Legacy giving

Legacy giving

Legacy giving represents a powerful and enduring way for individuals to ensure that the vital services provided by NANA's House continue well beyond their lifetimes. By making a planned gift, donors create a lasting financial legacy that supports homeless families and dependents across Eastern Long Island, ensuring that no one has to face housing insecurity while they are waiting for their case to be closed.

Understanding the Power of Planned Gifts

Legacy giving, often referred to as planned giving, allows donors to include a gift in their will, trust, or irrevocable life insurance trust. Unlike immediate contributions which provide essential funding for current operations, legacy gifts serve a dual purpose: they provide immediate financial relief to the organization upon the donor's death, and they often unlock significant tax benefits for the giver. This strategic approach ensures that a portion of the donor's estate is permanently dedicated to the mission of ending homelessness in our region, creating a sustainable foundation that can weather economic downturns and fund long-term stability programs.

Maximizing Tax Benefits and Financial Impact

One of the most compelling reasons to consider a legacy gift is the potential for substantial tax deductions. When a donor bequeaths appreciated securities, such as stocks or bonds, to NANA's House, they can avoid paying capital gains taxes on the increase in value, while still receiving a charitable income tax deduction for the full fair market value of the asset at the time of transfer. This mechanism allows a donor to give away more than they could if they sold the assets first and then donated the cash proceeds. Additionally, donors may be eligible for a direct payment of the estate tax, which can significantly reduce the burden on the donor's heirs. These financial advantages transform what might have been an inheritance into a dedicated resource for families facing eviction, shelter needs, or crisis housing situations.

The Process of Establishing Your Legacy

Creating a legacy gift is a thoughtful process that requires careful planning and attention to detail. While the emotional drive to help others is the primary motivator, the administrative steps must be followed correctly to ensure the donation is honored. We recommend starting an early conversation with your financial advisor or attorney to understand how a legacy gift fits into your overall estate plan. Once a decision is made, we can provide the necessary legal documents and instructions to your estate planner. This ensures that your wishes are clearly communicated and that the funds are distributed exactly as intended, whether it is for specific program areas like shelter subsidies or broader organizational needs.

Selecting Your Preferred Giving Method

There are several mechanisms through which individuals can facilitate a legacy gift to NANA's House, each with its own advantages depending on the donor's financial situation and goals. Understanding these options helps donors choose the path that best aligns with their personal values and financial strategy.

  • Bequest in a Will: This is the most common method, where a donor leaves a specific sum of money or a percentage of their estate to NANA's House in their last will and testament.
  • Gift of Securities: Donors can donate specific stocks, bonds, or other financial assets directly to the organization, allowing them to retain the tax benefits of the asset's appreciation.
  • Charitable Remainder Trusts (CRT): This structure allows the donor to receive an income stream for a specified period or for life, with the remaining assets going to NANA's House after that term ends.
  • Charitable Lead Trusts (CLT): In this arrangement, the trust pays income to the donor or a group of designated individuals for a set time, with the remainder passing to the charity.
  • Life Insurance Designation: Donors can name NANA's House as the beneficiary of a life insurance policy, ensuring a lump-sum payout that goes entirely toward supporting homeless families.

The Lasting Impact on Eastern Long Island Communities

The ripple effects of legacy giving extend far beyond the initial donation. By securing a permanent funding stream, we can plan for future needs that might otherwise be deferred or denied. For instance, knowing we have a guaranteed legacy contribution allows us to invest in preventative services, job training programs, and mental health support that address the root causes of homelessness. This proactive approach reduces the likelihood of families returning to the streets, fostering a culture of hope and resilience within our communities. When a donor leaves their legacy to NANA's House, they are essentially investing in the social fabric of Eastern Long Island, ensuring that the organization remains robust and capable of serving those in need for generations to come.

Taking the Next Step Toward a Lasting Legacy

Your ability to make a difference is not limited to the time you are alive; it extends into eternity through the power of legacy giving. We invite you to consider including NANA's House in your estate planning documents as a meaningful way to honor your commitment to ending homelessness. To get started, please reach out to our development team to schedule a consultation where we can discuss your options, answer any questions you may have, and guide you through the necessary steps to make your wish a reality. Together, we can build a safer, more stable future for every family on Long Island.

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