Posts

Advising the charitable millionaire next door

/in , /by

Advising the charitable millionaire next door

At the end of 2024’s first quarter, an estimated 485,000 Americans could count themselves among the so-called “401(k) millionaires,” meaning the balance in their employer-sponsored retirement plans has reached the $1 million level. Thanks in part to stock market rallies during the first part of the year, that’s a larger number than ever before. Many of these 401(k) accounts will be rolled over into IRAs after retirement and the assets will continue to grow.

With so many of your charitably-inclined clients holding large sums of money in 401(k)s and IRAs, now is an important time for a brief refresher course on the benefits of deploying these accounts toward achieving clients’ philanthropic goals. Indeed, although a charitable bequest of any type of property can help achieve a client’s estate planning and legacy goals, retirement accounts are especially powerful. When your client names a public charity, such as a donor-advised or other fund at The Community Foundation, as the beneficiary of a traditional IRA or qualified employer retirement plan, your client achieves extremely tax-efficient results. Here’s why:

–First, the client achieved tax benefits over time as the client contributed money to a traditional IRA or to an employer-sponsored plan. That’s because contributions to certain retirement plans are what the IRS considers “pre-tax”; your client does not pay income tax on the money used to make those contributions (subject to annual limits).

–Second, assets in IRAs and qualified retirement plans grow tax free inside the plan. In other words, the client is not paying taxes on the income generated by those assets before distributions start in retirement years. This allows these accounts to grow rapidly.

–Third, when a client leaves a traditional IRA or qualified plan to a fund at The Community Foundation or another charity upon death, the charity does not pay income taxes (or estate taxes) on those assets. By contrast, if the client were to name children as beneficiaries of an IRA, for example, those IRA distributions to the children are subject to income tax (and potentially estate tax), and that tax can be hefty given the tax treatment of inherited IRAs.

So, if your client is deciding how to dispose of stock and an IRA in an estate plan and intends to leave one to children and the other to charity, leaving the IRA to charity and the stock to children is a no-brainer. Remember, the client’s stock owned outside of an IRA gets the “step-up in basis” when the client dies, which means that the children won’t pay capital gains taxes on the pre-death appreciation of that asset when they sell it.

Speaking of savvy giving techniques using IRAs, a client who is 70 ½ or older can make tax-efficient gifts directly from an IRA to a qualified charity (including certain types of funds at The Community Foundation), up to $105,000 per year! This is known as a “Qualified Charitable Distribution.”

The Community Foundation is always happy to work with you to ensure that your clients are maximizing their assets to fulfill their charitable giving goals, both during their lives and through legacy gifts. We look forward to the conversation! Give us a call at 540-432-3863.

 

This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice. 

Philanthropy: A team sport

/in , /by

Philanthropy: A team sport

At first glance, you may think of charitable giving as mostly an individual act. Certainly, most of the time, the actual money or asset that constitutes the charitable donation comes from a single person, couple, or entity. Beyond that, though, it likely makes sense to think of charitable giving as a collaborative endeavor.

Here are three examples:

–Serving on the board of directors of a charitable organization is a rewarding activity for many people. And, many people complement their board service with financial support. Dialogue among board members, leveraging board members’ talents, and collective board oversight are important components of a well-run nonprofit organization. Charities are counting on board members’ objective voices in the boardroom, board members’ constructive questions, and the board’s dedication to ensuring that public trust in the charity is maintained.

–For many people, involving other family members in charitable giving is one of the most rewarding ways to instill philanthropic values and transfer these values across generations. Whether you’re teaching young children about the importance of helping people in need, or joining with siblings to develop a grant-making strategy for a family donor-advised fund at The Community Foundation, you’re experiencing the joy of working together to make a difference in the lives of others.

–Working with The Community Foundation is itself a collaborative activity. When you organize your giving through a donor-advised or other type of fund, you are working with multiple professionals on our team to help you plan your annual gifts, evaluate impact, structure tax-savvy contributions of appreciated stock, and so much more. Plus, The Community Foundation team often works alongside your attorney, accountant, and financial advisor to ensure that both your financial and community goals are top of mind.

Thank you for the opportunity to work together to make our region a better place for everyone, now and in the future. If you’re not yet working with The Community Foundation, we look forward to exploring the options! It would be an honor and pleasure to work alongside you and your family on your charitable giving journey. Give us a call: 540-432-3863 to learn how you can be part of a philanthropy team.

