Jewish News Supplement - Investing & Retiring 02.14.22

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Supplement to Jewish News February 14, 2022 jewishnewsva.org | February 14, 2022 | Investing and Retiring | JEWISH NEWS | 17

Investing and Retiring

Five tips to thwart fraudsters and protect older adults (StatePoint)—Unfortunately, many of the most effective scams are those which target older adults, according to experts.

“All too often, we hear of elder financial abuse cases where bad actors manipulate unsuspecting older adults out of their savings and possessions,” says Lauree Peterson-Sakai, strategy leader for Wells Fargo Aging Client Services.

Imposter scams use a variety of tricks to gain a person’s trust and steal their sensitive information, but they often start with a simple call, email, or message impersonating a person or company they know to trick them into giving away their money. To thwart fraudsters, consider these five tips.

1. Beware of callers. Don’t pick up calls from unknown numbers. The IRS and other government or financial institutions rarely make outbound calls and never ask you to provide personal information.

2. Don’t be ghosted by a money mule scam. Avoid helping strangers with cashing checks, delivering packages, or receiving goods.

3. Beware of calls from anyone claiming to be your grandchild in urgent need of money. Hang up immediately to avoid falling for this common trick.

4. Speak to another family member or trusted person in your life before lending large sums of money to family members or new acquaintances.

5. Bad actors are everywhere today, including in internet searches, emails, and texts. Don’t be tempted to click on something that could hurt you or expose your personal information and log-in credentials.

“The best things you can do for yourself are know how to recognize potential scams and keep an open dialogue with your family and loved ones. Encourage

© AndreyPopov / iStock via Getty Images Plus

each other to share if something sounds suspect,” says Peterson-Sakai. “What we’ve found to be really protective against scams is running a situation by someone you trust before making a decision that could impact you financially.”

For a guide to identifying and preventing elder abuse, visit wellsfargoadvisors.com.

To protect yourself and those you love, learn the most common tricks and scams, and when contacted by someone you don’t know, always proceed with caution.

Written and provided by Wells Fargo Wealth & Investment Management.

Investment and Insurance Products are: •Not insured by FDIC or Any Federal Government Agency •Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate •Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested Wealth & Investment Management offers financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Bank products and services are available through Wells Fargo Bank, N.A., Member FDIC. Brokerage products and services are offered through Wells Fargo Advisors, a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, separate registered broker-dealer and non-bank affiliate of Wells Fargo & Company.

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18 | JEWISH NEWS | Investing and Retiring | February 14, 2022 | jewishnewsva.org

Investing and Retiring

Jewish Supreme Court Justice Stephen Breyer is retiring Ron Kampeas

WASHINGTON (JTA)—Stephen Breyer, the oldest justice on the Supreme Court and one of its minority of three liberal justices, is set to retire.

The move would leave Elena Kagan as the only Jewish justice left on the court.

Breyer, 83, has come under pressure to retire ever since President Joe Biden assumed office a year ago. Liberals and Democrats do not want to deny Biden the chance to replace a liberal justice with another liberal.

Sen. Mitch McConnell, R-Ky., then the majority leader, in 2016 established a new precedent of not allowing a president to elevate a justice in an election year when Antonin Scalia died and then-President Barack Obama nominated Merrick Garland, a Jewish liberal who is now attorney general. McConnell blocked the nomination.

Last year, McConnell scrapped his own precedent when he rushed through then-President Donald Trump’s nomination of Amy Coney Barrett, a conservative, to replace Ruth Bader Ginsburg, a Jewish liberal who died just weeks before the presidential election.

Democrats, who control the Senate by a thin majority and fear losing it in November midterm elections, do not trust McConnell or Republicans to observe any kind of protocol, believing they will likely deny Biden the nomination of a Supreme Court justice for the remainder of his term.

The trio of Breyer, Kagan, and Ginsburg, in place since 2010 when Kagan was

confirmed, was the largest ever Jewish representation on the court. All three were in the liberal minority.

Garland, had he been conStephen Breyer, circa 2006. firmed, would have brought the Jewish representation to four.

In a talk several months ago with the Board of Rabbis of New York, Breyer recalled getting a phone call telling him that Ginsburg had died, just as he was participating in Rosh Hashanah services over Zoom.

“The service, they were at the Kaddish, right there,” he said referring to the mourning prayer. “And the person on the end of the phone said, do you have anything [to say], and I said, she had been quite sick and it wasn’t unexpected, still I was moved and I said, ‘A woman of valor, a great judge and a good friend.’” “A Woman of Valor,” or “Eshet Chayil” is a popular Shabbat song.

Biden has said he is set to name a Black woman to the court, diminishing the likelihood of one Jewish justice replacing another.

