As more uncertainty rattles the markets and the economic downturn deepens, donations will dry up. Even your most consistent donors will reevaluate their charitable giving as the threat of a recession looms. And the Wall Street roller-coaster will affect stocks as well as cash.
That’s why it’s more important than ever for nonprofits to focus on planned gifts to help them weather the storm. Focusing on legacy giving will help to create long term stability.
And, perhaps more importantly, it will also cater to donors and prospects who may feel too stretched to give right now, but are open (or at least more receptive) to give later by committing via their will and other legacy planner tools. The whole idea of “make a gift now with no impact on your day-to-day cash flow” is more attractive than ever.
Get On Board
Yes, planned giving is “hot” these days. Why? Let’s spell it out:
- The pandemic
- The Great Wealth Transfer
- Overflowing retirement plans
- The aging of America
- Making an impact without affecting cash flow
Begin by marketing bequests and beneficiary designations (the easiest gifts to give), and make estate planning the major focus in all your marketing and communications.
Make estate planning a major focus in all your outreach.
Our free, online will and legacy planner is a good place to get started. We also have an estate-planning library that will help you create your marketing plan. And if you don’t have a planned giving strategy (such as a simple 12-month marketing plan), now is definitely the time to get started.
As the economic downturn continues, nonprofits that put all their eggs in one basket by relying solely on annual giving and individual gifts are going to find those eggs are cracked and scrambled.
A solid planned giving program is your best insurance policy during a market downturn. Contact us today to get started.