by Patti Lyons, Executive Partner, Pride Philanthropy
Highly motivated, charitably inclined people have been making bequests and other gift provisions in their property distribution plans for several hundred years. The wealthiest have made and continue to make substantial provisions to create foundations, endowment funds and trusts that benefit numerous charitable organizations.
Every fundraising professional knows planned gifts success is “out there”, but some struggle in accessing the trillion-dollar transgenerational transfer of wealth that is currently occurring. The goal is to create, advance and facilitate philanthropy through influencing prospective estate gift donors in ways that match donor needs with an organization. Stumbling blocks often encountered include:
- Personnel, because smaller charities often don’t have enough development staff to enable enough time and effort on planned giving
- Money, because planned gifts can require a present investment for a future return, a concept organizational leadership may not be able to envision
- Intimidation, because many even experienced fundraisers are uncomfortable with their meager knowledge in this arena
How to potentially resolve all these issues simultaneously?
Engage and use professional estate planning volunteers to partner with development staff. Provide education, cultivation and a positive environment in which to encourage estate gifts, and to identify and solicit prospective donors.
Potential activities might include estate and financial planning seminars for targeted groups within the constituency; cultivation of other financial planning professionals through educational programs and mailings; and information brochures and other materials for prospects and peer professionals. All activities should lead to the ultimate goal of a “Legacy Society” recognition mechanism to thank planned gift donors as members as soon as they make an estate gift, but even more importantly, to draw increased attention to the nonprofit’s expanding planned gifts efforts and successes.
Planned gift professionals can provide an invaluable perspective, serve as resources on technical aspects of gift planning, help with prospect identification, coordinate meetings with prospects and advisors, and present a balanced overall approach. Fundraising staff can then support their efforts, facilitate activities, provide prospect research, prepare materials, take the lead in personal visits, coordinate the professional expertise, and take point on ongoing donor recognition and stewardship.
Need more details or a planned gift plan of action for your nonprofit? Contact results@pridephilanthropy.com.
