By Reg Wydeven, McCarty Law and Community Foundation Board member
As an estate planning attorney in the Fox Valley, I am continuously amazed at the generosity of our community, and my clients in particular. So many of my clients want to include charitable organizations in their estate plans and want to explore the different ways they can make that happen.
When they ask me about different giving alternatives, I always suggest we contact the Community Foundation to explore a donor advised fund. The staff at the Community Foundation make it very easy for my clients to establish a fund and designate the organizations they would like it to benefit. My clients are generally excited to discover that by establishing a fund, they can provide financial support for their favorite charities perpetually, as opposed to giving them a one-time gift.
My clients usually anticipate establishing a fund to receive assets upon their passing. However, after discovering the ease and advantages of establishing a fund, they decide to create one during their lifetimes. They are excited to learn that instead of writing multiple checks out to various charities, they can simply write one check to their fund (or gift stock, property, etc.). In addition, the staff is eager to work with the clients’ other advisors, including attorneys, accountants and financial advisors, to ensure their philanthropic goals are met while maximizing any tax savings.
After we have completed their estate plans, most of my clients experience a great sense of relief knowing their legacy is secured and they have provided for both their families and their favorite charities.
Looking for unique giving ideas to make a difference in your community? Check out these tax-advantageous ways to give now.