Reprints and Permissions. Routley, C. Int J Educ Adv 7, — Download citation. Received : 19 July Revised : 19 July Published : 20 December Issue Date : 01 September Anyone you share the following link with will be able to read this content:.
Sorry, a shareable link is not currently available for this article. Provided by the Springer Nature SharedIt content-sharing initiative.
Skip to main content. Search SpringerLink Search. Download PDF. Abstract Bequests have played an important role in the foundation and development of many educational organizations. Bequest Givers The first challenge faced by fundraisers is undoubtedly whom they should approach for a bequest gift. Motives for Leaving a Charitable Bequest It could be argued that a bequest is the most altruistic of gifts; writing a charity into their will means that a donor will not be alive to receive any approbation for the gift they have given.
Conclusions and Advice for Practitioners Bequest fundraising offers huge opportunities for educational institutions, who, like other nonprofit organizations, could benefit significantly from the forthcoming wealth transfer. References Auten, G. Article Google Scholar Barthold, T. Google Scholar Blinder, A. Google Scholar Brown, D. Article Google Scholar Butler, N. Article Google Scholar Chang, C. Article Google Scholar Clotfelter, C. Article Google Scholar Curasi, C. Google Scholar Hirschman, E.
Article Google Scholar Hurd, M. Article Google Scholar Joulfaian, D. Article Google Scholar Kopczuk, W. Google Scholar McAdams, D. Article Google Scholar Rawlingson, K. Google Scholar Reichardt, O. Google Scholar Rubinstein, R. Google Scholar Sargeant, A.
Article Google Scholar Sargeant, A. Article Google Scholar Schervish, P. Google Scholar Unruh, D. Article Google Scholar Download references. View author publications. Rights and permissions Reprints and Permissions. About this article Cite this article Routley, C. Whether you know your organization is being considered for a bequest, are actively working with a donor to plan ahead for a bequest, or receive an unexpected gift after a donor's death, it's important to track these gifts with care and attention.
Documenting bequests as thoroughly as possible can help avoid contested estates or wills after a donor's passing. Whenever possible, it's important to maintain a trail of communication with a donor while they are living. Track everything from conversations to email and other digital communication, maintain records of contracts or forms, and use this paper trail to demonstrate that the donor and your organization had the same information and came to the same agreement about the bequest.
When the process of soliciting or receiving a bequest falls to one person within an organization, this information can be lost. Another reason to track planned giving is so that you can properly recognize a donor while they are living. By tracking verbal commitments related to bequests, your organization can determine whether or how to recognize a donor for their planned generosity.
In many cases, a planned giving donor will make additional gifts to an organization while living, and tracking both their bequests and real-time donations allows you to properly recognize the donor for their collective contributions. This not only helps keep donors involved in your organization, but may also lead to larger gifts of appreciation.
Finally, tracking bequests allows you to plan ahead. If you are expecting a large bequest to mature in the next five to 10 years, your organization can prepare ahead of time for any additional staffing needs, resources, or facilities that may be needed to fully utilize the bequest. Whether you use Foundant's CommunitySuite or another software program, it's important to track the right information when stewarding bequests.
There may be specific forms that either your organization's legal counsel or a donor's counsel may recommend completing prior to the donor's death. Bequests are particularly tax advantageous for donors with large estates. However, bequests of cash or other assets like real estate, autos, or stocks are deducted against the estate's value.
Other planned gift types see significant tax benefits as well. For example, charitable remainder trusts are tax-exempt. And when a donor makes a gift of real estate, they receive an income tax deduction equal to the value of the property and avoid capital gains tax. Quick note: RMDs have been waived for One of the benefits of planned gifts is that donors have more control over where their money goes than with most annual gifts. This is also a great reason for nonprofits to continue stewarding their planned giving donors.
When donors update their wills, gift officers can keep them updated on where their donations will make the most impact and leave a powerful legacy. Now, more than ever, nonprofits should invest in planned giving, cultivating supporters, and making it easy for donors to leave bequests. Convince your colleagues of the importance of investing in planned giving this year with this pre-made strategy deck.
From simple gifts like bequests to charitable lead trusts, there are many different types of planned gifts that nonprofit professionals should know. All rights reserved.
FreeWill offers online self-help solutions for common estate planning needs and related educational content. Estate planning may implicate both state and federal laws, and estate planning needs will differ based on personal circumstance and applicable law.
The information here is provided for educational purposes only and is not intended to provide, and should not be construed as providing legal or tax advice. Income Tax. Finances With Children. Saving For College. Wealth Management. Actively scan device characteristics for identification.
Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products.
0コメント