Meet Stanley Blum92-year-old Stanley Blum is creating his Jewish legacy every day and is having the time of his life doing it.
On any given day during the Campaign for Jewish Needs, you can find Stanley Blum at the Federation's Mandel Building calling prospective donors. Other days, he can be found volunteering at a food bank or at his synagogue. In the spirit of tikkun olam, Stanley is actively involved in his community. Through thoughtful estate planning, his involvement will continue beyond his years.
Stanley first moved to Cleveland in 1970 with his beloved wife Betty (z"l). The happy couple enjoyed being part of a vibrant Jewish community. When local worthy charities asked for support, the Blums responded generously, giving back to the community they loved.
When Betty sadly passed away in 2012, Stanley began to think seriously about what their legacy would be and how they would leave their mark in the Jewish community beyond both of their lifetimes.
Stanley continued to support many charities with annual gifts, while consulting confidentially with the development professionals at the Jewish Federation of Cleveland and his attorney about what the future could hold. He learned he could make larger, more impactful gifts to the charities closest to him with retirement assets. In addition to the joy he gets from leaving a legacy, this designation will save his heirs from income tax obligations.
"I have discussed my plans with my children and they are thrilled with the deep satisfaction I'm feeling from helping our community beyond my lifetime," said Stanley.
Using retirement assets to fund a charitable gift is easy. It does not require an attorney to change or add a beneficiary. So, just like a spouse or children can be beneficiaries of an Individual Retirement Account (IRA) or 401K, an organization can also be designated as a beneficiary. A specific amount or percentage of retirement assets can be designated for a charity, helping a favorite charitable organization thrive for years to come.
Unfortunately, most donors do not inform charities of their intentions, which deprives the charity of the opportunity to show appreciation or recognize the donor's generosity. By informing his beloved charities of his intended bequests, Stanley allowed the Federation to thank him now and ensure his wishes are known.
Stanley and donors like him give L'dor V'dor special meaning. When the time comes (hopefully not for many years) we will think of Stanley and smile with gratitude.
More info about Charitable Bequests