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Planned Giving Services for Retirement Communities

There are many creative options and nuances in using planned giving techniques in a retirement community setting. The key to success is:

  • Having a clear and meaningful purpose to engage donors
  • Creating an effective outreach effort that responds quickly when asked
  • Understanding donors’ personal and financial objectives
  • Building relationships BEFORE move-in where possible
  • Educating individuals about how a planned gift strategy might help
  • Implementing the strategy effectively

Here are the specific areas that Green Oak can address.

Bequests: One of the simplest and effective planned gift opportunities for all communities is providing bequest outreach and support. Regardless of whether a community is affordable housing, a monthly rental or lifecare, there are unique and specific strategies to encourage bequests. Green Oak has helped communities create all sorts of bequest opportunities. In addition, it has helped these same communities efficiently receive realized bequests.

Marketing to Depositors: The “zero-tax” strategy exposure can be an effective tool in helping potential and new residents make the transition to a community. By discussing how to sell a long-time residence or other assets and minimize capital gains, you can reach out to future residents BEFORE they move in, creating a long-term appreciation of the work that your Foundation is doing.

Green Oak can make presentations to both sales staff and older audiences about the taxable issues in selling appreciated homes on an informational basis. More importantly, we can address the many technical individual questions that come up from applicants as well as guiding sales staff on when this strategy might be effective.

Some participants may be interested in exploring the concept in more detail, leading up to an actual gift. Green Oak can work with you in building the necessary relationships that lead to completed gifts.

Here are the critical benefits that will emerge from this effort:

  • Helping sales staff overcome objections and maintain a dialogue
  • Keeping those on your waiting list up-to-date
  • Engaging/supporting future residents while they wait to move-in
  • Creating significant new charitable remainder unitrusts
  • Enculturing future residents in the work of your Foundation
  • Generating future planned gift opportunities after move-in
  • Enhancing your commitment to a caring community

Financial Decision Making: Just as communities help applicants organize their household goods, Green Oak can help applicants organize their financial strategies. Choosing the right contract, evaluating financial changes and planning for different expenses can get confusing, Green Oak offers clear insights and guidance that can help close sales.

Creating a Legacy Society: Green Oak has worked with many foundations in developing legacy societies and then generating a steady stream of new members. We know what works and how a lot of these efforts fail. Green Oak has proven programmatic tools for long-term success.

Promoting the IRA Qualified Charitable Distribution (QCD): Now that the QCD is permanent, there are significant tax planning strategies for residents to consider. The QCD appeals to individuals who do not itemize their deductions, providing new tax benefits to them. For high-net worth donors, there are even more tax benefits that can save them precious dollars.

When a Donor Says “Yes”: What do you do if someone wants to set up a charitable remainder trust (CRT) or charitable gift annuity (CGA)? Green Oak has the capacity to bring it all together effectively, including negotiating the gift details and paperwork, administering and/or investing the gift and supporting your mission. There are several options including:

  • Develop gift acceptance, investment and endowment policies
  • Prepare proposals and model documents for potential donor and advisors
  • Initial valuation and pro-rata payment calculation for donor after gift
  • Detailed information for donor and advisors on actual income tax deduction
  • Investment of assets
  • Performance reporting to the Foundation
  • Donor distributions
  • Preparation of annual federal tax returns for Trustee signature, K-1s to donor
  • Annual valuation of corpus for payments
  • Maintenance of sub-account reporting for multiple CGAs or CRTs in a common pool
  • Technical support to donors and Foundation staff
  • Annual NPV calculations for auditors

Ongoing Technical Support and Market Strategies: Your Foundation has an opportunity expand its array of planned gift options. Green Oak has the specialized marketing knowledge and technical expertise to serve retirement communities. This can lead to significant gifts over time. The key will be to engage your community in clear, straight-forward ideas that will resonate with your residents.

Affordable Housing: Providing basic estate planning information to affordable housing residents can be an effective strategy. Green Oak has the know-how for this specialized market.

Summary: You can expand your services, reduce risk, boost your gift activity and raise larger amounts of money by working with Green Oak in planned giving.