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Leaving a Legacy: How Planned Giving Supports Native Communities

   By Joe Langenderfer

Simple ways to plan for your future while making a lasting difference for Native Americans.

National Estate Planning Awareness Week is observed every October across the United States.  It is a timely reminder for everyone taking care of loved ones to organize their assets in preparation for the end of life.

It is also a great time to make a lasting impact by including your favorite charities in your estate plans.

A well-balanced estate plan may involve planned gifts that can benefit both family members and a favorite charity, such as Partnership With Native Americans® (PWNA) or a specific PWNA Program.  Planned gifts are not the same as outright donations and often cost the donor nothing during their lifetime. 

I chose to add to my recurring support of PWNA by naming the organization a 100 percent beneficiary of my life insurance policy.  I know that on the Navajo reservation there is an ongoing need for donations – I was there!  As a teacher I worked with young children at a school. Now that I am not able to teach them, I can still leave a legacy.  The life insurance proceeds will go to those with the greatest need, and the people are very appreciative.  I feel great about my decision….  PWNA donor Sandra from New York

Last Will and Testament

The most popular planned gift option that individuals choose as the anchor of their estate planning is a Last Will and Testament.  A will is the simplest form of planned gift since it costs nothing to leave a bequest for a loved one or favorite charity.

When you die without a will the state in which you live determines the distribution of your assets. This happens a lot – up to 70 per cent of Americans die without a will.  

PWNA offers a simple, no-cost way to create or update your will online.  Whether or not you choose to include a charitable gift, this free resource is available. Start your will for free at FreeWill.

Beneficiary Designation

Another planned gift option that costs nothing during your lifetime is a Beneficiary Designation.  If you have a life insurance policy, IRA, 401K, or other retirement fund, you can name a charitable cause like PWNA as a beneficiary.  This is often a wise choice since individuals are heavily taxed on retirement distributions, but gifts to charities such as PWNA are tax-free, ensuring your full designation directly benefits Native Americans.

Charitable Gift Annuity

Many people worry about having enough income during retirement.  A Charitable Gift Annuity (CGA) can ease that concern while also supporting a cause you care about.  A CGA provides guaranteed, fixed payments for life.  And at end of life your remaining funds go to PWNA or the specific PWNA Program of your choice.

Payable on Death Arrangement

A Payable on Death (POD) arrangement is similar to a beneficiary designation.  You keep full control and use of your assets — whether an investment fund, home, or other property — during your lifetime.  Upon your passing, those assets transfer directly to the charity you’ve chosen.

Part of this legacy will go to the elders. The majority is earmarked for a struggling veterinary clinic to help… dogs and cats.  Native Americans don’t own an inch of land but the one thing they do have is PRIDE in their heritage…AND HOPE that a few good souls will remember them in their estate plans…. PWNA donor Karen from Virginia 

Other ways to give

If you are seeking tax-advantaged methods of giving during your lifetime, several options can save money through charitable tax deductions, capital gains tax avoidance, or decreasing your adjusted gross income on your tax return.  Examples include gifts through appreciated stock, a Qualified Charitable Distributions (QCD) through an IRA, and grants through a Donor Advised Fund (DAF).  Visit our page at FreeWill to explore these options.

The same care that inspires people to support their family and favorite causes during their lifetime also motivates them to plan for after their lifetime.   Celebrate National Estate Planning Awareness Week this year by considering and executing a plan of action that takes care of your loved ones and leaves a lasting impact for Native Americans.