Legacy/Planned Giving

What is legacy giving?

Legacy giving refers to donations that supporters plan to give to a nonprofit after their passing. Legacy giving is also commonly referred to as planned giving as donors often plan these gifts years before they are distributed to the designated parties. 

 

For many donors, legacy giving will consist of monetary donations, but some donors will give real estate or choose to set up a charitable annuity or trust rather than make a direct donation. While the specifics of each gift and how it is distributed will vary depending on your nonprofit and legacy donors, these gifts can have the potential to supply the nonprofit with meaningful funds for years to come and honor the legacy of the donor who made the contribution. 

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Why is legacy giving important? 

Legacy giving can benefit both nonprofits and donors. Donors who choose to participate in legacy giving can experience positives, such as:

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• The ability to cement your legacy. Legacy giving ensures that you will be remembered for your generosity and commitment to the Huddle Touch's purpose long after your passing.
   

• Tax breaks. Many wealthy donors join a legacy giving program both out of their commitment to their favorite nonprofit and the numerous tax benefits that participating can bring their families.
   

• Control over your donation’s use. Often, donors hesitate to give to nonprofits if they are unsure what impact their contributions will make. With legacy giving, you can add stipulations in your will for how your gift will be spent. This can help you feel rest assured that your legacy will be preserved the way they would have wanted. 
   

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What are the types of legacy giving?

 

• Bequests: Bequests are the most popular and simplest type of legacy giving. In your will, you can name what you want to give to Huddle Touch, whether it’s a specific amount of funds, stocks, a piece of art, or even a percentage of the value of their estate.
   

• Life insurance: When taking out a life insurance policy, you can name Huddle Touch as one of its beneficiaries. If you currently have life insurance policies that you don’t need anymore, you can also participate in legacy giving by donating your policy’s accumulated value to Huddle Touch.
   

• IRAs: You can join a tax-deferred retirement plan. You use this as a method to participate in the legacy giving program by either naming Huddle Touch a beneficiary or as a recipient of the percentage of the proceeds. 
   

• Retained life estates: Instead of making a monetary donation, you can give Huddle Touch a piece of property you own, while still retaining the right to use it during your lifetime. In the event of your passing, Huddle Touch can choose to keep or sell the property. 
   

There are actually even more ways to make a legacy gift than just these options. Discover what giving method makes sense for you, and meet with your financial consultant to work out all the nitty-gritty details. 

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