 

This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice. 

Philanthropy snapshot: A global priority with local impact

/in , /by

Philanthropy snapshot: A global priority with local impact 

Summertime can mean vacations, travel, a slower (or at least different) pace, and time to reflect. This year, our team is thinking quite a bit about the significant role of philanthropy across the world and how that widespread enthusiasm drives so much energy for charitable giving right here at home.

If you’re spending time this summer reflecting, you might enjoy digging into a few of the sources we found thought-provoking,

–We really like this post from “across the pond” that analyzes why people give and synthesizes a variety of research studies and articles. Altruism, ego, social dynamics, and FOMO are just a few of the reasons people are motivated to give to charity. For a broad look at the role of philanthropy across the globe, you can check out Indiana University’s research.

–Every June, Giving USA releases its annual statistics on the state of charitable giving. We are looking forward to the 2024 report and digging into the numbers from 2023. Last year’s report showed that while individual giving was down, major gifts were ticking up. We’re curious to see what’s changed!

–Some say context is everything, and that may be why we always enjoy going back to the Smithsonian’s Giving in America exhibit and online resources. Even in its semi-archived and “under construction” format, the site is captivating; every time we revisit the site, something different catches our eye. (This time, we were struck by the side-by-side images from 2014’s Ice Bucket Challenge and the collection box from the early 1800s. And by the way, how can nine years have gone by since the Ice Bucket Challenge?)

–Coming full circle back to our local community, we’d love to draw your attention to what’s going on this summer at The Community Foundation. Our 2024 community grant cycle opens on July 1 with applications becoming available for local 501(c) organizations. We encourage all nonprofits in Harrisonburg and Rockingham County to apply for grant funding. There are a variety of grant opportunities an agency can glean from. Learn more at: https://www.tcfhr.org/nonprofit-organizations/grants-available/. We look forward to partnering with you this fall 2024!

As always, The Community Foundation is here for you! We are honored to work with you and your family as you support the causes in our region that are most important to you. You are making a difference! For any questions, please reach out to us at 540-432-3863.

 

This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice. 

Six for the summer: Mid-year reminders about charitable giving

/in , /by

Six for the summer: Mid-year reminders about charitable giving

Welcome to summer! We’ve put together six tips to keep in mind as you plan your charitable giving for the coming months, years, and even decades. As always, the team at The Community Foundation is happy to be a resource!

 

Donate appreciated stock to your fund at The Community Foundation.

Yes, yes, we absolutely understand how easy it is to write a check when you want to boost your donor-advised or other type of fund at The Community Foundation. If you can remember to pause before you pull out your pen, though, it really does pay off to consider whether appreciated stock would be a better way to add to your charitable giving account. When you give shares of long-term appreciated stock, you can be eligible for a charitable tax deduction at the fair market value of the shares. Then, when The Community Foundation sells the shares and adds the proceeds to your fund, the fund–a 501(c)(3) charity–is not hit with capital gains tax. By contrast, if you were to sell those shares and give to your fund from the proceeds, you’d have a lot less cash to work with. Please reach out to The Community Foundation anytime, 540-432-3863, to learn more about how easy it is to take advantage of this tax-savvy giving technique.

 

Plan ahead for your business exit.

If you own all or part of a private business, keep in mind that charitable giving can factor into your eventual exit strategy. You could be sitting on substantial unrealized capital gains if the business has grown a lot over time. Upon a sale, capital gains tax will be triggered, reducing the proceeds you get to keep. No capital gains tax will apply, however, to the sale of the portion of the business owned by your donor-advised or other type of fund at The Community Foundation. Plus, you can be eligible for a charitable income tax deduction in the year of the transfer based on the fair market value of the shares–not the cost basis, as would be the case if you’d transferred the shares to a private foundation. Keep in mind that a strategy like this only works with careful planning, so be sure to contact The Community Foundation team well in advance of setting a plan in motion. We are happy to work with you and your advisors to help achieve your charitable and financial goals.

 

Start paying attention now to the estate tax exemption sunset. 

