Introduction
Imagine a single gift that could change lives for generations. Legacy giving, also known as planned giving, is a unique way to create a lasting impact, offering donors the chance to support causes close to their hearts even beyond their lifetimes. For individuals who believe in the mission of empowering veterans, legacy giving offers an opportunity to leave a personal mark on future generations of service members, contributing to programs and resources that promote stability, health, and success for veterans.
At Warriors Fund, we’re dedicated to shedding light on impactful ways to support veterans, and legacy giving is one such meaningful option. Whether it’s through educational programs, mental health resources, or employment initiatives, legacy gifts can help sustain essential support networks for veterans over the long term. While many people are familiar with the idea of donating, fewer know about planned giving and how it can make a difference that continues for years. This blog will walk you through the basics of legacy giving, showing how a thoughtful bequest or planned gift can transform the lives of veterans in ways that are as enduring as they are impactful.
What Is Legacy Giving?
Legacy giving, or planned giving, refers to contributions arranged through an individual’s estate, allowing them to make a charitable impact beyond their lifetime. Unlike one-time or recurring donations, legacy gifts are usually established through wills, trusts, or beneficiary designations, taking effect after the donor’s lifetime. This approach allows supporters to make a long-lasting contribution that reflects their values and priorities.
There are several ways to set up a legacy gift. Here are a few common options:
- Bequests: The most straightforward form of legacy giving, bequests are simply gifts designated in a will. Supporters can choose a specific amount, a percentage of their estate, or other assets to be left to a charity like Warriors Fund.
- Charitable Trusts: For those interested in a flexible option, charitable trusts provide ongoing benefits to the donor’s heirs while ensuring that the remaining assets support a cause they care about. This can also offer certain tax benefits to donors and their families.
- Life Insurance Policies and Retirement Accounts: Naming a charity as a beneficiary on a life insurance policy or retirement account can be an easy way to contribute to a meaningful cause, especially if the donor no longer needs these funds to support their family.
While legacy giving may sound like something reserved for the wealthy, it’s an option accessible to individuals of all financial backgrounds. Contributions of any size can have a meaningful impact, enabling veterans’ organizations to sustain and expand services that address veterans' evolving needs. By planning a gift, supporters can make a significant difference that resonates for generations to come.
The Impact of Legacy Giving on Veterans’ Lives
Legacy gifts have the unique power to provide stability and security for veterans long after the donation is made. By supporting veterans through planned giving, donors help sustain programs that adapt to changing needs, offering resources that impact veterans’ well-being, stability, and growth. Here are some of the key ways legacy gifts support veterans:
- Creating Long-Term Stability: Legacy gifts allow organizations focused on veterans, such as Warriors Fund, to plan and support long-term programs that truly make a difference. For example, stable funding can sustain:
- Employment Programs: Transitioning from military service to civilian careers can be challenging. Legacy gifts help create employment training programs that provide veterans with the skills they need for fulfilling careers, fostering long-term economic security.
- Mental Health and Wellness Initiatives: Mental health remains a significant concern among veterans, and legacy gifts can fund counseling and support services. By establishing these resources as long-term programs, veterans can access help when they need it most, making a lasting impact on their mental well-being.
- Housing and Stability Assistance: Veterans who struggle with housing insecurity need ongoing support. Legacy gifts help establish and maintain transitional housing and stability assistance programs, providing veterans a reliable path to secure, stable living situations.
- Empowering Future Generations of Veterans: Legacy gifts have a lasting effect by allowing veterans’ organizations to grow and respond to new challenges over time. Planned gifts enable organizations to invest in new initiatives and expand existing services as the needs of veterans evolve. This flexibility ensures that even as generations pass, veterans will have a network of support that adapts to the times.
