What you need to know about planned giving

Above: Jerry Hayes, Adirondack Foundation Board of Trustees

Planned giving helps ensure that each generation benefits from the foresight and generosity of earlier generations.

So … what is planned giving, anyway?

Jerry Hayes, a member of Adirondack Foundation’s Board of Trustees, is a retired partner of the Tupper Lake–based law firm Hayes & Wright. Hayes has helped many Adirondack families realize their charitable goals through tax-wise planning.

“Any gift of money or property by an individual or family is really a planned gift,” Hayes explains.

During a person’s lifetime, a gift of money, stock, or real estate can be made directly to a nonprofit organization. The other option, Hayes notes, is to set up a permanent fund with a community foundation like Adirondack Foundation. A fund at Adirondack Foundation will keep on giving in perpetuity, and a donor can add to it anytime, even through a bequest or trust.

“The planned gift is not difficult to make,” Hayes says. “The challenge for most people is deciding to make the gift.” The gratitude of giving comes after the specifics are nailed down, he adds.

Attorneys and accountants can be helpful for those interested in planning giving, Hayes says, but they aren’t absolutely necessary. He adds that people make planned gifts for a variety of reasons. Most often, it’s done because a person is simply generous, and they have a desire to do something that permanently benefits a favorite charity or community.

To discuss planned giving with Adirondack Foundation, contact Janine Scherline at (518) 523-9904 or janine@adirondackfoundation.org.