Estate planning and charitable giving are often overlooked because of the sensitivity of the topic. Understandably, it can feel uncomfortable to think about your own death, let alone the death of someone you care deeply about. Yet, a gift made after lifetime can be a powerful way to pass on your values and celebrate the causes that matter most to you. 

Whether or not the idea of your name being attached to a gift sounds appealing, planned giving does not have to be about public recognition. Many people choose to give anonymously or with limited recognition.  For others, including a name can be a meaningful way to share their values and highlight the work of organizations that are making a positive impact in the community. Additionally, sharing your name on a publication or as an endorsement could encourage others to give also, in turn, growing and increasing impact. 

Sometimes planned giving feels daunting or easy to dismiss. People may assume they need a high income or a larger estate in order to participate. In reality, a gift does not have to be large to make a difference. One of the simplest ways to give is by naming a nonprofit as a beneficiary of a life insurance policy or retirement plan. These assets are often designed to support family members, but in some situations may also create tax implications. Including a charitable beneficiary can be one thoughtful way to steward those resources. 

Another option is to leave a percentage of your estate to charity. That percentage could be as small as one percent. In McLennan County, the average size a legacy gift is around $60,000. Some gifts are larger and some are smaller, yet each one creates meaningful impact. 

There is also the opportunity to turn a one-time estate gift into an endowed fund. An endowed gift is managed and invested so it can provide support year after year. For example, imagine a donor designates $60,000 to charity through their estate and currently gives $250 per month to their favorite local nonprofit or faith community. If the donor leaves a one-time gift of $60,000, that organization will certainly benefit in a significant way. However, if that same gift is endowed, it could provide approximately $3,000 each year in perpetuity. Over time, that annual support can grow and continue strengthening the organization for generations.  

Giving through your estate plan should be done with care and thoughtful reflection. There are many options available, and this article only introduces a few. It’s always wise to consult a professional advisor. Waco Foundation is also here to walk alongside you and explore what generosity can look like both now and in the future. 

If you have already committed to supporting a local nonprofit or faith community through a planned gift, we would be honored to celebrate that commitment with you through the Waco Pie Society.  The Pie Society is a giving society that recognizes anyone who has included a Waco or McLennan County nonprofit or faith community in their estate plan. Please reach out and let us know, or complete the form on the website: WacoPieSociety.org