Placer Family Pledges Legacy of Giving

For Alex and Pam Constantino of Auburn, CA giving to the community where they raised their children and developed their careers was a personal choice that came easy to them. Today they made their philanthropy publicly known on a state level in the hopes of showing the intrinsic benefits of giving and that you don't have to be Bill Gates or Warren Buffet to make a lasting difference in one's community.

The state of California declared Friday, October 1st to be “Plan Your Giving Day.” The purpose is to motivate people to pledge at least 10 percent of their estates to charity. Go to www.californiaplanyourgiving.com to learn more.

Inspired by the Gates-Buffet Challenge, a group of nonprofit leaders in the Sacramento area organized this initiative. Bill and Melinda Gates and Warren Buffet are challenging billionaires to give at least half their wealth to charity, either while they’re alive or through their estate plans; more information is available at www.givingpledge.org.  The Gates-Buffet Challenge may generate more than $600 billion in support of the work of nonprofit organizations worldwide.

The intent behind “Plan Your Giving Day” is important. Everyone can likewise commit to investing in their favorite causes; not everyone has to be rich to provide for their favorite nonprofit in a will. The huge donations always draw attention, but those kinds of donations are rare. The reality is that an average bequest is about $50,000.

In a press conference held today in Sacramento, Pam Constantino stated why her and her husband Alex chose to establish a legacy fund at the Placer Community Foundation through their estate plan.  They believe the majority of people benefit from the resources of a community in which they work and play and if those same people gave back, even a little, the lives of all are enriched.  But determining a giving plan during their lifetime has even more intrinsic, personal benefits for the Constantinos. 

"We are leaving a legacy to our children that encompasses our values," stated Pam.  "We've created a fund at the Placer Community Foundation that will generate income so our children can give to the charities of their choice every year.  This will give our kids the opportunity to decide where and how to give in our community after Alex and I are gone."

Only about 60 percent of adults in the United States have a will. Another way to look at this is that too many people allow state laws and the Probate Court determine how to distribute the assets these people have spent their entire lives accumulating. People put off writing a will because doing so requires them to contemplate their own mortality. “Plan Your Giving Day” will be a success if it motivates more people to plan the distribution of their estates.

Of the wills that are written, less than a third include distributions to one or more charities. People have devoted themselves to an issue or a cause, yet they do not provide for the continuing work of the organizations involved. The organizers of “Plan Your Giving Day” envision a continuous statewide effort over the next few years to raise awareness of planned giving.

To learn more about establishing a legacy fund at the Placer Community Foundation, contact us.

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