The likeliest candidate is believed to be Ketanji Brown Jackson, a judge on the U.S. Court of Appeals, D.C. Circuit. Another name cropping up is Leondra Kruger, an associate justice on the California Supreme Court whose father was Jewish and whose mother is Jamaican.

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Investing and Retiring

Sheryl Sandberg leans into United Hatzalah, donates $5 million to honor her parents is a proud supporter of the United Jewish Federation of Tidewater and its affiliates

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Ron Kampeas

(JTA)—Sheryl Sandberg, the chief operating officer of Meta, Facebook’s parent company, wants more women to lean into saving lives.

Sandberg gave United Hatzalah, the Jerusalem-based volunteer first responder organization, $5 million in honor of her parents at a Miami fundraiser.

The money will go toward United Hatzalah’s women’s unit in Israel, which will now be named the Adele and Dr. Joel Sandberg Women’s Unit. A spokesman for the organization said Sandberg and her parents were impressed with the unit when they visited Israel two years ago. Her parents are major donors to the group.

The gala, where Adele and Joel

Sandberg were honored and Sheryl Sandberg delivered the keynote speech, brought in a total of $18 million.

As Facebook’s COO, Sandberg rose to prominence in 2013 with a tract on feminism and capitalism, Lean In: Women, Work, and the Will to Lead.

The social media executive has become more involved in Jewish causes in recent years and donated $2.5 million to the Anti-Defamation League to support anti-hate programs in the United States and Europe in 2019. That donation was also made in her parents’ name.

More recently, Meta has come under fire from the ADL and others for looking the other way as extremists used Facebook to broadcast false information and incitement.

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2022

Year of the Tiger

Investing and Retiring

Tidewater Jewish community invests in its future through young leadership programs Matthew Kramer-Morning

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ADIV, established in 2016, is United Jewish Federation of Tidewater’s Young Adult Division’s Men’s Giving Circle. While NADIV is rooted in networking opportunities (which still holds true today) it has evolved to a giving circle that is connecting its participants in deep and meaningful ways to community philanthropy. Members not only personally donate to NADIV, but learn about the needs of the community and collectively donate the money raised by NADIV to Jewish causes in Tidewater.

Members also work throughout the year to raise additional money from the community to grow the impact of the program’s dollars. Most notably, the March Madness Bracket Challenge, which in 2021 raised $6,000 for Special Needs programming in Tidewater, is run entirely by the men of NADIV. It is in its fourth year as this March’s tournament nears.

That giving circle has grown to more than 35 young men, and the group is on track to raise more than $7,000 this year for community education programs—a giving priority that rose to the top of the group through discussions and activities.

Through the fall of 2021, UJFT’s YAD hosted 15 aspiring young leaders through a program called Rishon. Rishon served as an overview of the Federation’s work and its community partners, as well as an incubator for YAD’s cabinet members and the members of Rishon to think about how YAD can continue to grow and engage the community’s young adults in Jewish Peoplehood and Philanthropy.

With the success of NADIV, members of YAD’s Cabinet and of Rishon are starting the process to form a Women’s Giving Circle/Giving back circle. Although postponed with the rise of Omicron, the group’s first meeting and program is planned to take place at Farmhouse Brewing on Monday, March 7 at 6:30 pm. Attendees to the first meeting will

have a chance to socialize and network in an outdoor heated setting, and they’ll begin a broader discussion led by YAD and Rishon leaders of what this new philanthropic opportunity will look like as it takes shape and grows its impact in the community. That evening will also highlight the work of Jewish Family Service, with attendees encouraged to bring dry goods with them to be donated to JFS’s Food Pantry.

With the success of NADIV, members of YAD’s Cabinet and of Rishon are starting the process to form a Women’s Giving Circle/ Giving back circle.

To attend the women’s event on March 7, or for more information about YAD or NADIV, contact Matthew KramerMorning, United Jewish Federation of Tidewater’s Young Leadership Campaign/ Young Adult Division director at mkmorning@ujft.org.

NADIV, Rishon, and the new YAD Women’s Giving Circle are all funded by the UJFT through dollars raised throughout the Federation’s annual Community Campaign.

Individually and collectively, these groups are learning about the importance of community involvement, community giving, and ultimately, community leadership. These groups, as well as others within YAD are great examples of how a Jewish community “invests” in its future.

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Planning for Your Future

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22 | JEWISH NEWS | Investing and Retiring | February 14, 2022 | jewishnewsva.org

Investing and Retiring Illinois’ state pension board will divest from Unilever over Ben and Jerry’s decision to stop selling ice cream in West Bank Shira Hanau

(JTA)—Illinois’ state pension will divest from Unilever, the parent company of Ben and Jerry’s, over the ice cream company’s decision last summer to stop selling ice cream in the West Bank as a protest of Israel’s occupation of the area.

The Illinois Investment Policy Board voted 7-0 to add Uniliver to its “prohibited entity list.” It was not yet clear when state agencies would have to divest.

