How Can I Leave a Lasting Legacy?
It is an unfortunate fact of life that there will come a day when each and every one of us will pass on from this world. We all want to leave behind a better world for our children, grandchildren, and future generations. From lending a helping hand to someone in need and volunteering to leaving a lasting legacy which will help provide for those in need for years to come, there are countless ways to begin forming a lasting legacy today.
What is planned giving?
Planned giving is when an individual plans a monetary donation or assets to a nonprofit or other organization prior to their death. At the time of their death, the planned gift is then transferred to the designated organization when their estate is settled.
3 Reasons to Consider Planned Giving
Why is planned giving important? Aside from the ability to help nonprofit organizations do great things and help people in need, planned gifts can also be beneficial for the giver.
1. You choose where your money goes.
If you want to have control over where your money goes after your death, planned giving allows you to coordinate how your assets, monetary or otherwise, will be divided. This allows you to coordinate a planned gift that sees all of your assets contributed to one organization, or a plan that includes multiple organizations as well as individuals or family members.
2. There are no surprises.
Coping with grief after the loss of a loved one can be a very difficult time. When stress levels are high, tension can arise over how to distribute a loved one’s assets. With planned giving, you can prepare your loved ones for what’s to come in order to help avoid conflict among family members.
3. You’ll be remembered.
Individuals who create lasting legacies for nonprofits, educational institutions, and other organizations may also enjoy the added benefit of having their name associated with new buildings, new projects, new programs, and other types of initiatives. As a result, family, friends, and future generations will have the opportunity to admire and appreciate your planned gift.
3 Ways to Leave a Legacy
If you want to create a lasting legacy through planned giving, there are a number of ways to do so.
1. Choose a local organization to sponsor.
Nonprofit organizations are one of the largest recipients of lasting legacies. If your goal is to help others while also creating a legacy of generosity and kindness, a planned gift which supports the efforts of a nonprofit organization is one way to do so.
2. Donate valuable assets.
Not all planned giving initiatives are monetary. From historic collections and valuable artifacts to vehicles and properties, individuals can also choose to donate assets in order to be used by universities, schools, nonprofit organizations, and more.
3. Create a scholarship fund.
Working with universities and private schools to create a scholarship fund can help students in need of financial assistance while also supporting an institution and cause you’re passionate about. For example, many scholarship funds are designated for athletes who play a particular sport, students who participate in a certain extracurricular club, or those who major in a particular degree program.
Opportunities for Planned Giving
CareLink offers the opportunity for individuals to create planned gifts and lasting legacies through retirement accounts, life insurance policies, as beneficiaries, and more. Learn more about opportunities to support CareLink and our mission to provide resources and assistance to seniors and caregivers in Central Arkansas through Meals on Wheels, counseling, legal assistance, and more.
How do I create a lasting legacy?
Due to the financial nature of planned giving, we recommend consulting a financial guide or legal expert to help you prepare a lasting legacy. At CareLink, our legal consultants provide assistance with:
- Creating planned wills
- Designating a decision-making individual
- Retirement benefits
- Medicare, Medicaid, and other government benefits
- Managing a deceased spouse’s assets