January is a good time to start helping your clients plan for their annual giving. With the year-end flurry of donations still fresh in many clients’ minds, you may discover that clients will welcome your suggestion to make 2023 the year to get organized early, particularly as economic headwinds make planning especially important.
A conversation that benefits everyone
Among the many benefits of discussing charitable giving with your clients is that your clients will see you as an expert about local community needs and nonprofits, especially when you have a close working relationship with the the SRCCF team. Your philanthropic clients want to learn how they can make a difference through their charitable activities, and they are expecting their advisors to be ready to help them structure and plan their giving. Indeed, for years, research has shown that a proactive advisor who offers options for incorporating philanthropy into financial and estate plans inspires client loyalty, even across client generations.
The Starved Rock Country Community Foundation Advantage.
Advisors frequently comment that they’re surprised to discover the many ways the SRCCF can help their clients, especially compared with national donor-advised fund programs affiliated with brokerage houses or financial services firms.
Sometimes the greatest needs really are right here at home, and working with the SRCCF is often the very best option for ensuring that your clients are informed and impactful philanthropists. The team at the SRCCF team works with local nonprofits every single day and thoroughly understands how organizations are meeting community needs.
In addition, the SRCCF is unparalleled in its ability to be flexible and responsive, providing outstanding, personal service designed around your clients’ needs while always respecting your role as your client’s primary advisor.
Options for every client’s unique situation
Our team welcomes the opportunity to work with you and your clients to implement their charitable giving goals. Here are just a few of the ways we can work with you as you plan for 2023:
Wills and trusts
A client can establish a bequest to a fund at the SRCCF through a will or trust or through a beneficiary designation on a qualified retirement plan or life insurance policy. We will provide proper bequest language.
Retirement plan beneficiary designations
Bequests of qualified retirement plans can be extremely tax efficient. Funds flowing directly to a client’s fund at the SRCCF from a retirement plan after the client’s death will not be subject to income tax or estate tax.
Family philanthropy
Consider encouraging clients to involve their children and grandchildren in philanthropy, especially when the clients are working with the SRCCF through a family donor-advised fund or other collaborative vehicle.
Income tax planning
Remind clients that they are eligible for an income tax deduction for lifetime charitable gifts, and the gifted assets are no longer subject to future estate taxes.
The team at the Starved Rock Country Community Foundation is honored to serve as a resource and sounding board as you build your charitable plans and pursue your philanthropic objectives for making a difference in the community. This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice. Please consult your tax or legal advisor to learn how this information might apply to your own situation.
