"Put the structure in p;ace."
After a career as a wealth management advisor, Warren Schneider doesn’t leave financial matters to chance. That goes for the financial decisions to be implemented after his and his wife Linda’s lifetime.
Part of that plan is making arrangements for which of their assets will be transferred to the family’s donor advised fund within the Community Foundation. That made them eligible to be members of the Himebaugh Legacy Circle.
Any “qualified” money — pensions, IRA, 401(k) — anything that would be fully subject to income tax for their heirs will be given to the Warren and Linda Schneider Family Fund, which is not subject to tax.
“It seems like a logical choice to put it in a donor advised fund,” Warren said.
That addresses objective #1.
“I think the Community Foundation is a better place to put those dollars than with the federal or state government,” he said. He trusts the Foundation, he said. It’s like an investment firm that is well diversified and well managed.
Warren and Linda have provided for their three children and will help with college expenses for the grandchildren using assets that won’t carry as much of a tax burden. There will be plenty left for charity. That’s objective #2.
Warren and Linda agree with investment mogul and philanthropist Warren Buffet who says he wants to leave his children “enough that they can do anything, but not so much that they can do nothing.”
The charitable portion of their estate plan calls for the largest share to go to their family fund, but also provides for other gifts to their favorite charities.
Warren advises people to establish and give through a donor advised endowment fund at the Community Foundation now (it can be done with a minimum gift of $10,000).
“Put the structure in place,” he said. “The first thing I would want to do is to call and make an appointment at the Community Foundation and meet with your attorney and financial advisor. It takes a load off your shoulders.”