NEW HAVEN, Conn. (WTNH) — Valley Community Foundation President & CEO, Sharon Closius joins us to share the details of their planned initiative “Valley Gives Back”.
What is Valley Gives Back? The Valley Gives Back is a community-wide planned giving initiative of the Valley Community Foundation that aims to promote the importance of giving back locally and benefiting the Valley region (Ansonia, Derby, Seymour, Shelton, and Oxford) both now and in the future.
What are planned gifts? It’s easy to plan now, give later, and impact tomorrow. Planned gifts can be as simple as naming a nonprofit in a will or trust for a set amount or a percentage. A nonprofit can also be named as a beneficiary to a savings account, checking account, or life insurance policy. This is also true for IRAs and 401Ks, which will save your heirs on taxes. If you do anything of these, let the nonprofit know so they can thank you. The best part is planned gifts are revocable if your financial situation changes over time.
Myths about planned giving. All false: I’m too young to do estate planning. Estate planning is only for the super-rich. Estate planning is too complicated and expensive. The government will handle that. They did their wills right after they got married 30 years ago and don’t need to revise them.
Why it matters. Planned giving has been and will continue to be increasingly more impact at a local level. During the next 50 years, planned giving will play a critical role in the nonprofit sector, from the smallest local charity to the largest worldwide nonprofits, and represents a fundamental shift in the field of philanthropy. According to a 2014 Boston College Center on Wealth and Philanthropy report, nearly $60 trillion will be transferred to younger generations in the United States within this time frame.
Call to action. You can learn more about planned giving, watch short videos explaining how gift vehicles work, compare options, and access more helpful resources at www.valleygivesback.org.