Did you know that planned giving accounted for over 16% of overall fundraising for American nonprofits last year, according to The State of Planning Giving in Fundraising? Yet planned giving isn’t necessarily something most people think of or even know much about.
Planned giving, also known as legacy giving, is a simple way of intentionally arranging to give to your favorite nonprofit organizations at a future date, usually as part of a will or trust. It allows you to preserve your assets now but still support your favorite nonprofit missions after your other financial obligations have been met. And there are a few powerful reasons to consider adding a legacy gift to your giving portfolio:
- There can be sizeable tax breaks for you. For example, under current law, there is no upper limit on the estate tax deduction for your charitable bequests. Specifics on what tax breaks are available to you and how best apply to you vary, and you should ask your tax professional about what tax breaks you qualify for if you set up a legacy gift.
- You can determine exactly how your funds will be used. You can choose to allow your chosen nonprofit the opportunity to determine how best to use your gift, or you can specify that your gift be used for a particular purpose.
- Your assets remain in your control, and you can change your gift as many times as you want as your life circumstances change.
The best part is that you can create a legacy of love and support, ensuring that nonprofits like Life’sWork will be able to continue to be positive changemakers in our local communities and beyond.
Want to know more about planned giving? Visit our website for additional information. We’ve compiled the details you need to determine if planned giving is right for you and what to do to make it part of your charitable giving plan. When you’re ready to set up your legacy gift, contact us and we can help you through every step.
