As members of a church community, we have a unique opportunity to leave a lasting legacy of generosity and support for future generations. Legacy giving, also known as planned giving, offers individuals the chance to make a profound impact on the long-term growth and sustainability of their church. In this blog post, we will explore the concept of legacy giving and planned giving options, such as wills, bequests, and charitable trusts. By understanding these avenues for giving, we can honour the spirit of generosity and ensure the continued success of our beloved church. The following are some ideas to consider for your parish to implement to encourage legacy giving.
Understanding Legacy Giving
Legacy giving involves making thoughtful decisions about how to distribute our assets and resources to support causes we care about, even beyond our lifetime. It is a way to leave a lasting impact by including charitable donations as part of our estate plans.
Wills and Bequests
One of the most common forms of legacy giving is through a will or bequest. By including your church as a beneficiary in your will, you can allocate a portion of your assets or specify a certain amount to be donated after your passing. It is important to work with an attorney to ensure your will is legally valid and reflects your wishes.
Charitable Trusts
Charitable trusts offer another avenue for legacy giving. By establishing a charitable trust, you can provide ongoing support to your church while also receiving potential tax benefits during your lifetime. Charitable trusts can be set up as either a charitable remainder trust or a charitable lead trust, each with its own unique advantages.
Life Insurance Policies
Consider designating your church as a beneficiary on your life insurance policy. This is a simple and impactful way to support your church’s future growth. By naming your church as a beneficiary, you ensure that a portion of the policy’s proceeds will be directed toward your church’s mission.
Recognizing and Celebrating Legacy Givers
Take the opportunity to recognize and celebrate individuals who have chosen to include the church in their estate plans. Establish a legacy-giving society or program that honors their generosity and expresses gratitude. This not only acknowledges their support but also inspires others to consider legacy giving.
Legacy giving offers a meaningful way to honor generosity and support the future growth and sustainability of your church. By including your church in your estate plans through wills, bequests, charitable trusts, life insurance policies, and other planned giving options, you can leave a lasting impact that extends beyond your lifetime. Engage in open and transparent communication with your church leadership to ensure your intentions align with their mission and vision. Let us embrace the opportunity to make a lasting difference and build a strong foundation for future generations within our cherished church community.