Leaving Your Legacy is contributed by Käaren Flint, Engagement Manager – Helping Hands Food Bank. This article is published in the Spring/Summer 2023 Edition of Vibrant Senior Options Resource Guide.
A recent bequest uncovered the life of a local woman who never had children but traveled the world, making a global impact and living a life of adventure. When planning her estate, she left much of it to non-profits throughout the area, leaving a legacy locally.
Legacy Giving is Planned Giving
Legacy giving is also known as planned giving. This is an increasingly popular way to make a lasting impact on your favorite nonprofits. Leaving your legacy involves combining charitable giving with estate planning, ensuring that a portion of your assets are directed towards a nonprofit after your passing.
Different Forms of Legacy Giving
Leaving your Legacy can take many forms, including a bequest in your will, charitable trusts, and other planned giving options. One of the most popular forms of legacy giving is the bequest, a gift of money or other assets specified in your will. Bequests can be a fixed dollar amount or a percentage of an individual’s estate. This bequest can be directed toward a specific program or initiative within a nonprofit.
A Lasting Legacy
One of the primary benefits of legacy giving is the ability to leave a lasting legacy supporting an organization you are passionate about. One example organization is the Helping Hands CHOW program. Your Legacy gifts can help ensure that a nonprofit has the resources to continue its important work long into the future, even after your passing. Also, your legacy gifts can support various programs and initiatives, from funding specific programs to supporting organizational growth and advocacy efforts.
Tax Efficiency
Another impactful way to take part in legacy giving is by donating stocks. Giving with your legacy can be a tax-efficient way to make a charitable contribution. Legacy giving can provide significant tax benefits to you or your estate, depending on the structure you and your advisor set up. This can help you maximize the impact of your efforts and the ability to leave a larger legacy than you may have thought possible.
If you want to set up a legacy gift for Helping Hands Food Bank and be part of the nourishing of our community, contact kaaren@helpinghandsfoodbank.org. Contact your financial or legal advisor to give to other local non-profits and research your options. Don’t have an advisor? We can help with that, too!
Käaren Flint
Engagement Manager
Helping Hands Food Bank
P: (360) 856-2211
C: (360) 420-3441
