August is “Make a Will” Month. Having a will is an important part of estate planning that allows you to control the distribution of your assets, protect your loved ones, and ensure your wishes are carried out after your death. Surprisingly, approximately 68% of adults do not have a will or estate plan, according to caring.com. You can even make one for free using resources like freewill.com.

What if you want to leave monies to an organization you’re passionate about? Can you leave a legacy with your assets? 

Planned giving — also known as legacy giving or gift planning — refers to the process of making a charitable gift as part of your financial or estate planning. It involves arranging a donation to a nonprofit organization during your lifetime or as part of your estate plan. Planned giving can take many forms. Here are some examples of planned giving: 

Bequests: Designating a portion of one’s estate to be given to a charity or charities in a will or trust.

Charitable gift annuities: Donating assets to a charity in exchange for a guaranteed income stream for life.

Charitable remainder trusts: Transferring assets to a trust that pays income to the donor (or other beneficiaries) for a specified period, with the remaining assets going to charity upon the trust’s termination.

Charitable lead trusts: Transferring assets to a trust that pays income to a charity for a specified period, with the remaining assets going to designated beneficiaries (such as family members) upon the trust’s termination.

Life insurance policies: Naming a charity as the beneficiary of a life insurance policy, or donating a policy to a charity during one’s lifetime.

Retirement plan assets: Designating a charity as the beneficiary of retirement accounts such as IRAs or 401(k)s.
The primary goal of planned giving is to support charitable causes or organizations that align with your values and interests while also providing potential tax benefits or financial advantages. 

Your planned gift can serve as a powerful example and inspire others to follow in your footsteps. By publicly acknowledging your support for the ALA or American Legion Auxiliary Foundation, you may encourage friends, family members, and peers to consider their own charitable giving and legacy planning.

To learn more about your legacy giving options, visit www.ALAforVeterans.org/planned-giving. To notify ALA National Headquarters of your intent to include the Auxiliary or ALA Foundation in your estate plans, please contact our Development Division at development@ALAforVeterans.org.