When it comes to planned giving, a well-crafted planned gift agreement is crucial to ensure the donor`s intended purpose is met. A planned gift agreement is a legal contract that outlines the terms and conditions of a planned gift, which could include charitable bequests, trusts, and annuities.

By having a well-written planned gift agreement, donors can ensure that their philanthropic goals are met and that their legacy will continue beyond their lifetime. However, if the agreement is poorly drafted, it could result in confusion and frustration for both the donor and the organization receiving the gift.

To ensure that the planned gift agreement is written correctly, it`s best to consult with a qualified attorney who is knowledgeable in estate planning and charitable giving. An attorney can help ensure that the agreement meets legal requirements, and that the language used is clear and unambiguous.

While every planned gift agreement will differ based on the specific gift involved, there are some general provisions that should be included in every planned gift agreement. These provisions typically include:

1. Purpose of the Gift – This section should clearly state the purpose of the planned gift, outlining what the gift will be used for.

2. Donor Information – The donor`s name, address, and other identifying information should be included in the agreement.

3. Gift Property – This section should identify the property being gifted, including any restrictions or limitations on the gift.

4. Payment Terms – The payment terms should be clearly outlined, including the timing and amount of any payments.

5. Tax Implications – The agreement should outline the tax implications of the donation, including any deductions the donor may be entitled to.

6. Termination Provisions – This section should outline the circumstances under which the planned gift agreement can be terminated.

7. Contingency Provisions – This section should outline what will happen to the gift if the original purpose is no longer possible or practical.

While the above provisions are general, each planned gift agreement may have additional provisions depending on the specific gift involved. It`s essential to consult with an attorney to ensure that the provisions are clear, unambiguous, and legally enforceable.

In conclusion, a well-written planned gift agreement is essential to ensure that the donor`s philanthropic goals are met and that their legacy continues beyond their lifetime. By including the right provisions in the agreement, the donor can ensure that their gift is used for its intended purpose and that their philanthropic legacy will live on.