By Josh Olewiler, RI Planned Giving Officer
For a Planned Giving Officer, it can be hard to keep track of months — and years if I’m being completely honest. We’re basically time travelers, always looking ahead as we coordinate gifts that, in many cases, won’t be realized until we’re all comfortably retired.
That may sound odd, but there’s a lot more to charitable giving these days than rounding up your change at the checkout.
Wills, trusts, and codicils, oh my!
Rotary’s planned giving team helps members who wish to continue Doing Good in the World beyond their lifetimes. I support Zones 32, 33, and 34 (the Mid-Atlantic, Southeastern United States, and the Caribbean), working with Major Gift Officers and Annual Giving Officers to structure gifts to the Endowment. These gifts are commonly included in a will, life insurance policy, or retirement plan.
Working with donors is an extremely personal experience. It can take years of complex discussions before someone is comfortable making their ultimate gift. I’ve been working with one donor in North Carolina for five years, and he’s been inspired to update his plans many times. It’s rewarding to see his philanthropic dreams becoming a reality. I look forward to celebrating with him this month when he’s recognized at a district Arch Klumph Society event.
Planned gifts are carefully tailored to each donor’s charitable and financial goals. There are IRS rules and regulations we have to follow, and The Rotary Foundation also has gift acceptance policies to help manage donor expectations. I often wake up to an inbox full of questions that essentially ask, “Is this possible?”
For example:
- Can I become a Major Donor using my Individual Retirement Account?
- Can I receive Bequest Society recognition for living in my own home?
- Can I use my life insurance policy to reach AKS?
- Can I make a gift that supports my loved ones and a Rotary Peace Fellow?
The answer to questions like these depends on several factors specific to each donor’s personal situation. I always encourage them to discuss their ideas with a financial advisor before moving forward with a planned gift.
Our team of problem solvers also keeps an eye out for industry trends and legislative changes that could benefit our members, like the SECURE 2.0 Act, which provides certain donors in the U.S. with new ways to support The Foundation with retirement assets.
The more you know
Since it’s November, the month Rotary celebrates as Foundation Month, it is the perfect time to focus on gratitude, generosity, and promoting The Rotary Foundation’s Endowment. As we anxiously await a third season of The White Lotus, what new ways can we inspire our club members to maximize their long-term impact and shape the future of Rotary?
If this informal discussion of planned giving has got you thinking about making a gift or how you can help grow the Endowment, check out rotary.org/legacy or email [email protected]
https://blog.rotary.org/2024/11/26/the-intriguing-mysterious-world-of-planned-giving/