That’s read: $41 trillion
What is this number?
It is the estimated amount of wealth transfer from one generation to the another in the next 50 years. Most non-profits are salivating at that figure -anticipating that it is going to come to them. But most of these organizations are kidding themselves. Why? Because they are not planning to channel those funds to the social sector – they are pinning all their hopes on it just coming to them because people realize they are in pursuit of a noble cause.
In reality, most non-profits are so focused on events, direct mail and corporate sponsorships (i.e., annual fundraising) that they are losing sight of the fact that this $41 trillion will slip past them and go right to federal and state coffers. They are so concerned about their short-term urgency that they are setting themselves up to be in “urgent” mode in perpetuity.
MYTH: Your current individual donors are so in love with your organization that they will just naturally leave you their wealth.
- Most donors are not aware of philanthropic vehicles beyond a will bequest – which in many ways is the least beneficial of all planned giving techniques (for them, their families, and the non-profits they remember in their wills).
- Will bequests often are seen as a “windfall” to the non-profit organization. It comes as a 1-time surprise. There is no systematic, purposeful plan to include legacy funds in the long-term revenue mix.
A well-organized planned giving program can keep the doors open now and in the future. It is not an either/or situation. One of the key features of PhilanthropyPlus ™ is that it is pays for itself right away and along the way. It builds a steadily rising stream of income that is predictable and based in relationships – not annual transactions. PhilanthropyPlus ™ takes a shift in processes in fundraising and development; but it is one that can be implemented in less time, at lower cost, and with less frustration than you may think.
Check out the Interpretations Advisor Group website to learn more and to contact Laura Anne Miller to discuss how PhilanthropyPlus ™ can be a planned strategy for growth.
Posted on April 6, 2010, in Innovations and tagged bequests, fundraising, non-profits, philanthropy, planned giving, wealth, wealth transfer, will bequest, wills. Bookmark the permalink. Leave a comment.