Personalizing Your Legacy
One of the unique aspects of legacy giving is the ability to make it deeply personal, allowing supporters to connect their values and beliefs with a cause they care about. Here’s how legacy giving can reflect an individual’s journey and create a lasting tribute to loved ones or personal convictions:
- Connecting to Your Personal Legacy: Legacy giving allows donors to align their gift with causes that have shaped their lives. Those with family members who have served, for instance, can honor their loved ones by supporting programs that help veterans achieve stability, mental well-being, and success. By leaving a legacy gift to support veterans, donors can create an ongoing expression of gratitude and care for those who served.
- Honoring a Loved One: Some individuals choose to make a legacy gift in honor of a family member or friend who served. A bequest can be a powerful tribute to their dedication, enabling the donor to ensure that veterans like their loved one receive the support they need. This approach can be especially meaningful for families who want to leave a mark that reflects their loved one’s values, service, or legacy.
- Example of Tribute Giving: Imagine a family who honors their grandfather, a World War II veteran, by establishing a trust that supports veteran mental health services. Each year, this gift provides counseling and support to veterans in need. The family finds comfort in knowing that their grandfather’s legacy lives on, helping veterans today overcome challenges and find peace. This kind of tribute giving is one way to make an impact that resonates with future generations.
Getting Started with Legacy Giving
Legacy giving can seem complex, but it’s simpler than most people think. With a few basic steps, you can create a gift that provides ongoing support to causes you care about, such as veteran support programs. Here’s a step-by-step guide to help you begin your journey with planned giving:
- Step 1: Decide on the Type of Gift
Start by choosing a form of legacy gift that aligns with your goals. For instance:- Bequests allow you to designate a specific amount or percentage of your estate to a charity in your will.
- Life Insurance Policies and Retirement Accounts offer a straightforward option for those who wish to name a charity as a beneficiary.
- Charitable Trusts provide options to support both your heirs and a cause, offering flexible financial benefits.
If you’re unsure, consult with a financial advisor who can help you determine the best option for your situation.
- Step 2: Talk to Your Family and Advisors
Open discussions with your family and any financial or legal advisors. Let them know your intentions, and discuss how planned giving can align with your overall estate plans. This step also ensures that your family understands your wishes and can support your legacy. - Step 3: Include the Gift in Your Estate Plans
When you're ready, work with an estate planner to formalize your legacy gift. If you’re choosing a bequest, you can use simple language to add it to your will, such as: “I hereby give [specific amount, percentage, or description of assets] to [veterans’ organization name] for its general use and purposes.”
This can also be adjusted over time if your circumstances or charitable interests change, providing flexibility as you finalize your plans.
The Benefits of Legacy Giving
Legacy giving offers unique benefits that make it appealing for individuals who want to make a meaningful, lasting difference:
- Creating a Legacy of Compassion
Planned giving allows you to build a legacy aligned with your values, ensuring that your commitment to supporting veterans continues for future generations. Whether you give in honor of a loved one or simply want to make a difference, your gift can create a personal legacy that reflects your compassion and dedication. - Tax and Financial Benefits
Legacy giving can also provide tax advantages. Some planned gifts, such as charitable trusts, offer potential reductions in estate taxes, helping donors maximize the financial benefits for their heirs while making an impact. If you’re interested in learning more about specific tax benefits, consider consulting a tax advisor to explore your options. - Flexibility and Adaptability
Legacy gifts can be adjusted as your circumstances or wishes change. If you decide to update your plans, most forms of planned giving allow you to make changes easily, ensuring your gift always aligns with your values and priorities.
Conclusion
Legacy giving offers a way to turn your values into lasting action, helping veterans gain the support they need to thrive well into the future. It’s a chance to be part of a mission that uplifts those who have served, creating a steady foundation of resources that adapts to veterans’ needs as they evolve.
If you’re inspired by the idea of making a lasting impact, consider how a planned gift could support causes like Warriors Fund, where a commitment to veterans is central. Your legacy can honor and empower veterans, ensuring they receive the resources and support they deserve for years to come.
