Legacy Giving at the ILMA Foundation
You may have heard that legacy gifts are important for nonprofits. But what separates a legacy gift from writing a check or donating online? One-time donations aren’t the only funds that sustain foundations like ours – legacy gifts are a core component of our foundation’s long-term success.
The most common types of legacy gifts provide ongoing or planned support that our organization can rely on in the future. At the same time, this type of giving has the advantage of not impacting your current finances while providing certain tax advantages.
If the future of the lubricants industry holds meaning for you, you can make plans for a legacy gift to the ILMA Foundation. Below are some of the most common ways to bestow a gift in the name of your legacy.
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Donor-Advised Funds
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Bequests
A bequest is a specific asset, dollar amount, percentage of your estate, or remainder of an estate made as part of a will or trust. They are easily accomplished by asking your attorney to prepare a codicil.
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Retirement
Through your plan provider, you have the option of naming The ILMA Foundation as a primary or contingent beneficiary of your retirement plan and designating either a stated percentage or dollar amount.
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Life Insurance
Life insurance can be donated by naming The ILMA Foundation as owner and beneficiary of the contract. By doing so, your annual premium payments become tax-deductible.
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Assets
Legacy gifts also come in the form of lifetime gifts – gifts made now that accrue value over time. Appreciated assets can be donated if they have been held for over a year. This way of giving also infers tax benefits.
Competition to attract young professionals remains fierce. For years, we’ve addressed this challenge by providing scholarships as a way to encourage entry and participation in our industry, awarding almost $650,000 since the program began in 2002. In the next 10 years, we plan to double down on this effort by building a $2.5 million endowment reserved specifically for scholarships and training opportunities. This endowment will represent by far the greatest source of funding available to support the future of lubricant manufacturing.
We’re proud of what we’ve been able to accomplish together, and we’re excited for what’s to come. None of our work is possible without the incredible support of people like you!
ILMA Legacy Giving Circle
If ILMA has had a significant impact on your life or the life of someone you love, a legacy gift is a heartfelt and genuine way to honor that relationship. By making a legacy gift, you’ll project your support for our industry into the future.
A legacy gift will also secure lifetime membership in the ILMA Foundation’s Legacy Circle, an exclusive group of members dedicated to the continuation of the foundation. There is no minimum dollar amount required for membership. For many types of gifts, we require only a simple statement of your commitment in writing to initiate your membership. If you tell us about your intent to give now, we can ensure it is used exactly as you intend.
To discuss legacy giving options with the ILMA Foundation, please fill out the form below or call us during business hours at 703-684-5574.