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Bequests

Bequests

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Bequests are a major source of funds for Chabad Jewish Center of Solon. Your testamentary charitable bequest ensures that your support of Chabad Jewish Center of Solon will continue in perpetuity. It is possible to designate a special purpose or program for your bequest, keep in mind, the specific needs of the Center may change depending on the future state of world events. Therefore, it is preferable to authorize the Center to use the bequest for its general charitable purposes in the event the designated use is determined to be inapplicable.

There are many types of Bequests:

Outright Bequest - The Chabad Jewish Center of Solon is given a specific dollar amount or a specific asset, such as securities or marketable real estate.

Residuary Bequest - The Chabad Jewish Center of Solon is given all or a percentage of the remainder of the estate after payment of all expenses of the estate and any other specific amounts bequeathed to other beneficiaries of the will.

Testamentary Trust - You may provide for income to be paid from the trust to a designated beneficiary, and after that individual's lifetime all or part of the principal passes to the Center.

Contingent Bequest - You may have family and friends for whom you feel a responsibility and choose to provide for them first in your will. The Center is given a bequest only if the designated beneficiarie(s) predecease you.

The provisions in your will or revocable living trust for leaving a charitable bequest to the Chabad Jewish Center of Solon will depend upon the type of gift and your unique circumstances. We hope these sample bequest clauses will be helpful to your attorney.

Unrestricted General Legacy (Outright Bequest) I bequeath to the Chabad Jewish Center of Solon an Ohio not for profit corporation, having its principal offices at 5570 Harper Road, Solon, Ohio 44139, the sum of ($________) DOLLARS for its general charitable purposes.

Bequest for Specific Purpose I bequeath to the Chabad Jewish Center of Solon a not for profit corporation, having its principal offices at 5570 Harper Road, Solon, Ohio 44139, the sum of ($________) DOLLARS [OR] a percentage (%________) of my residual estate to be used for the Chabad Jewish Center of Solon [insert specific purpose designation]*. If in the opinion of the Board of Directors, the purposes of the Chabad Jewish Center of Solon would be better served by using the income or principal, or both, for the Chabad Jewish Center of Solon general purposes, the income or principal, or both may be so used.

Bequest for Specific Purpose by Endowment I bequeath to the Chabad Jewish Center of Solon an Ohio not for profit corporation, having its principal offices at 5570 Harper Road, Solon, Ohio 44139, the sum of ($________)DOLLARS [OR] a percentage(%________) of my residual estate to establish an endowment fund bearing the name of________________ . The net income therefrom shall be used for the benefit of the Chabad Jewish Center of Solon [insert specific purpose designation]*. If, in the opinion of the Board of Directors, the purposes of the Chabad Jewish Center of Solon designated program would be better served by using the income and principal of the fund, they may have the discretion to do so.

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