The estate tax exemption–the total amount a taxpayer can leave to family and other individuals during their life and at death before the hefty federal gift and estate tax kicks in–is scheduled to drop, rather precipitously, after December 25, 2025. For 2024, the estate tax exemption is $13.61 million per individual, or $27.22 million per married couple, an increase over 2023 thanks to adjustments for inflation. Later this year, the IRS will issue inflation adjustments for 2025. For 2026, without legislation to prevent it, the exemption is scheduled to fall back to 2017 levels, adjusted for inflation, which would roughly total $7 million per person. That is quite a drop! This means a lot more people–maybe including you–could be subject to estate tax in the not-too-distant future. The team at The Community Foundation is happy to work with you and your advisors to explore how charitable giving techniques can help you avoid estate tax and leave a legacy for the community, especially if you start planning now.

 

If you can take advantage of the QCD, do it.

A Qualified Charitable Distribution (“QCD”) is a very smart way to support charitable causes. If you are over the age of 70 ½, you can direct up to $105,000 from your IRA to certain charities, including a field-of-interest, designated, unrestricted, or scholarship fund at The Community Foundation. If you’re subject to the rules for Required Minimum Distributions (RMDs), QCDs count toward those RMDs. Through a QCD, you avoid income tax on the funds distributed to charity. Our team can work with you and your advisors to go over the rules for QCDs and evaluate whether the QCD is a good fit for you.

 

Review your IRA beneficiary designations. 

As you review your assets and how they are titled, perhaps in connection with an annual financial and estate plan review, pay close attention to tax-deferred retirement plans such as 401(k)s and IRAs. Typically, you’ll name your spouse as the primary beneficiary of these accounts to provide income following your death or to comply with legal requirements. But as you and your advisors evaluate whom to name as a secondary beneficiary of these tax-deferred accounts, don’t automatically default to naming your children or your revocable trust. You and your advisors may determine that naming a charity, such as your fund at The Community Foundation, is by far the most tax-efficient and streamlined way to make gifts to your favorite causes upon your death and establish a philanthropic legacy. A bequest like this avoids not only estate tax, but also income tax on the retirement plan distributions. That’s why non-retirement fund assets may be better-suited to pass to children and grandchildren.

 

Embrace a holistic approach to philanthropy.

When you work with The Community Foundation, charitable giving is easy, flexible, and rewarding. As the hub of your charitable giving, The Community Foundation offers a wide range of fund types, services, and ways for you and your family to get involved with the community you love. Many of our fund holders use a donor-advised fund to organize annual giving to charities. We can also help you establish a designated or field-of-interest fund to complement the function of your donor-advised fund. A designated fund allows you to support a specific charity over the long term, while a field-of-interest fund focuses your support on a particular area of community need by leveraging The Community Foundation’s expertise. We’d also be honored to work with you and your advisors to structure a bequest to The Community Foundation in your estate plan to support important causes, as well as The Community Foundation’s work, beyond your lifetime. We are here to help you make the most of your philanthropic intentions, and it is an honor to work together.

 

This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice. 

Donor-advised fund do’s and don’ts

/in , /by

Donor-advised fund do’s and don’ts

A donor-advised fund is one of many types of funds you can establish at The Community Foundation. Field-of-interest funds, designated funds, unrestricted funds, and scholarship funds are also popular and can make a big difference in the community while also fulfilling your goals for tax and charitable planning.

If you’ve established a donor-advised fund at The Community Foundation, you know it’s useful because it allows you to make a tax-deductible transfer of cash or marketable securities that is immediately eligible for a charitable deduction. Then, you can recommend donations from the fund to your favorite charities to meet community needs as they emerge.

Your gifts to your donor-advised fund are tax deductible transfers to The Community Foundation, which is a charitable organization recognized under Internal Revenue Code Section 501(c)(3). The Community Foundation follows the Internal Revenue Service’s requirements that disbursements from your donor-advised fund meet certain important qualifications to preserve that charitable tax status–for everyone’s benefit. It’s a good idea to periodically review a few types of disbursements that don’t meet the IRS’s rules and therefore are not permissible donations from your donor-advised fund. For example:

–A donor-advised fund cannot be used explicitly to satisfy a personal pledge to a charitable organization, such as to a capital campaign. The team at The Community Foundation is happy to work with you to develop ways you can achieve your intentions to support your favorite organization’s fundraising goals. Please reach out if you are in this situation.

