March 22, 2011 | Read Time: 3 minutes
Chicago
Fund raisers often fail to fully appreciate that people over the age of 70—those most likely to make bequests and other planned gifts such as charitable gift annuities—are navigating difficult but completely normal developmental challenges, said two speakers to an audience at the Association of Fundraising Professionals’ annual meeting here.
“Aging is a natural part of the lifecycle,” said David P. Whitehead, chief development officer for AARP. Toddlers throw tantrums and teenagers assert their independence in infuriating ways while still depending on parents’ financial support. People over 70 are also struggling to maintain control over their lives while being dependent on others, he said, and their developmental needs are likely to become more visible as the population ages.
People in their 70s and beyond are grappling with an escalating series of losses, said Mr. Whitehead and another panelist, Jay Steenhuysen, a planned-giving consultant. Those losses may include declining physical strength and health, diminishing authority and professional identity, the loss of loved ones and peers who pass way with increasing frequency, decreased living space as they move to assisted living or nursing homes, and a loss of financial independence.
Fund raisers often fail to grasp how challenging these losses can be and want to rush donors into making a decision about giving, Mr. Whitehead and Mr. Steenhuysen said. Instead they need to realize that older donors need time to reflect, often at great length, about memories, past accomplishments, and experiences that help determine what they want their charitable legacy to be.
What’s more, making an estate plan is a complicated process involving a lot of data gathering, which can easily overwhelm many older people, the speakers noted. But thoughtful fund raisers can provide assistance in those areas.
For example, some elderly donors may resist estate planning because they view it as tantamount to planning their death, the speakers said. But fund raisers can show them that estate planning is really about regaining control over one’s own life and legacy and furthering the lives of heirs and the charities they care about.
Older donors may also think they do not have enough assets to warrant an estate plan, or they may never have hired a lawyer or financial planner in their lives. But fund raisers can show them that estate planning is not about money, said Mr. Steenhuysen and Mr. Whitehead, but rather about protecting one’s self and regaining control over one’s choices.
They urged fund raisers to regard gift planning with elderly donors as a sometimes lengthy process requiring a healthy dose of patience.
Fund raisers, they said, should meet donors wherever they are in the process of determining their estate plan, including instances in which they don’t know what to do or seem overwhelmed. “Market to the stuck points,” said Mr. Steenhuysen, whose clients have included the Nature Conservancy and World Vision.
He advised fund raisers to be prepared to offer donors checklists on how to prepare a will, referrals to estate-planning attorneys, and other materials that can help them move through the steps of creating an estate plan. Then, he said, check back with them on whether the information was useful. That simple step in itself can help form a lasting relationship with donors.
