Planned giving or legacy giving can be confusing. In this article, we’ll cover what planned giving is, the benefits and implications of planned giving, and how you can ensure your legacy as a Chaplain continues after your time in the role on earth is complete.
Many dedicated ministry workers desire to leave a lasting legacy that can be felt long after they are gone. But often, it needs to be clarified how they can make a real difference to support the mission they dedicated their lives to while they were here on earth.
The answer for many is planned giving.
Planned gifts allow donors to determine how they want to support a cause during their lifetime and beyond. As an I.F.O.C. Chaplain, you can control your contributions by setting up legacy gifts that honor your role as a Chaplain and provide ways to bring in new Chaplains in the future.
So, What Is Planned Giving?
Planned gifts are aptly named because they allow you to determine exactly how you want to support a cause during your lifetime and beyond.
Also called “gift planning” or “legacy giving,” planned giving is a donor’s intention to contribute a major gift to an organization that supersedes themselves. Planned giving allows donors to create an impact on a meaningful and valuable cause.
How can planned giving help me leave a legacy?
Nonprofit organizations rely on planned giving to fund their mission. In the long run, the impact of these gifts allows organizations to continue their mission and purpose through new expansions, programs, and more. For I.F.O.C., it’s to continue licensing and ordaining new chaplain ministers.
Donors can create a hands-on experience in building a secure future for the organization they are giving to. By giving to an organization that aligns with personal values and beliefs, donors become directly involved in future movements of an organization.
Beyond creating sustainability for an organization, planned donations enable nonprofits, such as I.F.O.C., to generate significant gifts from donors who may not be able to give sizable donations during their lifetime.
Do planned gifts need to be cash donations?
Planned giving offers the highest ROI of all fundraising types – and gifts can be directed to an organization in various ways. While most choose to give money, other options could benefit the donor.
Gifting stock or appreciated securities can help you avoid capital gains liability and allow you to take an income tax deduction. In this case, you would transfer appreciated stocks, bonds, or mutual fund shares to the Foundation, which the Foundation would sell and convert to usable donation funds.
Your donor benefits include an immediate income tax deduction and avoiding the tax you would otherwise owe on the increased value of the asset. Life insurance policies are often assets allocated to heirs, but you can use a life insurance policy as a gift that doesn’t affect your estate while taking a tax deduction on its value. You can either establish a new policy or donate a paid-up policy you no longer need, and the Foundation will cash it in or hold it and allow the value to grow.
In the end, donors can create an income through planned giving.
How do I decide where to direct my planned gifts?
Deciding on the best ministry to partner with to give such an impactful gift can be overwhelming. You want to make a real difference in the world with your donation. However, you also want to be sure that your gift will be used wisely.
By cultivating a good relationship with your nonprofit of choice, you can know the impact your gift could have. Our I.F.O.C. team ensures you and your loved ones receive a report on how your gift has changed lives.
Even more so, your gift will reach beyond your community. An I.F.O.C. gift allows Chaplains to minister not only in the US but across the globe.
When you give to I.F.O.C., you join multitudes of Chaplains worldwide who are following their call to put feet to their faith. When you join the movement, you are tangibly participating as the hands and feet of Jesus.