Skip to Content

Hindu Family Uses Charitable Insurance to Help Monks, Magazine and Orphans

Mrunal, Padmaja, and their daughter

Mrunal, Pooja and Padmaja Patel have chosen life insurance as their planned gift option for the monastery.

Mrunal, Padmaja, and their daughter, Pooja Patel, are studying daily Master course lessons from Gurudeva's Trilogy: Dancing with Siva, Living with Siva and Merging with Siva. The family explains that in the last two years of learning something new everyday through the lessons has changed their lives.

"It has given us clarity on our goal in life and the tools we need to live a more balanced, joyous and fulfilling life," Mrunal Patel said. "We were introduced to Gurudeva's teachings and Kauai Aadheenam when we came across a copy of Hinduism Today at a friend's home."

The Patels have named the Kauai Aadheenam Monastic Endowment, the Hinduism Today Production Fund and the Hindu Orphanage Endowment fund as beneficiaries of a charitable life insurance policy. The Hindu Heritage Endowment manages all three funds.

"I read about the use of insurance to support a charity in the Monastery newsletter." Mrunal Patel said. "We looked at a lot of different options, and because of our age, it made sense to fund our bequest with life insurance."

At the death of the surviving spouse, 60% of the policy's proceeds will go to support the Kauai Aadheenam Monastic Endowment, which offsets expenses directly incurred by the monks and supports their travel, study, training and major medical expenses.

"We have tremendous respect for what monks do everyday, and the sacrifices they have made in their lives for the upliftment of humanity," Mrunal explained. "Donating to the temples comes naturally to most of us, but we must remember the monks and priests who maintain the strong vibrations at the temple by their daily pujas and rituals. We have to take care of them so they can continue preserving and passing down our religion to the next generation."

The Hinduism Today Production fund will receive 20% of the proceeds. The Patel's admire the magazine's broad interest in Hinduism worldwide and how it is the only Hindu magazine that does not propagate any one denomination.

The remaining 20% will support HHE's Hindu Orphanage Endowment Fund, allowing the Patels to help orphaned Hindu children around the world.

The Patels are members of a growing Hindu community that began arriving in West Texas almost 30 years ago. The new arrivals formed the Hindu Association of West Texas in 1983. They bought a home and converted it to a temple. The home now serves as a quarter for a Hindu priest who performs daily puja in the 8,000 square foot temple built two years ago.

"Most of the people who have come here were like me, raised in India," Mrunal explained. "But our kids need to have their culture passed on to them in order for Hinduism to survive into the next generation. The role of the Monastery has been vital in preparing religious educational materials and books for children."

Of his family's use of life insurance to support Hindu causes in the future, he added: "We can all do something through our estates to support the charities of our choice. The sooner we start, the better the return, just like any other investment."

eBrochure Request Form

Please provide the following information to view the brochure.

Calendar

Manjung Hindu Sabha Orphanage Fund

Provides support to this orphanage in Sitiawan, Malaysia

Calendar

Manitha Neyam Trust Fund

Supports the Sivapoomi Elders Home, a home for the elderly in Kondavil, Sri Lanka.

Calendar

Mahajana College Endowment

Supports Hindu religious activities at Mahajana College in Jaffna

Calendar

Loving Ganesha Distribution Fund

To distribute free copies of Loving Ganesha around the world

Planned Giving Guidance

Five Reasons to Write an Estate Plan in Tough Times

Newsletter

June 2017
&nbsp &nbsp &nbsp Newsletter

Use Giving Assistant to save money and support Hindu Heritage Endowment

A charitable bequest is one or two sentences in your will or living trust that leave to Hindu Heritage Endowment a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

Bequest Language

"I give [percentage of my estate, stated sum of money, designated property or balance of estate] to the [insert name of fund] of Hindu Heritage Endowment, a charitable trust whose Federal Employer Identification Number is 99-0308924, located at 107 Kaholalele Road, Kapaa, Hawaii, 96746-9304, USA."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to HHE or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to HHE as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to HHE as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and HHE where you agree to make a gift to HHE and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.