Planned Giving – FAQs

Interested in joining the Stepping Stones Legacy Society but want more information on planned giving?

Please review these planned giving FAQs, outlined by the Greater Cincinnati Planned Giving Council. 

Why make a bequest or gift?
It is exceedingly difficult for nonprofit organizations to thrive without an increase in charitable gifts in wills or estate plans. Information from probate courts shows that only a small percentage of local wills leave any money to charity.

How large does a bequest have to be?
While some gifts may be large, many are small. Regardless of size, all gifts are important and will make a difference in the lives that follow.

Where do I begin?
Together with your financial advisor(s), begin gathering information to determine the best approach for making your planned gift. Making a bequest in your will or estate plans can be as easy as including a bequest in your will or changing a full or partial beneficiary of an IRA or life insurance policy. It is important, however, that you consult your legal and/or financial advisor when making planned giving decisions.

Are bequests always given in the form of money?
Bequests may come in the form of money, property, an investment, or a percentage of an estate. Tax benefits often accompany a gift from a will or estate.

Do I have to include my wish to leave a gift to a specific organization in my will?
To be certain that the nonprofit receives the gift, you should state your intention in your will. Without a will, your property and finances are settled in probate court according to state laws, regardless of your personal wishes.

Do I tell the charity I’ve left them a bequest?
This is up to you to decide. Charities and other nonprofits like to know in advance so they can recognize your generosity and accommodate your wishes – and you your gift to inspire others. 

How do I leave a gift in memory of a person or for a specific purpose?
A bequest is a great way to honor someone who has made a difference in your life. You may also want to give to a specific cause like research or a building project. These kinds of gifts can be arranged through your will. You just need to make it clear that the gift is given in memory of a particular person or for a specified use.

What are some other important tips about making a charitable planned gift?
Find an attorney and/or financial advisor who will best represent you and your commitment to planned giving. 

Talk to a variety of specialists, including your attorney, financial advisor and development professional at your favorite charitable organizations. Learn as much as you can about various planned giving options and the kinds of gifts that make the most sense for you and the organizations.

Encourage dialogue between your favorite organizations and your attorney and/or financial advisor to ensure that your intentions are understood and put into action. 

Source: Greater Cincinnati Planned Giving Council – Leave a Legacy