Minnesota Planned Giving Council 2010 Annual Conference November 2-3, 2010 St. Paul River Centre, St. Paul, Minnesota Self-Reflection and Gift Motivation: The Use of Ethical Wills in Gift Planning Barry K. Baines, MD and Grant Wacker, CTFA

Objectives Learn what an ethical will/legacy letter is Know why, when and how to create one Understand the value of using ethical wills/legacy letters in the gift planning process Identify practical strategies for integrating ethical wills/legacy letters as a motivational tool in the gift planning process

“We all want to be remembered and everyone leaves something behind” Seniab

“What I hear, I forget What I see, I remember What I do, I understand” Lao-tse

What Is An Ethical Will? A way to record, preserve and share your: –values –beliefs/faith –life’s lessons –hopes for the future –love –forgiveness with family, friends & community

Case Study Part I Client financials Based on these financials, what gift planning ideas would you suggest

Case Study Part II An Example of an Ethical Will What stuck with you? Based on this ethical will, has the focus of gift planning changed? Think about how an ethical will could be utilized to enhance the relationship between the donor and the beneficiary organization?

You need to know your donor’s values Donor’s values will help you identify the best planned giving options Ethical Wills and the Gift Planning Process:

History Of Ethical Wills Biblical roots Transition from oral to written tradition Relationship to wills of inheritance Current usage

Why Write An Ethical Will? Honor the past –by remembering family/community history and connecting to our roots Capture the present –by identifying what we value most Inform the future –by creating a ‘legacy of the spirit’ “ Honor the Past, Capture the Present, Inform the Future” reprinted with permission from: Anita Hecht, LCSW Director, Life History Services, LLC © Barry K. Baines, M.D. 9/2004

Why Write An Ethical Will? The Gift Planning Perspective Allows your donors to articulate –their values –their life goals –what they believe in Emphasizes the transcendent dimension of gift planning Presents a roadmap that guides prospective donors on the journey from “current success” to “lasting significance”

Exercise: Why I Gave Consider the last significant gift you made to a non-profit – you define what is significant to your circumstances Write a paragraph or two titled: “Why I Gave”. Why was that important to you? Knowing that, what will you do about it?

When Might You Write an Ethical Will? Going through a significant transition or turning point in your life Facing or experiencing a challenging event or life situation

How do you… Gain a comfort level with this concept? Introduce the idea to your clients? Organically motivate interest?

Motivational Strategies for Gift Planners Gifts provide meaning – ethical wills frame gifting in the context of how the donor makes a difference Deepens your relationship with any/all of your donors As a value-added thank you to donors for their past and current support Linking explicit donor values to their gift to inform future beneficiaries

Reinforces the donor-beneficiary organization relationship Obtain more gifts! Adding Value to the Gift Planning Process

Next Steps: Using Ethical Wills in Your Practice Commit to creating a personal or organizational competency around how to engage clients in these conversations Develop several methods to introduce the topic… –Provide resources to current donors –Sponsor periodic seminars/workshops for current and/or prospective donors –Other ideas that fit with your culture

Q&A THANK YOU!