The vast majority of us have causes we donate to throughout our lifetime to help charities with funding their mission. But have you ever thought about legacy giving. Actually, this is quite different. After all, they are the answer to ‘how can I help tomorrow?’ and ‘how would I like to be remembered?’
Just to put it plainly, a legacy gift is a gift to charity or non-profit organization in your last will and testament. It can be a; piece of property, cash, or percentage of your estate. These gifts play a vital role in supporting charitable organizations, though many people have no idea that they’re an option, how they are paid out, or the tax benefits accompanying legacy gifts.
So, what is regarded a planned gift? Well, many organizations or individuals also refer to legacy giving as planned giving. A planned gift is any charitable gift you plan to leave after you’re gone from this planet. This can be a cash gift or even a percentage of your estate as stated earlier. Provided it is a gift you’ve planned in your will, it can be regarded a planned gift or legacy gift.
Most people tend to worry that leaving a legacy gift means that there will be less to give to their loved ones. However, this is not really the case considering you can make a legacy gift without taking away from the gifts left to your family and friends. When you leave a legacy gift, it is worth mentioning that your estate receives a tax receipt for the full value of the gift.
Aside from tax benefits, there are many other reasons to leave a legacy gift. In a nutshell, it is a remarkable way to leave a lasting legacy of generosity and make a cause you care about an important part of your life story.
Your legacy gift might also cause others to think about their own philanthropic goals and inspire them to give back well. When it comes to how your legacy gift benefits your preferred charity, they are often unexpected.
Even though legacy giving allows you to leave much larger gifts than otherwise possible, it is always important to remember that you don’t have to be wealthy to leave a legacy gift. You can always leave as much or as little as you so desire.
