Building a Lasting Legacy: How to Discuss Planned Legacy Giving with Your Family
- back to top
Building a Lasting Legacy: How to Discuss Planned Legacy Giving with Your Family
Discussing planned legacy giving with your family can be an emotionally charged and complex conversation. However, having an open and transparent discussion about your philanthropic intentions is crucial to ensure that your values and charitable passions are carried forward for generations to come.
In this blog post, we will guide you through the steps to approach this conversation, address potential challenges, and provide tips on fostering a positive and supportive environment when discussing planned legacy giving with your family.
Clarify Your Philanthropic Goals
1. Reflect on Your Values and Passions
Before initiating the conversation with your family, take some time to reflect on your values, beliefs, and the causes that are most meaningful to you. Understanding your philanthropic goals will help you articulate your intentions clearly.
2. Define Your Legacy Giving Plan
Outline the specific charitable organizations or causes you wish to support through legacy giving. Determine the planned giving methods that align with your financial situation and values, such as bequests, trusts, or life insurance policies.
Choose the Right Time and Place
1. Set a Comfortable Atmosphere
Select a time and place that promotes open communication and minimizes distractions. Avoid discussing legacy giving during stressful or emotionally charged situations.
2. Involve All Key Family Members
Include all key family members in the conversation, such as children, grandchildren, and close relatives. This ensures that everyone is informed and has the opportunity to share their thoughts.
Prepare for the Conversation
1. Gather Information
Compile relevant information about your chosen nonprofit organizations, planned giving methods, and the impact your legacy gifts will have on the causes you support. This will help address any questions or concerns your family may have.
2. Anticipate Potential Concerns
Be prepared for a range of reactions, including surprise, confusion, or even resistance. Be empathetic and patient while addressing any concerns or objections.
Start the Conversation
1. Express Your Values and Intentions
Begin by sharing your core values and the importance of philanthropy in your life. Explain why leaving a lasting legacy through planned giving is meaningful to you.
2. Educate Your Family about Legacy Giving
Help your family members understand what planned legacy giving entails, how it works, and the positive impact it can have on the causes you care about.
3. Listen and Encourage Input
Invite your family members to share their thoughts, questions, and feelings about your planned legacy giving. Listen attentively and validate their perspectives.
Addressing Potential Challenges
1. Sibling Disagreements
In cases where siblings have differing opinions on your legacy giving plan, encourage open communication and find common ground. Reiterate that your goal is to support causes that align with your values and hope for their understanding and support.
2. Fairness and Inheritance Concerns
If your family members express concerns about fairness in inheritance, explain that your planned giving does not diminish their inheritance but rather reflects your desire to support the causes that hold a special place in your heart.
3. The Importance of Flexibility
Reassure your family that estate plans and philanthropic intentions can be updated over time to accommodate changing circumstances or additional causes that may arise.
The Impact of Legacy Giving
Sharing Your Vision
Help your family understand the impact your legacy giving will have on the organizations and causes you support. Share stories of the positive change these organizations bring to the community.
Involving the Family
Consider involving your family in the process of selecting and supporting charitable organizations. This can foster a sense of connection and shared purpose, strengthening the legacy of giving for generations to come.
Approach with Empathy
Discussing planned legacy giving with your family is an essential step in ensuring that your philanthropic intentions are carried out and that your values continue to make a positive impact on the world even after you’re gone. Approach the conversation with openness, empathy, and a willingness to listen to your family’s perspectives.
Leaving a lasting legacy to a nonprofit organization is a profound way to make a positive impact on the causes you care about. From bequests to charitable trusts and life insurance policies, there are various ways to customize your legacy gift to align with your intentions.
Why Choose Palmer Home
By sharing your values, educating your loved ones, and addressing potential challenges, you can foster a supportive environment and create a shared legacy of compassion and giving. Remember, the legacy of giving is not just about financial contributions, but also about the values and love you pass on to your family and the causes you support.
If you are interested in learning more about partnering with Palmer Home to ensure you can enjoy a legacy of giving, please contact development@palmerhome.org.
Your Support Makes a Difference
Donate Once
Give the gift of a one-time payment. You can give your gift in honor/memory of another or in support of a specific cause.
Donate Now
Give Monthly
Become a Palmer Hero by setting up monthly recurring payments to help sustain our mission.
Donate MonthlyPalmer Home News
Sign up for our e-newsletter of events and other initiatives,
and learn ways you can help.
