What?s Your Legacy? (John Cogan Wade Commentary)

The non-profit community plays an increasingly important role in our lives. More than 1.4 million charities respond to the tremendous needs not otherwise fulfilled for many Americans. And the competition is fierce among charities for the funding to continue their good deeds.r

Most charitable organizations focus their limited resources on promoting annual gifts, which often are their lifeblood. Donors respond favorably to annual campaigns, as more than 70 percent of Americans make donations each year. In 2001, charitable contributions by individual Arkansans exceeded $1 billion, an increase of 6.1 percent from the previous year. r

Unfortunately, for most individuals, charitable giving ends when their lives end, as less than 6 percent leave a bequest at death. Why the big difference? At Leave A Legacy Arkansas, we believe it’s due to a simple lack of awareness.r

Leave A Legacy Arkansas is a coalition of more than 140 non-profits and professionals with a common goal: to make all Arkansans aware of the opportunity to continue their charitable giving beyond their lifetimes. This goal easily can be accomplished by including bequests for charities of the donor’s choice in wills, trusts, life insurance policies and retirement plans.r

While many charities would like to encourage planned gifts from donors, only a select few charities — typically the larger and more financially successful — can actually do so. Meanwhile, current demographics suggest that it is more important than ever for charities to seek planned gifts. During the next 50 years, the wealth transferred between generations is predicted to exceed $41 trillion, and may well reach double or triple that amount.r

And thus the dilemma — the charities that really need planned gifts don’t have the resources to make donors aware of the opportunity. And 94 percent of Americans, unaware of the opportunity, do not make bequests to their favorite charities. Leave A Legacy Arkansas seeks to end this unfortunate cycle through a statewide public awareness initiative to inform Arkansans of the opportunity to make planned gifts to charities of their choice.r

Leave A Legacy Arkansas does not solicit gifts for particular charities. We work hand-in-hand with all types of nonprofit groups that need financial assistance to continue their good deeds.r

Leave A Legacy Arkansas recently launched its statewide campaign with kickoff press conferences in Little Rock and Fayetteville. The grassroots initiative will be implemented locally in six districts — West, Northwest, Northeast, Southeast, Southwest and Central. Over the next three years, volunteers and sponsors in each district will spearhead the effort to make all Arkansans aware of the opportunity to include bequests for the charities that are so important to their communities.r

So, what’s your legacy? Think about the charities that have touched your life. Would you like to continue your support for them beyond your lifetime? For every $1 given annually to charity, a bequest of $20 can endow the annual gift. If you give $500 annually, a bequest of $10,000 could provide the charity with $500 in annual income — forever. It’s not hard to do the math. And it’s not hard to see the potential impact to charities that play such important roles in our everyday lives.r

We can easily see the impact of tremendous gifts from noteworthy Arkansans like Donald W. Reynolds, the Waltons and the Stephenses. However, all touchdowns are not scored on big plays. Many result from long drives with shorter gains by a variety of players. But the ultimate touchdown from the long drive is just as important — and may even be more valuable — than the touchdown from the single, big play. Every Arkansan has the opportunity to be on the playing field, making a meaningful contribution. While the non-profit community loves the big play, the short gains also are welcomed with open arms. After all, a team effort is essential to sustained success, whether in the game of football or the game of life.r

Every bequest, large or small, is vitally important. You don’t have to be wealthy. Take advantage of the opportunity to make your mark. Leave A Legacy Arkansas! r

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(John Cogan Wade is an attorney with Haught & Wade LLP and is chair of the Leave A Legacy Arkansas Statewide Advisory Board. Visit www.leavealegacyarkansas.org for additional information.) r