Legacy Gifts/ Planned Gifts are dollars given over time or as part of a donor’s estate. These gifts are among the largest gifts a library will ever receive. Yet we tend not to promote the opportunity for donors to utilize planned gift strategies to support them! According to Morgan Stanley, over the next few years $70- $140 TRILLION will pass from one generation to the next; about a third of that will likely be given to nonprofits.
Resources on legacy and planned giving:
Free Will: Services include helping nonprofits create planned giving programs. Offers many free webinars on wills, trusts and more. http://freewill.com
Here’s how the Library Foundation for Sarasota County incorporated Legacy Giving on their website using FreeWill services: Join Our Legacy Society — Library Foundation for Sarasota County (sarasotalibraryfoundation.org)
PlannedGiving.com offers a Legacy Giving Tool Kit in a Box for small nonprofits, targeted outreach and marketing brochures and more. http://Plannedgiving.com
Did you know?
Individuals can reduce their Required Minimum Distribution (RMD) by making a Qualified Charitable Distribution (QCD) directly to the charity of their choice? This can optimize the tax benefits of giving. In 2024, the QCD limit has been increased to $105,000. Learn more here: Reducing RMDs With QCDs | Charles Schwab
Sample language for Legacy Gifts
Making a Planned Legacy Gift*
You can create a legacy through a bequest to help ensure that libraries remain a community anchor for generations to come. Some donors choose not to inform the charity of their generous intentions. (Name of library) encourages you to inform us of your intentions, so we can thank you and share our vision for the future. You do not have to indicate the gift amount and it affords us the opportunity to celebrate the future gift with you. It also allows you to have a discussion beforehand to set in writing exactly how you wish the gift to be utilized. If you still wish to remain anonymous, you can inform us of your intentions with the understanding that we will not make your intentions public until after the gift is realized.
Here is some sample bequest language you may want to share with your attorney:
“I give and devise to the (Name of Library), located in Westchester County, NY, all (or state a dollar amount or a percentage) of the rest, residue and remainder of my estate, both real and personal, to be used for its general support.”
* This information is provided for your reference only and is not intended as legal or financial advice. We strongly recommend you consult a qualified legal or financial advisor before making a planned gift. For more information, call (insert phone) and ask about planned giving opportunities. Contact us for more information regarding gifts resulting from trusts, tangible personal property, life insurance, or real estate.
