By Mary Beth Harrington, CVA
Most people assume they do not need to create an estate plan until much later in life — nearly 70% of Americans still don’t have an up-to-date Will, which means that estate planning is a critically overlooked component of a person’s financial wellness. This creates hardship and stress on family members, financial or otherwise, that could be diminished by advanced planning. It may also lead to lost opportunities to support charitable organizations that are important to you and benefit the community.
This week (October 16th – 22nd) is National Estate Planning Awareness Week, or NEPAW. Started in 2008 by the National Association of Estate Planners & Councils (NAEPC), its goal is to help people understand the importance of having a plan in place to protect their assets and loved ones.
Here in Thurston County, this event is promoted by Leave 10 South Sound. “The idea of legacy may remind us of the end of life, but really, it’s about living,” said Mindie Reule, President and CEO of The Community Foundation of South Puget Sound and a member of the Leave 10 South Sound Steering Committee. “Legacy helps us decide how we want to live and the kind of world we want to live in. Considering your legacy—whether you are 18 or 80—is a chance to reflect on what you have done in the past, what you’re doing now, and what you still hope to accomplish. It is a chance to take stock of what matters, including the people, causes, and social institutions that have shaped you or added meaning”.
Leave 10 South Sound is a movement created by local donors, nonprofits, and professional advisors to educate, encourage, and inspire people in the South Puget Sound region to leave at least 10% of their estates to charity. “As a South Sound resident, you have the power to make a lasting, transformational impact in our communities,” said Reule. “Leaving just 10% of your estate to your preferred causes can help provide more affordable housing, equitable educational opportunities, robust social services, animal protection, accessible arts and culture, programs for the environment and protected areas, and more. Your vision for the South Sound can become a reality.”
In 2020, Leave 10 South Sound was created in partnership with the Greater Tacoma Community Foundation, the South Sound Planned Giving Council, the Community Foundation of South Puget Sound, and other South Sound Partners to encourage more people to embrace philanthropy by making it part of their legacy. Leave 10 South Sound aims to educate, inspire, and encourage individuals to aspire to leave at least 10% of their estate to charity through planned gifts in wills or estate plans.
“The Community Foundation was founded to be our community’s permanent endowment,” said Reule. “Our focus is and has always been to grow and mobilize charitable resources for South Sound communities. Leave 10 South Sound is a way for us to expand our efforts to promote planned giving and share our knowledge and expertise so our communities can thrive long into the future”.
During National Estate Planning Week Leave 10 South Sound will be offering two opportunities for individuals to get involved:
- Wednesday, October 18 – Leave 10 South Sound partners will gather for a Happy Hour in Thurston. This is an opportunity for both estate planners and nonprofit colleagues to network. We will be sharing resources, tools, and information about Leave 10. For more details, click here.
- Thursday, October 19 – A free estate planning webinar and panel discussion from 11:30 a.m.-1:00 p.m. Many people don’t have a will or estate plan because they just don’t know where to start. This webinar will help them take the next steps and encourage them to think about their legacy. For more details, click here.
These events are happening this month; additional opportunities are listed on the Leave 10 website throughout the year which includes a myriad of resources for Donors, Nonprofits, and Professional Advisors. “Folks are encouraged to get connected and take the pledge,” said Reule. “In addition, signing up for the monthly newsletter on the website will ensure that you receive up-to-date information about any new tools, learning opportunities, and networking opportunities near them.”
- For Nonprofits: Become a part of Leave 10 South Sound to receive free and easy access to tools and resources to help with your efforts in starting or enhancing your planned giving program.
- For Professional Advisors: Become part of Leave 10 South Sound to receive free access to toolkits, resources, and learning opportunities designed to build your skills around planned giving concepts and expand your network of professionals.
- For Individuals: If more South Sound residents include gifts to charity in our estate plans, the landscape of social causes in our region will be positively transformed forever. In addition, our charitable legacies will also inspire humanitarian values and behaviors in other individuals, families, and communities.
Americans are considered among the most charitable people in the world. According to the World Giving Index, 63% of them make charitable donations, 46% volunteer their time for causes they care about, and 73% report helping strangers. Yet, fewer than 8% include a gift to charity in their estate plans. Baby Boomers will pass on an estimated $70 trillion in wealth in the next few decades (this is often referred to as “The Great Wealth Transfer.”) “There has never been a better time to tap into the transformational power of planned giving,” said Reule. “If more Puget Sound residents include gifts to charity in their estate plans, the landscape of social causes in our region would be positively transformed forever. In addition, their charitable legacies will also help inculcate humanitarian values and behaviors in their families and communities.”
Soliciting your ideas
If you know of a nonprofit that is doing something great, celebrating a success, needs some outstanding volunteers, or hosting an event, let me know! This column (aside from a little education) celebrates nonprofits!
Mary Beth Harrington, CVA (Certified Volunteer Administrator) lives in Tumwater. She travels the country speaking at conferences and to individual organizations articulating issues facing nonprofits. Send your ideas to her at MaryBeth@theJOLTnews.com
Credit:Source link
