Getting a jump on a future “to do” list is always such a good feeling. Our team can help you with your clients’ long-term charitable giving plans by putting in place the structures to receive bequests decades from now.

Planning Ahead

Consider a case where you’re finalizing an estate plan for a client who would like to leave bequests to multiple charitable organizations, but the identity of those specific organizations may be a moving target over the years because of the client’s evolving level of engagement with various charities as a donor, volunteer, or board member. In other words, this client likely will want to make small changes to the estate plan’s provisions for charitable giving but leave everything else as is.

For example, a client’s trust could be drafted to provide that 10% of the remaining estate be divided equally among five charities, which of course could be listed in the trust document. But what if, a few years from now, the client wants to add another charity to that list? Even a small change like this would require an amendment, which can be time-consuming for both attorney and client.

Charitable Estate Planning with CFHZ

CFHZ can help your clients achieve their charitable goals during their lifetime and beyond. Combining their overall financial and estate planning with charitable planned gifts can help your clients impact our community while minimizing their tax burden, providing for their family, honoring loved ones, preserving their family name, and reinforcing their personal values. Our Charitable Estate Management services allow donors to create a highly customized plan for the charitable portion of their estate, making things simple for their estate financial representative and ensuring their wishes are met beyond their lifetime.

In the scenario presented above, your client’s trust document could name a fund at CFHZ as the beneficiary of 10% of the remaining estate. The client can work with our team to draft a fund agreement that lists the charities that will share the 10%. When the client wants to add new charities or switch out charities from the list, the client can reach out to us and execute simple documentation of their updated intent for the fund. This process is fast and simple, and it allows clients to ensure that their bequests are in line with ever-changing needs in the community.

In some cases, the client may not intend to use the fund during their lifetime. That’s perfectly fine! We can establish the fund during your client’s lifetime with the understanding that is will receive assets from the client’s estate. Your client can still name the fund whatever they’d like, and the fund agreement can be modified anytime before the client’s death.

Please reach out to the community foundation to learn we can help your clients create their legacy and achieve their charitable goals both during their lifetimes and beyond.

We always encourage donors to first seek the advice of their legal, financial, or tax advisors when considering a gift of non-cash assets. While our team does not offer tax advice, we stay knowledgeable on charitable giving strategies. Please contact Colleen Hill, Vice President of Development & Donor Services, at chill@cfhz.org or by calling 616–994–8853 if we can help you serve your clients.