What is Legacy Giving?
Most volunteer organizations do not receive legacy gifts because many donors aren’t aware it’s an option. However, people are no more curious about legacy giving, what it is, how they can go about the process, and more. At Dorchester Habitat for Humanity, we offer donors this option along with our standard volunteer opportunities Summerville.
As a reputable and well-established charitable organization, we have worked consistently in the field, helping to improve the lives of many underserved people in the communities we operate in. Planned giving or legacy giving is a donation an individual makes through a formal designation like a will. Typically, the donor would consult their financial planner to prepare their legacy gift. The gift needs to reflect the donor’s desires and values.
Many donors want to leave behind a memory or legacy through posthumous giving. While most legacy gifts are made when someone dies, that isn’t always the case. There are many different types of legacy giving– some may start with donations that a donor makes while they are alive. These donations continue even after their death. Here is some information about these donations.
What Is A Legacy Gift?
A legacy gift is a promise that has no end that you, your kids, and your grandkids make to support people in your community. These are permanent funds/donations, and the proceeds are spent on various charitable gifts and work by the non-profit organization. There are specific categories of legacy gifts you can choose from, such as:
- Legacy Gifts used for the Common Good– Every community has changing needs. Legacy gifts that are used for the common good go towards various causes. The charitable organization Summerville will use the funds for the community whenever any critical needs crop up.
- Field of Interest Related Legacy Gifts-These gifts helps sustain non-profits or programs in very set areas of interest. The donor selects these organizations/programs based on areas or fields they are passionate about, such as health and human services, education, and more.
- Designated Legacy Gifts– These gifts provide a source of support to the donor’s non-profit organization of choice, such as Habitat For Humanity.
What Are the Different Types of Legacy Gifts?
Just as there are specific categories of gifts, you can also choose from different types of gifts, such as:
- Real Estate– Transfer property titles to the charitable organization
- Bequests- You add habitat for humanity Summerville, SC, as a beneficiary and include a bequest in your will
- Gifts of Securities: Transfer stock or mutual funds ownership to the non-profit
- Gifts of IRA/Life Insurance– Name the non-profit organization as a beneficiary in your IRA or Life Insurance Policy
- Gift Annuities– Transfer gifts of property, cash, or securities, to the non-profit organization. You will get a tax deduction and potentially fixed payment for life and capital gains savings for this type of legacy gift.
What Is A Legacy Giver?
For philanthropic and charitable, giving is a part of their lives; legacy giving is a pretty meaningful and rewarding experience. Whether you are an individual legacy giver or do this collectively with your family, you can decide how to pursue it. A legacy giver is a person who makes a permanent donation in the form of a bequest, real estate, gift annuities, gifts of securities, IRA, or life insurance. The proceeds, funds received from these legacy gifts are used for various charitable activities your non-profit of choice is involved in. After you, your family can continue with that same legacy gift.
How Do You Ask For Legacy Gifts?
A non-profit can make its donors aware of legacy gifts via a website landing page, an email, or a letter. Once donors know what legacy gifts are and how to set them up by consulting their financial planners, they will be more comfortable with legacy giving. A donor needs to feel a strong connection with the cause to consider leaving a legacy gift.
A one-time volunteer or donor is not who you approach for a legacy gift. It’s also essential that you show donors how important legacy gifts are to the organization and how beneficial they can be to the community. Once the donors notice a need to be filled, they will be more open to legacy giving. Helping the underserved and improving their lives can be incredibly meaningful.
What is a Charity Legacy?
Legacy gifts are slightly different from regular donations. Legacy gifts are gifts to a non-profit organization or charitable organization that actualizes after your death. A charity legacy can be in the form of real estate, cash, or some other part of your assets or property. These gifts help non-profits create a solid initiatives plan that can be sustained over the years.
Donations also help in the betterment of the community, but these address only the current needs. On the other hand, legacy gifts help in the future and are an excellent way to keep your memory alive. As mentioned earlier, a legacy gift can also be set up with families so you, your children, and their children can carry your legacy forward.
What Is Habitat For Humanity Involved In?
We are here to help with all the information you need regarding legacy gifts, and our team will answer all your questions and clear doubts, if any. Our organization has worked consistently to positively impact hundreds of families that need affordable and safe housing.
We are involved in charitable activities and efforts through our used furniture store, habitat golf classic, habitat restore, and various volunteer opportunities in Summerville. You can make a difference in the lives of many people in the way you want. Your contributions and our consistent efforts help create a positive change in these people’s lives today and for future generations.
For any more information, you can call Dorchester Habitat for Humanity at this number- 8438511414 or Contact Us via this online form. One of our team members will call you shortly to give you the details you need.