsraelis felt, the best of ism, the death of Israeli the best: professional, astronaut Ilan Ramon brash,modest, handsome— came as a difficult blow. and proud to be an Israeli The weather itself and a Jew. seemed to reflect the ""We felt he was our mesnational mood: A thick, j senger to the great wide mustard-colored fog blanworld," Baum said, "and keted Israel on Sunday j now feel like a true friend afternoon, a day after I and leader is lost." Ramon and six NASA' By Sunday, the hero's astronauts were killed | welcome that Israel had when the space shuttle, planned for its first astroColumbia broke into naut had given way to pieces as it re-entered the mourning. earth's atmosphere. "Even for the world Even in a nation used to ,. _ . ,. _ champions in watching trauma, the Columbia Payload Specialist n a n Ramon the first disasters unfold on televiastronaut, shown during Ms Dec. 18,sion, this event was not tragedy hit especially close tohome^aidNaomiBaum,^ suit-up for Terminal Countdown quite to home, said Naomi Baum, u i f e Ilike i k e anything we
a psychologist at the Israel Demonstration Test activities, which include ^ „ 0Qe C e n t e r f o r t i h e T r e a t m e n t o f a 8 ™ ^ ^ ^ ™ 0 1 1 0 0 ™ ^ ^ ^ " 1 1 6 ? ^ ^ wrote in in the Ma'ariv Psychotrauma. Kennedy Space Center in Florida. newspaper.
Photo by NASA. F i a g s flew at half-staff "We identified with Ramon and his family because we learned so much and schools held special assemblies to remember about them in the past four years, and especially in the 48-year-old Ramon. A memorial ceremony was the past two weeks. It hurt so much because we held for Ramon at his former high school in developed an intimacy with him and his family," Beersheba. Among those attending were the astroBaum said. naut's former classmates. "In many ways, the shuttle disaster and the loss "Han was a hero, and yesterday afternoon he of Ramon, someone who represented so much of became a legend," former classmate Reuven Segcv what was good about Israel, served to dredge up a told current students at MeMf Gimel High School. lot of the other trauma Israelis have gone through At Tel Aviv's prestigious Herzliya Gymnasium, in the past few years," she added. over 1,000 teenagers attended a memorial servire Ramon was Israel's very own "right stuff," Alan (Continued on page 11)
Tax Bill Offers Major Breaks for Estate Planning by MATT BERNSTEIN, CFR, Director Jewish National Fund
Planned Giving Department" •"
<
•-
Last summer the new tax bill meant "rebate checks in the maiir Now that we have all received those checks—as well as spent them hundreds of times over—it does not mean that our personal relationship with this bill is over. In fact, the Economic Growth and Tax Relief Reconciliation Act of 2001 signed into law on June 7, 2001 offers significant ways for us to reap rewards well into the future. One key advantage of the new tax bill is that it has opened up some major breaks for estate planning. "While the present economic climate has put constraints on people who have enjoyed giving generously to charities m the past, non-profit supporters should be aware that under the new tax bill's regulations, enrolling is a charity's Planned Giving program offers a unique opportunity for tfaem to make the most out of their money. What Can I Expect from the Tax Bill? In 2002, estate and gift tax rates in excess of 50% were repealed. As a result, the top estate tax bracket was reduced to 50%. From 2002 until 2009, the rate will be reduced to a top bracket of 45% in increments of 1% a year. In the year 2007, the top bracket will be 45% and will remain so until 2010when all estate taxes are to be repealed. The gift tax for lifetime transfers will remain in effect, but will be taxed at the individual's top income tax rate. Starting in 2002, the amount of money you can exempt from estate or gift taxes increased to $1 million per person. This means that a husband and wife can exclude the first $2 million from estates and gifts for purposes of taxation. This is an increase of $325,000 per individual from the previous exclusion amounts. The estate exemption will increase to $3.5 million per person in the year 2009. The gift exemption, however, is capped at $1 million until 2010-when the gift tax will be based on the individuals top income tax rate. Let's look at an example: In 2001, an individual could exempt $675,000 in lifetime gifts from taxation. This amount is in addition to the unlimited $10,000 annual gifts that are also allowable. A married couple can combine both their lifetime exclusions: and give away up to $1,350,000 tax-freei In 2002, the new tax law will increase the lifetime gift exemption to $1 million per person or $2 million per married couple. If a couple has done then" planning and have already given away their maximum tax free gifts, this new tax bill gives them the opportunity to give away an additional $650,000! (Continued on page 14)
TNSIDEi
J
Itosie Gross honored by Hadassah. .page 7 I 1
From the Desk of the Presideut....page 9 j
i
, Tax and Financial Planning starts,~page 13 1
Tzedakah & the Internet.......,....page 20 Read It & Eat. ....page 22