Note: This outlines one of three basic options for succession planning with JCF. You can read more about all options at Creating Your JCF Legacy.
The majority of our Fundholders choose to name heirs or relatives as their Successors.
After the death of all Fundholders, individual Successors assume all privileges held by the Fundholders, including making grant and investment recommendations, and naming their own Successors. A Successor does not have to be of majority age (18) when appointed; a temporary Successor may be named to act until the primary Successor is of majority age.
Tip: We recommend reviewing and/or updating your Succession Plan every few years to ensure we have updated contact information for your Successors and that your plan still accurately reflects your wishes.
You may indicate in your Succession Plan your intention to have Successors act independently on one donor advised fund, or have the assets divided equally to establish separate funds for each Successor (a minimum balance of $5,000 is required per Successor to establish new funds). JCF reserves the right to limit the number of Successors who will participate on a single fund.
In order to assume the privileges of the original Fundholder, Successors must complete and submit a Successor Transition Form within one year of receiving the request. Our staff makes every effort to reach out to your Successors; ensuring that JCF has updated contact information for your Successors is very helpful. However, if JCF does not receive the form within the year, we reserve the right to transfer the fund balance to the JCF Special Gifts Fund to make grants to projects in the Jewish community of New York in your memory. Once Successors complete the form, they will have all the privileges of Fundholders and may make changes to the JCF fund.
Questions about estate planning and donor advised funds?
We would be happy to assist you.
Succession Story:
Jack & Karla
Give your heirs the flexibility to support their own philanthropic interests with separate funds for each child.
Jack and Karla initially set up a JCF fund alongside their private foundation to facilitate giving that was outside the mission of the foundation. Their three children were never involved with the foundation.
In order to engage them in charitable giving, Jack and Karla established JCF funds for each child so they could support charities that aligned with their varied interests. As part of their Succession Plan, Jack and Karla decided to terminate the family foundation upon their passing and divide the remaining funds evenly between their three children’s JCF funds. They involved their trust and estate attorney in creating their JCF Succession Plan and realized that it was tax efficient to have assets from their IRAs go to their heirs’ JCF funds as well. This plan significantly enhanced their children’s capacity to give without the burdens of overseeing a foundation, gave them the freedom to support the charities they each cared about, and brought their philanthropy to the next level.
Succession Story:
David & Sara
Create opportunities for family to give together.
David and Sara were longtime supporters and board members of their synagogue, UJA-Federation and the local day school. Supporting these institutions after they were gone was very important to them. They therefore appointed their son and daughter as Successors on their JCF fund, and shared their desire for their children to continue supporting these communal institutions. After David and Sara passed away, their son and daughter renamed the fund in their parents’ memory and made annual grants to the charities their parents held dear in order to honor their memory and carry on their legacy. The children worked together to identify additional charities that reflected their parents’ interests and values.