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February 14, 2019
Many of us give generous donations to charities and organizations throughout our lifetime. But what if you could create a legacy gift to a cause, while enjoying some financial benefits now? Planned giving, also referred to as gift planning or legacy planning, can allow you to do just that.
Unlike standard donations given to non-profits, a planned gift is a major donation that can be made during your lifetime, or after, that maximizes the gift and/or minimizes the impact of that gift on the donor’s estate. The gift itself can come from a number of different sources, including cash, securities or stocks, real estate, artwork, personal property, life insurance, or even a retirement plan.
Generally, planned gifts fall into 3 main categories:
The type of gift you plan may depend on the type of organization and how their planned giving program is operated. Additionally, a legal advisor can help you determine which type of gift can best benefit you and/or your estate.
A planned gift can help you ensure the future of a nonprofit you support. In fact, for many organizations, planned gifts are the biggest donations they receive all year and play a major role in helping to support their future. Here are some other benefits of planned giving:
Additionally, planned gifts are able to avoid the often expensive and long probate process. And depending on the type of gift, it can bring donors a whole host of other benefits such as planning for the financial needs of a spouse or loved one, providing heirs with inheritances at a reduced tax rate and diversifying your investment portfolio.
Be sure to contact your attorney or legal advisor to help you choose which planned giving option will best meet your financial and philanthropic goals, and there are often changes to tax laws which may impact your giving.
Episcopal SeniorLife Communities can help you leave a lasting legacy through a planned gift to The Episcopal Church Home Foundation through our Frank Allen Society. Created in dedication to Frank Allen, former president of The Episcopal Church Home’s Board of Directors, The Frank Allen Society helps us provide the best in care to every resident both now and for years to come.