One of the Lodges I belong to has a good deal of fiscal security because some years ago a Brother left it a substantial sum in his will.
A large gift like that will make a big difference for the Lodge, forever. But even small bequests, held over time, can help to ensure that the work of a Lodge will continue as long as there are men to continue it.
Have you ever considered leaving something to your Lodge in your will?
If not, is there something your Lodge could do to make you feel good about doing so?
Has your Lodge ever had a conversation about this?
We have held estate planning seminars in our lodge to help educate, especially the young brothers in the lodge. What We found was that 90% of the members didn't have a proper will. Those that wanted to leave the lodge money didn't really have it in their will, nor did they know how to verbalize it. We've a trust set up for keeping the building up and functional. Part of the 501C3 associated with our GLs Foundation. That money is split between investments and Interest bearing assets. It can only be used for capital investments on the building by its trust. We've found more wiliness for people to donate based on those criteria. It being a 501c3 foundation. Businesses will donate for the tax write off.
Bequest planning is a big deal -- high risk -- high reward, for everybody involved
This is just me talking, but I personally from an investment standpoint wouldn't leave a bequest to a lodge to be spent year-to-year according to whatever the WM that year wanted to do
but I'd love to invest in the institution
What's your 20-year plan? Your 50-year plan? I'm all in on that.
In a lodge that recently merged with another, I was the treasurer. I had taken over from an elderly brother that basically just was caretaking the money, not really trying to do anything with it.
There were four different sums of money kept in separate CDs, earning shit for interest. They were all bequests from different brothers, all earmarked for scholarships. The lodge hadn't given out a scholarship in years. The money was just sitting there gathering dust. I gathered up all of the account information, had the paperwork declaring me the custodian of the accounts, and went to each bank and closed all of them. I then took all of the money and put it into an investment fund through Ed Jones, and started making money for future scholarships. I had set a personal limit as far as how much we'd give out, and never drop below a certain level of funds, to make sure it continued to grow year after year. At first we were only giving out $2,000 scholarships, but as the fund continued to grow year after year, we're now able to give out $5,000 or more (up to the scholarship committee).
Giving money to a lodge, and especially one that has existing funds set aside for charity and good works, is never a bad thing, as long as the lodge is a good steward of the money they have been given.
We have held estate planning seminars in our lodge to help educate, especially the young brothers in the lodge. What We found was that 90% of the members didn't have a proper will. Those that wanted to leave the lodge money didn't really have it in their will, nor did they know how to verbalize it. We've a trust set up for keeping the building up and functional. Part of the 501C3 associated with our GLs Foundation. That money is split between investments and Interest bearing assets. It can only be used for capital investments on the building by its trust. We've found more wiliness for people to donate based on those criteria. It being a 501c3 foundation. Businesses will donate for the tax write off.
Brothers - have a long term plan for your lodge.
Bequest planning is a big deal -- high risk -- high reward, for everybody involved
This is just me talking, but I personally from an investment standpoint wouldn't leave a bequest to a lodge to be spent year-to-year according to whatever the WM that year wanted to do
but I'd love to invest in the institution
What's your 20-year plan? Your 50-year plan? I'm all in on that.
In a lodge that recently merged with another, I was the treasurer. I had taken over from an elderly brother that basically just was caretaking the money, not really trying to do anything with it.
There were four different sums of money kept in separate CDs, earning shit for interest. They were all bequests from different brothers, all earmarked for scholarships. The lodge hadn't given out a scholarship in years. The money was just sitting there gathering dust. I gathered up all of the account information, had the paperwork declaring me the custodian of the accounts, and went to each bank and closed all of them. I then took all of the money and put it into an investment fund through Ed Jones, and started making money for future scholarships. I had set a personal limit as far as how much we'd give out, and never drop below a certain level of funds, to make sure it continued to grow year after year. At first we were only giving out $2,000 scholarships, but as the fund continued to grow year after year, we're now able to give out $5,000 or more (up to the scholarship committee).
Giving money to a lodge, and especially one that has existing funds set aside for charity and good works, is never a bad thing, as long as the lodge is a good steward of the money they have been given.