I recently read a meme that said you only have 18 summers with your kids, enjoy every moment. This moved me and got me thinking about how time is precious and should be cherished with our loved ones while we are here on this Earth. I reflected on my life and started to think about what kind of impact I want to make on my family and others when I’m not here. What do I want my legacy to be?
Your legacy is your impact you made while alive…and will make when you are gone. What kind of person you were. What you did for your family. What you did for others. What you valued. What you leave for others.
This subject of death is dark, dreary, and difficult to talk about, much less think about. As your philanthropic guide, I am here to help ease this subject and hopefully provide some useful information for any of you who would like to talk about making a planned legacy gift to the National Foundation for Ectodermal Dysplasias (NFED).
Planned Giving? What is that?
Planned giving is pretty much what it sounds like. It is planning your charitable contributions for the future and when you are gone. This is part of your legacy plan. Starting your legacy plan now will further your life’s purpose and direction, knowing that you will continue to pay it forward with generosity and gratitude.
There are a variety of different planned giving options. A planned gift can be made through a:
- will bequest
- life insurance contribution
- retirement plan asset
- gift annuity
- private family foundation
- donor-advised fund
- trust (irrevocable/revocable)
Sounds exciting, right? It actually is truly exciting because by offering a planned gift to the NFED you give yourself and your family financial and tax benefits all while impacting NFED programming for years to come.
For example, if you are 70 ½ years old or older and receive funding from your IRA, you may be able to use your distribution as a donation to the NFED and receive a tax deduction from your annual gross income. This can also reduce Medicare B premiums and taxable Social Security benefits.
All you have to do is call your financial advisor for more info and to send a check to the NFED. If you choose not to use it as a charitable donation, you may be taxed on it as income. We both benefit from this donation.
A Planned Gift Story
We were blessed with a series of planned gifts several years ago from the estate of one generous supporter. He was a kind and generous man who supported the NFED through several thoughtful donations. He hadn’t attended a Family Conference before, so the NFED didn’t know much about him besides that his father and nephew were affected by ectodermal dysplasia.
He was loved and adored by his family and peers. He was considered a “gentle giant” who stood 6’8”. He played basketball in college and was a skilled graphic designer who dabbled in lots of creative artistic endeavors. He sadly passed away in 2013.
Our work compelled him to leave an astounding donation to the NFED in his will, one of the largest in NFED history. Everyone was saddened that this considerate man passed away. His legacy gift shook and humbled the NFED office.
Because of his generosity, his legacy continues to live on. It helps us fund life-changing research that is happening right now. His gifts allow us to successfully execute our advocacy program that is on the brink of passing a law to mandate medical insurance for ectodermal dysplasias dental treatments.
His legacy also helps us join hundreds of families at Family Conference. By leaving the NFED in his legacy plan, his gifts will impact thousands of people all over the world affected by ectodermal dysplasias by changing their lives for the better. His gifts allow us to build our programming for years to come by ensuring good footing for NFED’s future.
Why would I want to give a planned gift?
We know that many of you are struggling financially because of costly dental and medical treatments that you and your children have to endure. We are here for you to help ease these struggles so you and/or your children have peace of mind and improved health.
The good news is that you don’t have to be wealthy to make a planned gift. As long as you have a will, a 401K, life insurance policy, property, etc. you can help us build our future while building the future of your family. A surprising fact is that most people who do leave a planned gift are actually not major donors. But, they give loyally, and that means a lot to us.
With over a million non-profits in the U.S. alone, the NFED is the only one whose mission is specifically to empower this wonderful group of people affected by ectodermal dysplasias. We work creatively and diligently with a budget of less than a million dollars.
Every dollar is used proficiently to make our programming even better. A planned gift ensures the success of our future and the future of your family, thus allowing us to continue our services in the event of a recession or other hard times.
Your financial advisor will talk you through your planned giving options that will financially benefit both you, your family, and the NFED at the same time. They will help find ways to avoid hefty estate taxes and interests through the different trusts, insurance assets, donor-advised funds, family foundations and retirement distributions that are available.
Many of you are moved by our mission and want to see our organization grow in the future. For that, we are so grateful.
How do I set up my planned gift?
The first and easiest step is to contact your local community foundation who will connect you with a financial advisor and/or estate attorney. If you already have a financial advisor, they will help you get started. Through this financial guidance, you will be able to give your family more by contributing to a planned gift. After all, the good that we do lives after we are gone.
If you have already included the NFED in your legacy plan, we are honored to be a part of your generosity. We encourage you to give us a call to let us know so that we can work with you on how to best utilize your future gifts.
Please consider beginning your legacy plan for your family and for the NFED. Together, we make a difference. Feel free to give me a call at (618) 566-6874 if you have any questions.
Brittany Campbell, MPA, CFRE is the NFED’s Director of Development