Anyone Can Leave a Legacy
Susan Poole, from the Community Foundation of Lorain County, explains how anyone can leave a legacy through one of the 800 Community Foundations that are found nationwide.
There are FOUR things everyone should know.
1.) First, consider why you would want to leave a legacy
Begin by considering your interests or passions, OR perhaps there is a person you’d like to honor so you might consider their interests.
There may already be unrestricted funds that already contribute to your interests:
- Animal welfare
- Health and wellness
- Special needs
- Arts and culture
Last year almost $6 million in grants and scholarships was distributed in Lorain County alone.
Sometimes people just want to give back to community but aren’t very specific in where they want their gifts to go. Since we never know where future needs will be, an unrestricted fund called Touch the Future was created for emerging needs. As an example, Susan says, “Twenty years ago, we wouldn’t have known there would be this opioid crisis.” Now that fund can be very helpful.
2.) There are two ways to give – while you are alive or through a planned gift after death.
There are opportunities to donate time and resources as a volunteer during your life or you can pledge a gift in your will.
The Legacy Society of the Community Foundation are persons who may be active and involved in making decisions while they are alive and then a contributor to a fund that matches their interests after their death.
3.) Do we need to be wealthy to do this? REALLY how much do we need?
Susan explains that there’s a lot of misunderstanding around this. If a person wants to open their own fund, they may have to seed it with $10,000 or more but since there are 660 funds that already exist, you can contribute to one that already matches your interests.
Besides that, she reminds us that time and talent means a lot, also! You can help in a number of ways as a volunteer at the Community Foundation!
4.) How to get started in leaving a legacy?
Look at the funds available, give them a call, and set an appointment to talk about where YOUR interests lie!
Please share your thoughts in the comments below…
Do you have a legacy project you can tell us about?
Did this inspire any ideas for you or your family?