As we have embarked on 2021, many have decided to make a new year’s resolution, one for sure is to forget about 2020!
Many resolutions for individuals look at their financial planning for the year ahead. One aspect of financial planning can and should be philanthropic planning. Major gifts and estate plans can be discussed and presented to your donors as a viable option. This type of donation is a necessary addition to your fundraising.
Just like practicing the piano for 15 minutes every day, practicing your approaches with donors about their philanthropy can and should be an enjoyable and achievable objective. The pursuit for these types of donations will improve your fundraising outcomes in support of your programs and operations.
Implementing tools such as GIFTabulator (www.giftabulator.com) and incorporating expert advisors will help you and your donors understand the benefits associated with making a donation from assets, now or later.
Partnering with financial advisors who express a willingness to take part in the donor discussion will advance the donors comfort level and bring all closer to making a donation that will transform your organization. The combination of tools and expert knowledge will lead to your success!
In your donor outreach, let me suggest a few estate planning to-do’s that shouldn’t be ignored as we are in the early days of 2021…
Update your Will. Since 60% of individuals do not have a current will, it may be time for you to update yours.
Make a List of your tangible personal property assets. Take the time to figure out who gets what. Believe it or not it’s not the money or the real estate that your kids will fight over but your tea set, your baseball card collection or that special piece of jewellery. Creating a list of who gets what will help minimize any sort of strife.
Take a look at your RRSP or RRIF Beneficiary Designations. Make sure the people you want as your beneficiaries are correctly stated on your registered investments. This might be also a good time to discuss charitable giving options from you RRSP/RRIF now or in your estate plan.
See how your estate and philanthropic plans can be realized by speaking with your charity, financial, tax or legal advisors.
If you haven’t had a chance to take care of these matters, try your best to do so.
Have a Happy and Healthy 2021!
