What is Legacy Giving and what does it mean to Aslan Youth Ministries?
A legacy gift to Aslan would mean many things. “Legacy Giving” often represents an opportunity to make the largest contribution of your life to Aslan. This practice can not only change the financial landscape of our charity, but it is also a great way to preserve your legacy.
Simply put, legacy giving (also called planned giving) refers to gifts that donors plan to be distributed from their estate after their death.
Typically, these gifts are made by our long-time, loyal donors or volunteers who believe in the need of the organization to exist after their own life is over, and more importantly, who have faith that the organization will continue to do a good job for years and years to come. Many of our legacy donors are not necessarily major donors, but anyone who has had an interest in Aslan and the work that we do savings lives in Haiti and in NJ.
It is not uncommon for a bequests to come from donors who have given minimal amounts to an organization over a period of time.
What are the types of planned or legacy giving?
There are several ways to plan a bequest gift.
- Outright Gifts are one time contributions made directly to the charitable organization. Outright Gifts could include cash, personal property, securities, or stocks. For example, you could donate a piece of real estate to an organization. The charity could either use the property, or sell it and keep the proceeds.
- Gifts that return income refer to anything that continuously provides financial support to an organization. A Charitable Remainder Trust would be considered a gift that returns income, as the Trust would annually pay either a fixed percentage or set dollar amount to the organization of your choice.
- Gifts payable upon the donor’s death are typically laid out within an Estate Plan, and will generally avoid estate tax. An example would be if you named a charitable organization as the beneficiary of your life insurance policy.
Benefits of a bequest.
• Receive an estate tax charitable deduction
• Reduce the burden of taxes on your family
• Leave a lasting legacy to charity
How a bequest works.
A bequest is one of the easiest gifts to make. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends, or Aslan Inc. as part of your estate plan, or you can make a bequest using a beneficiary designation form.
A bequest can be made in several ways:
1. You can gift a specific dollar amount or asset
2. You can gift a percentage of your estate
3. You can gift from the balance or residue of your estate
4. You can make a beneficiary designation of certain assets
What to Give?
- Gifts of stocks and bonds – Donating appreciated securities, including stocks or bonds, is an easy and tax-effective way for you to make a gift to our organization.
- Gifts of real estate – Donating appreciated real estate, such as a home, vacation property, undeveloped land, farmland, ranch or commercial property can make a great gift to our organization.
- Gifts of retirement assets – Donating part or all of your unused retirement assets such as a gift from your IRA, 401(k), 403(b), pension or other tax-deferred plan is an excellent way to make a gift to our organization.
- Gifts of cash – A gift of cash is a simple and easy way for you to make a gift.
- Gifts of insurance – A gift of your life insurance policy is an excellent way to make a gift to charity. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy.
A charitable bequest is one of the easiest and most flexible ways that you can leave a gift to Aslan Inc. that will make a lasting impact. These gifts often do not affect cash flow during lifetime.
Why should I consider an estate gift? I’m not wealthy.
Gifts of all sizes help accomplish our mission. Talking with a financial advisor will provide you with knowledge about tax benefits for planned giving and what it means to leave a legacy gift that benefits your family.
You could consider a small gift amount or even 1 percent of your total assets to make an impact. We often think of the Beneficiaries of our estate as loved ones. But a Beneficiary can be any person or entity you choose to leave money or assets to. This can include nonprofit organizations and charities.
Once you’ve decided what’s appropriate for your family, we would love it if you think of Aslan Youth Ministries as an extension of your family and make provisions for us as a legacy beneficiary.
What kind of legacy do you want to leave?
Planned Giving is the best way to leave a powerful and lasting legacy – impacting Aslan Youth Ministries and our work for generations to come.
If the impact that Aslan has had in our community or in your life is important to you, consider a legacy gift for Aslan. Legacy gifts could allow the donor to be recognized in a program or in support of an asset left by the benefactor. The options are something you could discuss with your financial advisor.
In most cases, you and your family will also be eligible for a variety of additional financial benefits while creating the long-term positive change that matters most.
What are some of the benefits of a Legacy Gift?
With planned giving, you can use financial tools like bequests and charitable remainder trusts to:
• Reduce the tax burden on your family
• Receive estate tax savings
• Receive a fixed income for life
• Support your chosen causes for years to come
• Make a real difference in the lives of others
• Maximize your Philanthropic Goals
• Make a difference in people’s lives and always be remembered for your contribution
• Benefit yourself, your family and Aslan Inc. with your planned gift
• Help Aslan fulfill its mission for many years and generations to come
Giving to Aslan can be done either directly or through a gift model that can provide tax benefits and even income.