As a Life & Legacy Community Consultant of 10 years, Tammy Dollin knows the questions, hesitations, and fears that arise around asking people to consider leaving legacy gifts. After all, it’s taking two already challenging conversational topics — death and money — and combining them. That discomfort alone can prevent someone from ever even broaching the subject.
But Dollin also knows the importance of making that ask. After-lifetime giving, or legacy giving, is a proven strategy to help organizations build endowments, secure long-term commitments from active members, and ensure an organization can thrive well into the future. Life & Legacy, a program of the Harold Grinspoon Foundation, works with communities across North America to provide training, support, and monetary incentives to motivate volunteers and professionals in Jewish organizations to educate about and ask for legacy gifts, steward donors, and integrate legacy giving into an organization’s culture.
If you’re considering integrating legacy giving into your work, it’s important to understand the fundamentals of a successful legacy ask. Read on for Tammy’s fundamental tips to start making those asks and building your legacy program.
1. Understand the Why of Legacy Giving
Legacy giving is a dynamic way to secure the financial future of an organization. With a legacy gift, a donor designates that a beloved organization will receive funds from the donor’s total assets after their lifetime, as opposed to a gift of a specific amount from their disposable income at the time of the request. A legacy gift has the potential to have a much larger impact on the organization. Plus, because it’s a gift for the future, it’s “equal opportunity.” Anyone can make a legacy gift, effectively turning everyone in a community into potential philanthropists.
But people may not inherently understand what an endowment is, what a legacy gift is, or how they help an organization survive and thrive for the next generation. It’s important to understand that for yourself and then start by educating others on the “what,” “why,” and “how” of legacy giving. Life & Legacy’s resource library is a great place to learn more.
2. Know your own story
What about working to secure legacy gifts motivates YOU? Your motivations become part of your legacy and your story, which is helpful as you have conversations with perspective legacy donors. Knowing your “why" and sharing your story with others, and asking about their story and their "why" is what makes legacy conversations so powerful and meaningful, which is in itself a gift!
Part of Tammy’s story is ensuring that Judaism is joyfully transmitted to the next generation. “I don’t want cost to be a barrier for anyone,” she says. “When I understood what was being asked around giving a legacy gift, it was easy to say yes. The hard part for me was deciding which of the Jewish organizations and causes I cared most about. As an after-lifetime gift from my overall wealth, I realized I could make a bigger impact than I ever thought possible. My committing to a legacy gift was simply an extension of a lifetime of charitable giving.”
3. Have a thoughtful conversation
Starting the legacy conversation sounds daunting. Most people don’t want to contemplate their death. So instead, center the conversation around how an organization has impacted them and their family. What has it meant in their life? What are their hopes for its future? How might they impact that future through their own legacy gift?
When you have explored their thoughts, hopes, and feelings, then make the legacy ask! Most people will consider a legacy gift if they are asked, but are unlikely to do so on their own.
A legacy gift can be a designation in a person’s will or retirement account. It can be a specific amount or a percentage. As the “asker,” you don’t need to know the technical details; a financial advisor, Jewish community federation, or foundation, can assist with the specifics. You just have to focus on the “why” — why an organization is so important to them and the difference a gift can make for future generations.
4. Steward over time
Legacy gifts may not be realized for many years, so caring for donors and keeping them connected to an organization over time is critical. Show personal care through regular conversations and check-ins and share the stories of other legacy donors to encourage them. You can even change the culture around legacy giving within an organization by honoring legacy donors at events and hosting events specifically for them. Because their gifts have the potential to be so significant, legacy donors are considered “major donors,” so help them feel it now.
What’s more: Legacy gifts help secure annual gifts, meaning that you don’t have to fear cannibalization. Legacy gifts also ties donors to an organization, so they are even more likely to support it year over year. It augments current giving as well as future giving.
In conclusion, a transfer of generational wealth to the tune of $59 trillion is taking place before our eyes. Your organization can be a part of the story — if only you make the ask.