–Because donor-advised funds at The Community Foundation fall under a different (and more favorable) set of IRS rules than private foundations, a donor-advised fund is restricted from supporting a private family foundation. Please reach out to The Community Foundation team to learn more about this requirement. We’d love to explore how your donor-advised fund and your private family foundation can work together to achieve your charitable goals. Some fund holders even decide to close their private foundation and consolidate their giving with The Community Foundation to achieve greater impact, save on expenses, and achieve better tax results.

–A donor-advised fund can’t be used to buy tickets to fundraising events, such as galas and golf tournaments, where the cost of the ticket is not fully tax deductible. The reason for this is that the IRS views the taxpayer as receiving benefits from the event (food, drinks, swag), and this “private benefit” muddies the waters of tax deductibility. Even if a portion of the ticket is deductible according to the charity, it’s still not a permissible distribution from a donor-advised fund. Please reach out to the team at The Community Foundation if you’re asked to sponsor a charity’s fundraiser. We are happy to discuss solutions to achieve both your charitable goals and goals for getting involved with the event.

We look forward to hearing from you! As always, The Community Foundation team is honored to be your first call when you encounter a question about your donor-advised fund or any other charitable giving opportunity.

 

This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice. 

Celebrate variety: Many assets make great gifts to charity

/in , /by

Celebrate variety: Many assets make great gifts to charity

When your client is getting ready to make a contribution to a fund at The Community Foundation or other charity, remind them not to automatically reach for the checkbook! Here are other (and typically more tax-savvy) options to consider.

Marketable securities

Gifts of long-term appreciated stock to a donor-advised or other type of fund at The Community Foundation is always one of the most tax-savvy ways to support favorite charitable causes because capital gains tax can be avoided. Gifts of publicly-traded stock, for example, are easy to transfer to a fund. The Community Foundation team can provide you and your clients with transfer instructions to make the process simple.

As is the case with a cash gift, The Community Foundation will provide a receipt for tax purposes, and the gift of stock will be valued at the shares’ fair market value on the date of transfer. When The Community Foundation sells the shares, the proceeds flow into the client’s fund without any reduction for capital gains taxes. This is because The Community Foundation is a 501(c)(3) charitable organization and therefore does not pay income tax. That would not have been the case, however, if the client had sold the stock first and then transferred the proceeds to a fund at The Community Foundation; the client would owe capital gains tax on the sale. Especially in cases where the client has held the stock a long time and it’s gone up significantly in value, the capital gains hit can be big.

Closely-held business interests

The Community Foundation team is happy to work with you and your client to explore how the client might give shares of a closely-held business to a fund at The Community Foundation. Not only will transfers be eligible for a charitable deduction during the year of transfer (and at fair market value if the shares are held for more than one year), but also these gifts could potentially reduce income tax burdens triggered upon a future sale of the business. Be sure to talk with our team well before any potential sale is in the works; otherwise, you could lose out on tax benefits. Gifts of closely-held business interests are powerful but can be tricky to administer.

QCDs from IRAs

As always, keep in mind that the Qualified Charitable Distribution (“QCD”) is a very smart way to support charitable causes. If your client is over the age of 70 ½, the client can direct up to $105,000 (in 2024) from an IRA to certain charities, including a field-of-interest, designated, unrestricted, or scholarship fund at The Community Foundation. If your client is subject to the rules for Required Minimum Distributions (RMDs), QCDs count toward those RMDs. That means your client avoids income tax on the funds distributed to charity. Our team can work with you and your client to go over the rules for QCDs and evaluate whether the QCD is a good fit.

Real estate

Your client’s fund at The Community Foundation can receive a tax-deductible gift of real estate, such as farmland or commercial property, in a variety of ways. An outright gift is always an option; lifetime gifts of real estate held by the client for more than one year are deductible for income tax purposes at 100% of the fair market value of the property on the date of the gift, which also avoids capital gains tax and reduces the value of your client’s taxable estate. Other ways to give real estate include a bargain sale or a transfer to a charitable remainder trust which produces lifetime income for the client and the client’s family.

Life insurance

Don’t overlook life insurance as an effective charitable giving tool, whether by naming a client’s fund at The Community Foundation as the beneficiary or, in the case of whole life policies, naming the fund as beneficiary and transferring the policy itself. If your client transfers a policy, the client may be able to make annual, tax-deductible contributions to The Community Foundation to cover the premiums.

