How to Leave a Legacy with Different Types of Donations
While similar in many ways to regular charitable donations, legacy donations — or legacy gifts — work a little differently because they require planning ahead and having a long-term outlook that is meant to help sustain the charitable organization you have chosen. They are also different in that many people don’t know how they work, and people often struggle with understanding payouts and tax benefits that come with setting up legacy gifts.
Part of what makes legacy gifts a popular option is that donors do not need to be wealthy to offer their philanthropy. All gifts, regardless of size, are welcome and can help make a positive impact.
What is a Legacy Gift?
Legacy gifts, which are part of estate planning, are donations of money or assets that are planned prior to death. They are meant to help establish an ongoing philanthropic legacy for the giver. Legacy donations are convenient, flexible, and are a great tool for donors to be generous while granting them the ability to control future gifts.
In addition to providing an ability to give in smart, helpful ways, legacy donations are popular among financial advisors because they offer tax benefits and can help simplify estate planning.
At CommonBond, we work to ensure every legacy donation we receive is maximized so that the donor’s philanthropy stretches as far as it can — helping as many people as possible while making sure we honor the giver’s wishes.
CommonBond Planned Gifts
CommonBond has helped more than 13,000 residents of Minnesota, Wisconsin and Iowa find affordable housing in the last 50 years. With legacy donations, and other financial support, we hope to continue our work another 50 years, especially as we expand into South Dakota and aim to increase our affordable housing support to 15,000 people by 2025.
Our nonprofit organization offers the ability to give planned gifts via the CommonBond Futures Fund, which creates a perpetual legacy that supports our residents today and into the future through planned giving. Donor names are listed in CommonBond’s annual report and elsewhere, when appropriate, unless confidentiality is requested.
Futures Fund Legacy Donations
Planned gifts, which are irrevocable, are popular legacy donations which can take the following forms:
- Charitable Remainder Trust
- Charitable Gift Annuity
- Charitable Lead Trust
- Life Tenancy Agreement
Beyond planned gifts, CommonBond may also be named on life insurance policies or qualified retirement plans, such as an IRA or 401(k).
Click here to learn more about CommonBond’s planned giving options, and get started with a letter of intent.
Help Sustain CommonBond’s Legacy with a Futures Fund Donation
Your Future Fund legacy donation will help provide safe, stable homes for Upper Midwest individuals and families for years to come. Thank you for supporting CommonBond residents and our mission to provide affordable housing throughout the Upper Midwest. You can take action by making your donation below.