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Why Are Nonprofits Experiencing An Insurance Crisis? And What Can the Nonprofit Sector Do About it?

Blue Avocado

If you’re reading this, you probably already know about the problems that nonprofits like yours are facing with their insurance: Rising insurance premiums, poor coverage from commercial insurance carriers, and in some cases, the loss of coverage altogether. Why are insurance rates soaring for nonprofits?

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Your Unrestricted Funds Need Stewardship, Too

Blackbaud

Many don’t cover operating costs or have a small allotment for indirect costs such as salaries, insurance, and utilities. A lot of individual donations, like ones that come through your organization’s website or through the Annual Fund, are often unrestricted. They don’t come with any direction or reporting requirements.

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Understanding Probate: A Comprehensive Guide to the Probate Process

Planned Giving

However, this essential procedure plays a critical role in ensuring that a loved one’s wishes are honored after they pass away. The church courts handled probate issues, ensuring that the deceased’s soul was cared for through proper distribution of their estate. Assets that must go through probate are known as probate assets.

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The Nonprofit’s Guide to Legacy Giving

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One way your donors can help you extend your impact is through legacy giving. Legacy giving is a committed donation a donor plans to leave to a nonprofit organization as part of their estate after they’ve passed away. Here’s a look at seven of the most common types of legacy gifts: Bequests through wills and estate plans.

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Are Wills Public Record?

Planned Giving

When a person passes away, their will undergoes a legal procedure known as probate, which often turns it into a public record. Probate is the legal process through which a deceased persons will is validated and their assets are distributed according to their wishes. No, wills are private documents until the person passes away.

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Why Planned Giving?

Planned Giving

These include gifts of equity, life insurance, real estate, personal property, or cash. Another example is a bequest — which can be as simple as informing your financial institution through a designation form that you would like all or a portion of your estate left to your favorite charity. What is Planned Giving?

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Estate Planning Essentials: 10 Crucial Documents for Organizing Your Affairs

Planned Giving

Beneficiary Designations Certain assets can be transferred directly to beneficiaries without going through probate. These non-probate assets include 401(k) accounts, pensions, and life insurance policies. Keeping this information together ensures that your executor can manage your finances effectively.