As we approach our golden years, the desire to leave a positive mark on the world often grows stronger. Legacy giving, also known as planned giving, offers a meaningful way to make a lasting impact on the causes and organizations we care deeply about. In this article, we will explore what legacy giving is, why it matters, and how seniors can engage in this powerful act of philanthropy.
What is Legacy Giving?
Legacy giving involves making a deliberate decision to allocate a portion of your assets, whether through a will, trust, or other means, to support charitable organizations or causes that are dear to your heart. This act ensures that your values and passions continue to thrive long after you’ve passed away.
Why Legacy Giving Matters
Creating a Lasting Impact: Legacy giving allows you to make a significant contribution to causes that matter to you, leaving a positive and enduring mark on the world.
Preserving Your Values: By supporting organizations that align with your beliefs and values, you ensure that those principles continue to be upheld even when you’re no longer here.
Inspiring Future Generations: Legacy giving sets an example for your loved ones, showing them the importance of giving back and supporting the greater good.
How to Get Started
Reflect on Your Values and Passions: Consider the causes, charities, or organizations that hold special meaning to you. Whether it’s education, healthcare, the environment, or any other area, identify what resonates with you.
Seek Professional Guidance: Consult with a financial advisor or an estate planning attorney who specializes in legacy giving. They can help you navigate the legal and financial aspects to ensure your wishes are carried out effectively.
Choose the Right Vehicle for Giving:
Wills: A will is a common way to include charitable gifts in your estate plan. You can specify a certain percentage of your assets or a specific dollar amount to be allocated to the chosen charity.
Trusts: Setting up a charitable trust allows you to provide ongoing support to a cause while still receiving benefits during your lifetime. There are various types of trusts, so consult a professional to determine which one aligns with your goals.
Beneficiary Designations: Naming a charity as a beneficiary on a retirement account, life insurance policy, or other financial asset is a straightforward way to support a cause you care about.
Communicate Your Intentions: Clearly express your wishes to your loved ones and the chosen charity. This ensures that your legacy giving plans are carried out according to your desires.
Legacy giving offers a powerful opportunity for seniors to make a lasting impact on the world. By aligning your values with charitable causes and taking thoughtful steps towards planned giving, you can leave behind a legacy that reflects the values and principles that matter most to you. Embrace this opportunity to make a difference and inspire future generations to do the same.