NEW YORK (Aug. 22)
The Jewish National Fund of America today reported that monies deposited with the J.N.F. throughout the world in the form of “living” legacies” have passed the $4,000,000 mark. While most of the legacy Fund has come from residents in Israel, a substantial part of it was made possible by legacies set up by Jews in Europe and in the United States, the report said.
The Living legacy is an annuity form through which money is invested with the” Jewish National Fund for which the Investors are paid a rate of interest in the form of an annuity. These investments are meant to serve a twofold purpose. They provide an income during the lifetime of the investor, and establish a residue which is ultimately used to create projects in Israel honoring the memory of the investor. These projects are generally the establishment of new settlements and groves, or forests.
A department for these activities has teen set up by the Jewish National Fund in New York. It will specialize in promoting the idea of insurance in behalf of the Jewish National Fund, and the assignment of part or all of existing insurance policies by friends of the Fund. The department is operated by a Board of Directors of which Ira A. Hirschman is president.