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A legacy in the context of fundraising refers to the bequest or donation made by an individual to a nonprofit organization, usually through a will or estate plan. This act of giving is intended to create a lasting impact, ensuring that the donor’s values and passion for a cause continue beyond their lifetime. Legacies can take various forms, including cash, property, stocks, or other assets, and often represent a significant financial contribution to the organization. Many nonprofits actively encourage legacy giving as part of their major gifts program, recognizing its potential to secure long-term support and stability. By establishing a planned giving program that promotes legacies, organizations can cultivate relationships with donors and encourage them to consider the nonprofit in their estate planning, thus ensuring sustainable funding for future initiatives.
In reality, legacy gifts can come from anyone, regardless of their financial status. Even modest contributions can accumulate over time and significantly impact a nonprofit's long-term sustainability and success.
A legacy gift, also known as a planned gift, is a contribution made by an individual through their will or estate plan, allowing them to leave a lasting impact on a nonprofit organization after their passing.
To arrange a legacy gift, individuals should consult with their financial advisors or legal professionals to include the nonprofit in their estate plan or will. This can involve specifying a monetary amount, a percentage of the estate, or donating specific assets.
Yes, legacy gifts are typically tax-deductible for the donor's estate, and they can help reduce the overall estate tax liability. However, it is essential to consult with a tax professional for specific implications based on individual circumstances.