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A planned gift, also known as a legacy gift or a deferred gift, refers to a contribution to a nonprofit organization that is arranged in the present but will be realized in the future. This type of giving often involves legal or financial planning to ensure that the donor's intent is fulfilled upon their passing or a future date. Common methods of making planned gifts include bequests in wills, charitable remainder trusts, gift annuities, and life insurance policies. The commitment to a planned gift allows donors to contribute significant resources to organizations they care about while often providing them with potential estate and tax benefits.
While it's common to associate planned gifts with wealthier individuals, this is a misunderstanding. Planned gifts can be made by anyone, regardless of their financial status. The important aspect is the intention to support the nonprofit's mission, and small planned gifts can accumulate collectively to make a significant impact over time.
Planned gifts can provide substantial financial benefits to both the donor and the nonprofit. For donors, planned gifts may yield tax advantages, reduce estate taxes, and provide a way to leave a lasting legacy. For nonprofits, planned gifts often secure future funding that can enhance long-term financial stability and support important initiatives.
Nonprofits can encourage planned gifts by promoting awareness of the benefits associated with them, offering estate planning workshops, providing resources on giving options, and highlighting stories of past planned gift donors. Establishing a planned giving program and ensuring that staff is trained to handle inquiries can also make a difference.
While there are no specific age restrictions for making a planned gift, donors often consider such giving as part of their estate planning in later life, typically when they reach retirement age. However, individuals of any age can establish certain types of planned gifts, like donor-advised funds or trusts, depending on their financial situation.