Why Legacy Gifting is Important

The vast majority of us have causes we donate to throughout our lifetime to help charities with funding their mission. In any case, have you pondered legacy giving? In reality, this is quite different. After all, they answer, ‘How can I help tomorrow?’ and ‘How might I want to be remembered?’

A legacy gift is a gift to a charity or a non-profit organization in your last will. It tends to be a piece of property, cash, or a percentage of your estate. These gifts play a vital role in supporting charitable organizations; however, many people have yet to learn that they’re an option, how they are paid out, or the tax benefits accompanying legacy gifts.

All in all, what is regarded as a planned gift? Numerous organizations or individuals additionally refer to legacy giving as planned giving. A planned gift is any charitable gift you plan to leave after you leave this planet. As stated earlier, this can be a cash gift or even a percentage of your estate. If it is a gift you’ve planned in your will, it is regarded as a planned or legacy gift.

The vast majority worry that leaving a legacy gift means there will be less to give to their loved ones. However, this is different, considering you can make a legacy gift without detracting 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 gift’s total value.

There are numerous other reasons to leave a legacy gift besides tax benefits. In a nutshell, it is a remarkable method for leaving a lasting legacy of generosity and making a cause you care about an important part of your life story.

Your legacy gift could likewise inspire others to consider their own philanthropic goals and give back well. Legacy gifts are frequently unexpected in terms of how they benefit your preferred charity.

Even though legacy giving allows you to leave much more significant gifts than otherwise possible, it is generally essential to remember that you don’t need to be wealthy to leave a legacy gift. You can constantly leave so much or as little as you so desire.

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