The Power of Planned Giving - Creating a Legacy that Matters
If you’ve ever donated to a non-profit before, you’ve realized that every donation matters - big or small. However, there are more ways to make a difference than just a one-time, monthly, or even yearly donation to your favorite organization. Planned Giving, also known as legacy giving, deferred giving, or estate giving is a powerful way to pass on a legacy to an organization you are passionate about supporting.
The good news is you don’t have to be Andrew Carnegie or Bill Gates to leave a meaningful philanthropic legacy.
Planned Giving Benefits
Planned giving is a simple yet significant way for you to make a lasting impact after your death – and to leave a legacy. Once you have provided for your loved ones, you can structure a planned gift that will satisfy both your philanthropic and tax goals.
Many donors want to give major gifts in their lifetimes but don’t have the financial flexibility to do so. Planned giving lets donors make those large gifts after they have passed away, when life expenses won’t interfere. You can make a major gift with an outright bequest or by using a variety of assets like art, jewelry, life insurance policies and more thoughtful planning through estate gifts and endowments.
Planned giving is important because it provides your favorite nonprofit with an ongoing source of income, secures fiscal stability, and can enhance cash flow. For the donor it’s another element to giving – it provides a deep connection with the organization and with a wider range of possibilities, the donor can select an option that best suits his or her goals.
Can I determine how my planned giving can be used?
Donors can give to a certain campaign or to the annual fund, but most planning giving doesn’t detail exactly how the money should be spent within the organization.
Keep in mind that a planned gift is a future gift. It’s a way to help ensure that the non-profit you love and care about can continue to do the work needed to help the community. It’s a way to show your continued support even years after you are gone.
Do I need to be wealthy to make a planned gift?
Absolutely not, almost everyone has the ability to create a planned gift. Because planned giving comes in many shapes and forms, there is an opportunity craft the process and become a legacy donor.
There are also tax benefits (short and/or long term) that may apply depending upon the type of gift. Donors at a variety of income levels can benefit. Be sure to consult with your financial or estate planner for more specifics and to determine what is the right path for you to take.
At Noble Horizons we cherish our donors, as a non-profit organization our donors ensure our legacy continues. If you are interested in learning about Noble Horizon’s giving options, please give us a call at (860) 435-9851.