Frequently Asked Questions about Legacy Giving

Q. What is legacy giving? 

A. Planned or legacy giving is a term professionals and non-profits use to define gifts that will be made in the future. A planned gift is a gift that a donor decides to give at some future date. A planned gift is more thought out than a gift of cash today. A planned gift usually consists of some type of asset, which could include a gift of cash. 

Q. Do I really need a will if my estate is not considered large?

A. Everyone needs a will no matter how big or small ones estate is. If you do not decide who will benefit from your estate, regardless of the size, the state and federal government will decide for you. 

Q. Do I need a large estate to make a planned gift? 

A. Absolutely not! Anyone can make a planned gift. A donation to a religious organization stated in your will is considered a planned gift. A planned gift can be cash, a scholarship fund, a wheel chair donated to a local health institution, etc. The list of possibilities is endless. The rewards for generations to come are priceless. 

Q. Who benefits from my planned gift? 

A. The community in large will benefit from your planned gift. Whether your gift is to a university, a hospital, a charitable organization that you supported during your lifetime, everyone benefits. Look around your community today. How many planned gifts do you see? (HINT: Think land for parks, buildings for museums, or a piano in your church). You will also benefit from your planned gift, both through potential tax savings benefits as well as the psychological benefit of "feeling good" about yourself and what you have done for your community. 

Q. Whom should I consult about making a planned gift? 

A. Attorneys who practice estate planning, accountants, financial planners, trust officers, insurance agents, stock brokers, etc. Any professional advisor who you know and trust and has knowledge about planned giving. 

Q. How do I start the gift planning process? 

A. Visit with a professional advisor. See our membership directory for professional members who are familiar with planned giving. They will be happy to assist you and make sure that your best interest is served in making your designations possible.

 Q. What types of gifts are available?

A. There are several gifts to choose from. Your professional advisor will make sure that the gift you want to give will best suit your needs and those of your family. Gifts include cash, real estate, art work, stock, a charitable remainder trust, the remainder of an annuity, a beneficiary named on your 401K or an unneeded life insurance policy. For a more complete list of AMIGOS gift options, visit http://www.amigosfoundation.org/gift.htm