Planned Giving (or gift planning) is the process whereby you plan how to transfer the wealth you have accumulated to future generations. It provides the opportunity for you to not merely transfer wealth but to also express your values by demonstrating what you consider most important in your life and community. For Christians, it is a way to leave a legacy that reflects the sanctity of human life and the rewards of storing up treasures in heaven. Planned giving can also benefit donors by creating financial benefits for them by, for example, lowering taxable income for themselves or their heirs.
There are many planned giving options available for individuals who want to make generous gifts to worthy causes, but who must also balance charitable intentions with the need for current income and the desire to pass on assets to loved ones.
Some planned giving tools are quite simple, such as leaving assets to a charity through a will or naming a charity as the beneficiary of an IRA or other retirement plan. Other options are more complex, such as creating a Charitable Gift Annuity or establishing a Charitable Remainder Trust.
What are the Benefits of Planned Giving?
Regardless of the method chosen, planned giving allows you (the donor) to align your philanthropic objectives with other financial, tax and estate-planning goals. Planned giving can help you realize a wide range of financial and tax benefits in addition to establishing a legacy by supporting TCLC. These benefits vary depending on the tools implemented.
As an introduction to planned giving, the CLC would like to encourage use of the simplest and easiest methods that require minimal involvement from outside professionals. However, we do encourage you to consult your estate attorney or financial planner before making any planned gift to ensure that the gift fits properly into your overall estate planning objectives.