Happy National Philanthropy Day!

Stemming from the Greek root words "philos", which means love, and "anthropos", meaning human or humankind, philanthropy literally means: “Love of Humankind.” Today is National Philanthropy Day, so my challenge to you is to go love your fellow humans in everyday ways!

While most people associate philanthropy with the giving of money, it is also a mindset of providing time, resources, and efforts in order to assist with improving the well-being of all humankind. Money certainly helps in these endeavors, but much can still be done with very little cash investment. We all can model philanthropic tendencies by the way we treat others with respect and by helping out those in need. Little eyes are often watching...and learning, too! Let today be the new beginning of all of us trying to be a bit more charitable in all of our actions and thoughts.

As we celebrate National Philanthropy day, this might also be the perfect opportunity to consider the type of legacy that one will leave.

Financial planners say that if a person is not charitably inclined prior to coming into their office to write a will, he/she most likely will not add a charitable gift to his/her will or estate plan. That is why I feel obligated to share with you today about the importance of remembering charitable organizations and developing a philanthropic mindset today.

And even if you do support charities today, the nonprofit organization about which you are now so passionate will lose the income you provide them after you ah...take up residence somewhere besides this earth...ah...when you vacate this world...(those are nice ways of saying when you die.) And as the population ages, these organizations will be losing more and more of their operating dollars every year.

However, you can continue to support your favorite organizations after you die by making a special provision now through a planned gift. The most common of those types is a simple bequest through a will.

By doing so, you will also model philanthropic tendencies to your children, grandchildren, and family and friends, which again is so important.

Statistics say that about 80% of people support charitable organizations while living, but only 10 – 12% of donors will die with any charitable estate provision. You can make a tremendous impact by making a provision for your favorite organizations through your will.

I read a great story that illustrates the power and importance of considering a philanthropic gift as part of your estate plans in Planned Giving Tomorrow. The article was entitled: “The Domino Effect” (page 6).

It was the true story of Ann and her parents...Allow me to share a portion of that story:

“Ann’s parents were not extraordinarily wealthy, but in 1960 they designated a large portion of their modest estate to the college. With a $40,000 planned gift, they established an endowed scholarship fund in their name. Ann was never extraordinarily wealthy either, but she contributed to the fund when she could, knowing how much it meant to her parents.” (During her lifetime, her modest gifts added up to a very sizable $150,000 to help the scholarship fund grow.)

“The scholarship has been awarded to over 120 students. Philanthropic gifts from those 120 students total more than $500,000.

“One of the recipients (call him James) sent a moving note and a $500 gift. It was the first gift he had ever made to the college since graduating in the '60s. James wrote to Ann that he was so moved by what she had done in honor of her parents that he hoped to do the same someday.

“The school’s gift planning director sent James a thank you note and urged him to let her know if he ever wanted to chat about his idea. A few months later, she got a phone call. James had decided to bequeath his entire retirement fund to the college to establish a scholarship in honor of his father. The fund is a planned gift in the amount of $1,000,000 and will benefit generations to come!”

Your best gift, like that of Ann’s parents, can inspire others to get involved and ignite a pay-it-forward mentality. In this case, a $40,000 estate gift inspired others to donate over $650,000 in gifts and ultimately ignited one person to provide a special $1 million gift! What a legacy! As you join me in seeking ways to better love our fellow humans, please ask yourself: “What will my legacy be?”

Happy National Philanthropy Day!