Other “alternative” assets

The Community Foundation is happy to work with you and your clients to explore options for giving other non-cash assets to funds at The Community Foundation, including:

  • Oil and gas interests
  • Negotiable instruments
  • Cryptocurrency
  • Artwork
  • Collectibles

We look forward to working with you to explore all the options!

 

This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice. 

What’s bubbling up: Need-to-know updates on the proposed donor-advised fund regulations

/in , /by

What’s bubbling up: Need-to-know updates on the proposed donor-advised fund regulations

The Community Foundation is committed to providing timely updates on legal and policy developments to help you and other professionals who advise philanthropic clients stay on top of best practices in charitable planning. In that spirit, donor-advised funds and the rules governing these vehicles are topics that are popping up more frequently in financial and even mainstream media. Our team is closely watching these regulatory developments.

As background, in November 2023, the Internal Revenue Service issued proposed regulations that would change the way donor-advised funds are defined and how they operate. Especially leading up to the May 6, 2024 public hearings, the proposed regulations have created quite a buzz. If you’d not yet heard about the proposed regulations, the April 19, 2024 letter to Treasury Secretary Janet Yellen, signed by 33 members of Ways and Means, might have grabbed your attention. The letter lays out concerns that “these regulations could have the unintended consequence of impeding charitable giving in our communities, particularly at our local community foundations.” You’ll hear from us when (and if) the proposed regulations, or some version thereof, go into effect and what to do about it.

As you track the issue, however, it’s important to remember that a donor-advised fund is just one of many types of funds your clients can establish at The Community Foundation. Consider:

–Certainly the donor-advised fund is popular because it allows your client to make a tax-deductible transfer of cash or marketable securities that is immediately eligible for a charitable deduction. Then, the client can recommend gifts to favorite charities from the fund to meet community needs as they emerge.

–Other types of funds at The Community Foundation can be just as effective as a donor-advised fund depending on the client’s objectives. In some situations, these other fund types are even more effective than a donor-advised fund to achieve a client’s goals.

–Field-of-interest funds and designated funds, for example, allow your client to support a charitable cause or organization they love. Unrestricted funds help your clients support future needs in the community that can’t be predicted and can only be addressed through The Community Foundation’s perpetual structure and mission to serve the community as a whole.

–A major advantage of field-of-interest funds, designated funds, and unrestricted funds is that they are eligible recipients of the popular and tax-savvy planning tool called the Qualified Charitable Distribution, or “QCD,” available to your clients who have reached age 70 ½.

We look forward to helping you serve your charitable clients regardless of where the proposed regulations ultimately land. And we’ll keep you posted!

 

This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice. 

In the business of giving

/in , /by

In the business of giving

If you’re a business owner, odds are you already give back to your community. Like many charitably-minded people, your business likely sponsors events, makes in-kind donations, and donates cash to favorite organizations.

Many local business owners work with The Community Foundation to give back to the community where they built their businesses and developed lasting relationships with employees and customers.

The Community Foundation offers a variety of tools to help you build and grow your corporate philanthropy program, including:

Corporate foundation. Establishing a corporate donor-advised fund helps you organize your company’s giving in a convenient, 501(c)(3)-qualified structure.

Executive donor-advised fund. Offering this elevated employee benefit to your executive team can help activate your senior management’s community involvement.

Matching gifts. The Community Foundation can help guide your team in creating and administering a program that matches employees’ volunteer time and dollars.

Grant making administration and strategy. You and your colleagues likely receive dozens of requests each month from community organizations requesting sponsorships and monetary donations. The team at The Community Foundation can help you create and implement a strategy for responding to and evaluating those requests to align with your company’s goals for supporting and prioritizing causes.

Employee giving and disaster relief campaigns. The Community Foundation’s tools to receive and process donations can help you and your employees respond quickly and meaningfully to disasters and other urgent community needs.

The Community Foundation is glad to help you deepen your business’s impact and connection to your community, customers, and employees by creating a philanthropy plan that supports causes that align with the wide range of your objectives.

 

This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice. 

Getting creative: Three ways to support education

/in , /by

Getting creative: Three ways to support education

It’s graduation season, and that means education may be on your mind! The Community Foundation can help you make a difference in the lives of young people by funding education. Certainly establishing a scholarship fund at The Community Foundation is one way to accomplish this goal. But that’s not the only way. Here are three ideas to consider as you explore ways to make an impact through education.

