May is Leave a Legacy month, an important time to highlight the impact of legacy giving on nonprofit organizations like the Roscommon County Community Foundation (RCCF).
You may be wondering, what exactly is a legacy gift? A legacy gift, also known as a bequest, is a gift that is part of a donor’s financial or estate plans and typically is given to a nonprofit organization once the donor passes away. Legacy gifts play a key role in supporting charitable organizations like RCCF, but many people don’t know that they are an option, how they are paid out, or the tax benefits of these gifts.
Here are the most asked questions when discussing legacy gifts:
- Do I have to leave a specific dollar amount? While you can name a specific dollar amount for the RCCF in your will, you can also arrange to leave a percentage of your estate’s value or what is left of your estate after other gifts are made. The amount of your gift is up to you.
- Does my future gift have to be cash? No. You have several options in addition to cash, which include investments like stocks, bonds, mutual funds etc.
- What if I leave a gift to support a specific charity and then that charity goes away? If an organization your name is no longer working to meet its mission, we will honor your intent by granting to a similar organization doing great work in the field you preferred. Because the RCCF is permanent, your good intentions will continue forever.
Simply put, legacy giving is the ideal way to make a difference, set an example, and show support for the betterment of your community. Legacy gifts are the answer to “How would I like to be remembered?” Let Roscommon County Community Foundation be the home for your legacy.