Illinois becomes at least the fifth state to divest from Unilever, although the dictates vary; some states require no further investment but allow existing investments to remain in place.

The other states divesting from Uniliver because of Ben & Jerry’s decision are New York, New Jersey, Arizona and Illinois. At

least three other states among the 34 states that penalize Israel boycotts have launched reviews that could lead to divestment.

The ice cream company announced in July, 2021 that it would stop selling ice cream in the West Bank, breaking a twomonth silence on social media that began with the violent conflict between Israel and Hamas in Gaza in May. “We believe it is inconsistent with our values for Ben & Jerry’s ice cream to be sold in the Occupied Palestinian Territory,” the company said at the time. “We also hear and recognize the concerns shared with us by our fans and trusted partners.”

In 2015, Illinois became the first state to pass a law barring the state pension fund from investing in companies that participate in the Boycott, Divestment and Sanctions campaign against Israel.

Investing and Retiring

Tax season 2022: How to reduce taxes and help future generations in Tidewater Thomas Mills

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hile collecting 2021 income tax information to prepare to file a return, it is important to know about the latest laws. This might also be a perfect time to learn about how to support the community in a tax-wise manner.

Tax law changes could impact strategies when filing taxes. The SECURE Act, passed in January 2020, increased the beginning age for Required Minimum Distributions (RMDs) from Individual Retirement Accounts (IRAs) and other qualified retirement plans from 70 ½ to 72 for individuals that had not reached age 70 ½ by December 31, 2019. Those who reached 70 ½ years of age by December 31, 2019, must withdraw a portion of their IRA each year based upon age. The CARES Act waived RMDs for 2020, but that suspension no longer applies. RMDs are now mandated and income tax must be paid on the withdrawn portion. Failure to withdraw the RMD will result in stiff penalties.

New for 2022 are updated IRS life expectancy tables – used to determine RMDs. The first change in the tables since 2002, this update should result in a slight reduction in RMDs, meaning less money

that is required to withdraw, subject to income taxes, from retirement accounts.

The SECURE Act also established new rules for IRA beneficiaries. Known as the ‘10-year-rule,’ most beneficiaries of an IRA must have their inherited account distributed by December 31 of the 10-year anniversary of the original owner’s death.

Beneficiaries of IRAs before January 1, 2020, are grandfathered into the old rules.

Often subject to high estate and income taxes, an IRA left to heirs may result in fewer dollars for them. The more saved on tax bills, the more that heirs will inherit.

Additionally, consider naming Tidewater Jewish Foundation as the beneficiary of an IRA plan. Use this asset to endow a gift and leave other assets subject to lower taxes to heirs. At the same time, future Jewish generations in Tidewater will enjoy the benefits of this generosity.

For more information, contact Naomi Limor Sedek, Tidewater Jewish Foundation president and CEO, at 757-965-6109 or nsedek@ ujft.org.

This information is not intended as tax, legal, or financial advice. Gift results may vary. Consult a personal financial advisor for information specific to individual situations.

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T R US T E D

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Investing and Retiring

Future philanthropists at work at Strelitz International Academy Andie Eichelbaum

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zedakah is more than a financial transaction. Giving builds trusting relationships and includes contributions of time, effort, and insight. Tzedakah— philanthropy and charity—as well as Tikkun Olam (repairing the world) are concepts and values that are carried throughout one’s entire life. It is a form of social justice in which donors benefit from giving as much or more than the recipients. When it comes to the next generation, where does the conversation begin?

The fourth and fifth grade students at Strelitz International Academy recently discussed these important topics with Naomi Limor Sedek, president and CEO of Tidewater Jewish Foundation.

Sedek began the lesson by introducing the Rambam’s ladder of tzedakah, which provides a guide to the significance of a charitable gift. The further one goes up the ladder, the more virtuous and meaningful the gift. She then followed up with what Jewish values teach about philanthropy such as how much, where, and why tzedakah should be given. This

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sparked a wonderful conversation with the students who were excited to share the causes that matter to them most, as well as how many people donate to the different causes they care about.

After the conversation with Sedek, students participated in a project where they learned about dividing money for saving, spending, and giving. The program concluded as the students created their own three-part Tzedakah box to put the lessons they learned into action. It was a hit.

Students at SIA begin learning about the importance of tzedakah in the Early Years program, collecting money as a class every Shabbat and learning about the various causes where they choose to donate their money. In this recent lesson with Tidewater Jewish Foundation, the students realized their responsibility and power as individual donors. SIA hopes the program inspires and guides many meaningful conversations and acts of tzedakah throughout the students’ lives.

To make a contribution to Strelitz International Academy, contact Andie Eichelbaum, SIA director of development, at aeichelbaum@strelitzacademy.org or call 757-424-4327 ext. 4188.