Establish a designated fund for educational institutions.

A designated fund provides support for specific organizations of your choice. So, for example, if you want to ensure that a particular college or university receives funding each year, you can set up a designated fund to accomplish this. For instance, if your family has supported the same local college for generations, you may want that support to continue. At the same time, you want to be sure that your funds are used effectively. This includes protecting your monetary support from the college’s creditors if the college finds itself in financial trouble. A designated fund at The Community Foundation could be the solution.

Establish a field-of-interest fund to support specific aspects of education.

Through a field-of-interest fund at The Community Foundation, you can establish parameters for grant making according to your wishes. If education is your priority, perhaps over the years you’ve supported a variety of local organizations that provide students with courses, tutoring, mentorship, and social services, ranging from grassroots charities to well-established trade schools and higher education institutions. Establishing a field-of-interest fund activates The Community Foundation’s expertise and research by delegating grant making decisions to The Community Foundation team. This helps donors like you ensure that their dollars will have the greatest impact.

Seek the advice of The Community Foundation for your donor-advised fund grant making.

If you have established a donor-advised fund at The Community Foundation, you’ve likely used it over the years to support your alma mater and perhaps other educational institutions. The Community Foundation team would welcome the opportunity to help you think broadly about education, beyond simply four-year institutions. Community colleges, trade schools, vocational programs, and out-of-the-box learning experiences may be a better fit for some students. The Community Foundation can also help you identify charities that support teachers, classrooms, and school districts, all of which need resources to deliver the best possible education to students.

We look forward to helping you support education as a major area of charitable interest! And if there’s a graduation in your family this year, congratulations!

 

This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice. 

Charitable planning: Keep your advisors informed

/in , /by

Charitable planning: Keep your advisors informed

The team at The Community Foundation is honored to be your “go-to” resource for all components of your philanthropy. We enjoy talking regularly with individuals, families, and businesses about goals for charitable giving, tax strategies, ways to support favorite nonprofits, getting children and grandchildren involved in the community, leaving a legacy, and so much more. If you’ve already established a donor-advised fund, field-of-interest fund, designated fund or unrestricted fund at The Community Foundation, you know we’re always here to answer your questions.

What you might not know, though, is that The Community Foundation is also happy to help you keep your attorney, accountant, and financial advisor in the loop. We’d be happy to join you and your advisors at a meeting to discuss your charitable plans. We’re also happy to offer suggestions about which documents and information you’ll want to provide to your advisors.

For example, it’s important to provide your attorney with information about your fund–or funds–at The Community Foundation and also provide copies of fund agreements and other documentation. This will help your attorney determine whether and how your fund could be incorporated into your estate plan. Your attorney also needs to be aware of beneficiary designations on retirement plans and IRAs; these vehicles are critical components of an overall estate plan and also are an excellent way to leave a tax-savvy bequest to your fund at The Community Foundation or other charity.

Next, your accountant will appreciate knowing about your fund at The Community Foundation, especially as you work together to evaluate the most effective assets to give to charitable causes each year. Your accountant, for instance, may suggest that you give a certain dollar value of appreciated stock to your donor-advised fund in a particular calendar year to maximize itemized deductions and give you the ability to support your favorite charitable causes for several consecutive years at the high levels you intend.

Finally, it’s important that your financial advisor understand your charitable intentions and be aware of the vehicles you’ve already established. Your financial advisor can keep an eye out for stock positions that are highly-appreciated, making them ideal gifts to fund your charitable intentions. Your financial advisor will be a key member of the planning team if you were to establish a charitable remainder trust, for example, with The Community Foundation. Not only is it important to determine which assets to use to fund the trust (highly-appreciated real estate, for example), but your financial advisor also will want to weigh in on the projected lifetime income stream from the trust to develop retirement projections that are as accurate as possible.

One of the many benefits of being a fund holder at The Community Foundation is your access to a team of professionals who are dedicated to carrying out your charitable wishes. Think of our team as a group of specialists who deeply understand both the tax and mission-based aspects of charitable giving vehicles–and who are enthusiastic about working alongside your legal, tax, and investment advisors to create a philanthropy plan that meets all of your goals.

 

This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice.