Legacy Giving
Legacy Giving, sometimes referred to as "Planned Giving", is the act of designating a major gift to an organization through a trust or will. The gift could include cash, real estate, life insurance, equity, or personal property.
The Benefits
-
Legacy Giving represents the opportunity to leave a major gift that may not have been possible in their lifetime due to financial constraints.
-
Charitable Gifts are often exempt from Estate Tax, meaning more of the gift would go directly to Family Promise.
-
Donors can avoid capital gains taxes when they transfer assets as part of a Planned Gift -- again maximizing the contribution to Family Promise.
-
Donors have more control over how their gift is used through Legacy Giving.
How does it work?
Planned Giving typically starts during the Estate Planning process, or when a donor realizes they want to make a significant contribution to a charitable organization. Most major gifts are organized with the help of an attorney or Estate Planning lawyer; this is because there are various legal and tax strategies available that can maximize the impact of the gift.
​
The process of Planned Giving is commonly done as individuals make an Estate Plan, as this is the perfect time to set aside assets. The gift could be established in your Last Will and Testament or created as part of a Trust. An Estate Planning lawyer will be able to guide you through the best structure based on your goals and finances.
Questions?
Contact us for more information about Legacy and Planned Giving and how to do so with Family Promise.
(423) 650-4106