One of the main reasons for committing to a planned and/or “Legacy Gift” is the goal of providing a secure financial future for the Club that you love. There are several ways to make a planned gift, but the most common is designating a gift in your will. These gifts are commonly given as a fixed percentage of your estate or a specific dollar amount. One benefit of giving this way is that it does not affect your current lifestyle or your checkbook. A Legacy Gift can help your Club financially plan for the future, and it also can insulate them from future economic events which could impact their finances.
Often people assume that gifts from an estate are only for the rich, but one recent study found that 70% of all planned gifts came from donors who were not from the top 10% of givers.
Stanford Social Innovation Review, “Philanthropy’s Missing Trillions” October 16, 2017
This makes sense, as love for a Club has nothing to do with one’s wealth! It simply reflects the impact the organization has had on your life or the community in which you live! As Michael Rosen has said, “Planned gifts are the major gifts of the middle class.” It is far easier for the majority of donors to leave a significant gift in their will than to make an outright large gift from their checking account.
A second benefit of planned gifts is that donors can work with their Club on the specific way they wish to support them, which could range from literacy, to sports, the arts, or an endowment. Helping a Club in a way that is meaningful to the donor makes a Legacy gift very powerful!
Now, if you desire to leave a legacy gift, but do not want to hire an attorney to draw up a will, consider a Beneficiary Designation Gift. By naming the Club as a beneficiary or a contingent beneficiary of your IRA, 401k, Life Insurance, Annuity, or Checking Account, your gift will come directly to the Club tax-free after you are gone. Simply contact your plan administrator for your account and ask for a beneficiary designation form and then make your designation. It’s an easy way to make a Legacy Gift, and it’s free! Ultimately, if you desire to leave a Legacy Gift for our Club, we want to work with you to bring this about! Please don’t hesitate to give us a call!
Disclaimer: This communication does not constitute legal, tax, or financial advice, which we do not provide. Please consult professional advisors concerning the legal, tax, or financial consequences related to your charitable planning.
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