When we talk about “legacy gifts", we usually mean charitable bequests, or deferred gifts like charitable remainder trusts or charitable gift annuities – with funds delivered to the charity after the donor’s death.

But a more robust definition of “legacy gifts” includes gifts made during the lifetime of the donor.

Leaving a legacy simply means making a gift or gifts that are unusually meaningful to the donor and have an impact the donor hopes will last a long time – perhaps far beyond their lifetime. These gifts are often larger in value than other gifts the donor has made but don't have to be to meet the definition.

As one example, donors often make gifts during capital campaigns that offer naming opportunities on new or renovated buildings. These gifts can be quite meaningful to the donor and constitute part of their legacy over the long term.

How can you tell that a donor is thinking about their legacy?

Often it’s because they talk about “what I’d like to be known for” or “how I’d like to be remembered (or have my family remembered.)” Or maybe they talk about an issue or a problem they know will always be with us. They may say, “I’d like to make as much impact as I can on [this issue or problem] in my lifetime.” Or they may simply be concerned about their longtime community and want to help others have a better life there in the future.

From the donor's perspective, why should they make legacy gifts during their lifetime?

Well, assuming that making the gift leaves them with plenty of resources for their remaining lifetime needs and other priorities in their estate, making the gift sooner rather than later can be very satisfying for the donor. It can also reassure donors who want to make sure their gift is used in accordance with their intentions.

But the biggest reason donors should consider making a legacy gift during their lifetime is the joy they will experience. Being able to see progress towards the realization of their fondest hopes for an organization or issue they’ve cared about intensely is not something most people want to miss. And yet many donors miss it through delaying their most personally rewarding gifts until after they’re gone.

Now, what about that dancing dress?

Several years ago, I served as campaign counsel for a major capital project to build a performing arts center. The chairperson for the campaign was a lively woman in her late 70s who had been working on the idea of this project for many years as a volunteer leader. As we planned the campaign together, she often said, “I’ve had the dress I plan to wear on opening night for so many years now – if this goes on too long they'll have to put it in my casket!” We all chuckled every time she said it, but we knew… this was a legacy for her. [Note: It happened. She was there in all her finery and is still out there dancing, well into her 80s…]

So if your donors can make that legacy gift now, they should do it. And you should invite them to do it and help them accomplish it.

MORE JOY NOW!

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