Choices That Last: Ways to Leave a Legacy
Everyday choices shape our lives, but some decisions have the power to last far beyond us. Legacy giving is one of those decisions. Many assume it is just for the wealthy, when in fact, it is a simple way for anyone to make a difference. And while many assume legacy giving begins and ends with a will, some of the most meaningful gifts can be created with just a simple form and a little foresight.
Beneficiary Designations
One of the easiest ways to create a legacy gift is to name us as a beneficiary of your IRA, qualified retirement account, bank account, brokerage account, donor-advised fund, or life insurance policy. This option has several benefits:
- It’s easy. Just fill out the form to designate who receives the funds after your lifetime (or request and file a Change of Beneficiary form)—there’s no need to revise any estate planning documents.
- It’s efficient. Beneficiary designations transfer assets directly to us without the delay of probate.
- It’s flexible. You can name a sole or percentage beneficiary, and you can revise these designations at any time. This means your giving can evolve as your circumstances or priorities shift.
There’s an additional advantage to leaving retirement accounts like IRAs and 401(k)s to charity. When heirs receive these assets, they are taxed as income, reducing the size of the inheritance. When we receive them, every dollar supports our mission.
Read more about beneficiary designations.
Charitable Trusts
For those looking to make an even greater impact, a charitable trust is another way to create a legacy. While trusts involve fees and added complexity, they also provide the flexibility to meet both charitable and personal planning goals.
- Charitable remainder trusts provide an income to you and/or others you choose. The remainder at the end of the trust term is distributed to us.
- Charitable lead trusts provide an income to us for a set period before passing the remaining assets to your heirs.
Taking the Next Step
If you want your generosity to continue seamlessly well into the future, there are many options that help you balance caring for family with leaving a lasting mark on the causes you believe in—options ranging from simple to complex. You have the power to shape the future in ways that reflect what matters most to you. A small step today, even just filling out a form, can become a lasting gift tomorrow.