Estate Planning - Who's Doing it?

Estate Planning - Who's Doing it?

Estate Planning - Who's Doing it?

Have you noticed all of the new research data and information available about planned giving lately? What I find most interesting is younger people, even in their 30s, are less resistant to include a charity in their estate planning than people in their senior years.

Why is that so interesting? Well, for much of the last decade, planned gifts were marketed exactly the opposite of these findings--the majority of nonprofits focused their planned giving efforts on older supporters. Times and generations, they certainly are a-changin'.

So, apparently, with the exception of charitable gift annuities, many nonprofits may be marketing to the "wrong" group of supporters.

A recent report, prepared for Campbell & Company, indicated people in their 40s were making wills. And just last week, The Stelter Company hosted a webinar, which showed that even folks in their 30s have begun estate planning in one way or another.

It makes sense I guess. At this point, just about everyone knows they should start their IRAs, 401(k)s, and general retirement planning as early in life as possible. And, it's generally the younger population who are getting married and having babies; thus, buying insurance and making wills. All of these lifestyle changes and milestones can be integrated into planned giving efforts, which means now is the time for nonprofits to appeal to these donors, while they're in the midst of making their plans for the future.

It's easier to make a planned gift commitment when you're young and feel you have yet to make your fortune and will have plenty of time to make revisions to your estate plan down the road. Yet, more research shows it's rare for people to change their minds about their charitable giving once they've put a favorite nonprofit in their plan (as long as you treat them right, of course).

What would you rather do: suggest a planned gift to someone when they're just beginning to investigate the process, or ask someone who's older and thinks they've already completed their plans to their satisfaction? True, you will have to wait longer for the gift to mature, but over the years, you will also probably receive a lot more, especially for a percentage gift, in many different ways.

Lorri M. Greif, CFRE is the president of Breakthrough Philanthropy, Inc., a registered fundraising consulting firm to the nonprofit community, with a specialty in creating and improving planned giving programs. If you are just beginning a planned giving program or looking for ways to reawaken the one you already have, The Planned Giving Key will help you succeed. Subscribe today http://www.breakthroughphilanthropy.com to receive a FREE bi-monthly e-newsletter to help you increase your fundraising success with planned gifts.

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