What is Legacy Giving?

Legacy giving, or planned giving, ensures that donors will be remembered for their generosity and commitment to FOC’s mission long after their passing.

Different types of planned giving

Bequests are the most popular and simplest type of legacy giving. In their wills, donors will name what they want to give, whether it’s a specific amount of funds, stocks, a piece of art, or even a percentage of the value of their estate. 

  • General Bequests are legacies designating a specific dollar amount, a particular asset or a fixed percentage of the general value of your estate to the person or cause of your choice. 
  • Residuary Bequests are made when you intend to leave the balance or residue portion of your assets after other terms of the will have been satisfied.
  • Contingency Bequests allow you to leave a portion of your estate to a particular charity if your named beneficiary does not survive you.
  • Specific Bequests are made when a particular item or property is bequeathed for a designated purpose. (i.e., instruments bequeathed to the local school district for use in music education; dollar funds to be used in the operation of a school or church.)

Life insurance: When taking out a life insurance policy, you can name a nonprofit as one of your beneficiaries. Donors who currently have life insurance policies they don’t need anymore can also participate in legacy giving by donating their policy’s accumulated value. 

IRAs: Some donors may be interested in joining a tax-deferred retirement plan. You can use this as a method to participate in a legacy giving program by either naming a nonprofit a beneficiary or as a recipient of the percentage of the proceeds.

Retained life Estates: Instead of making a monetary donation, donors can give nonprofits a piece of property they own, while still retaining the right to use it during their lifetime. After the donor passes, the nonprofit can choose to keep or sell the property.

How to create a basic bequest Gift – Download our pdf