Succession Planning: It's Not Just For Businesses

​Many people think of succession planning as something only relevant to businesses or nonprofits. However, it's equally important when considering the legacy you want to leave through philanthropy—including being intentional about what happens to your donor-advised fund at the Community Foundation after you're gone. The Community Foundation team can help structure provisions for your donor-advised fund to engage your family, tap the Community Foundation’s expertise, or a combination of both so that your donor-advised fund can become a multi-generational legacy that reflects your values.

Here are three considerations as you consider your “charitable succession plan”:

Leave a legacy
One of the most powerful ways to extend your impact is by leaving a portion of your estate to charity - such as by naming your donor-advised fund as a beneficiary of an IRA or other retirement account. This strategy delivers considerable tax advantages and enables your philanthropic dollars to be thoughtfully distributed in accordance with your values. Remember, IRAs left to the Community Foundation avoid not only the income tax that would hit your heirs, but also removes the assets from your taxable estate for estate tax purposes.

Lean on the Community Foundation
The Community Foundation is honored to serve as a trusted partner for many individuals and families. Our team can work with you and your advisors to enlist the Community Foundation’s expertise to make grants from your donor-advised fund according to your values and charitable intentions following your death. We can also work with you and your advisors to incorporate the ability for your children and grandchildren to serve as advisors to the donor-advised fund following your death, including taking advantage of the Community Foundation’s educational programs to help your children and grandchildren learn how to be effective philanthropists.

Capture your intentions
The Community Foundation team is happy to work with you to document and formalize your charitable wishes. We’ll help you articulate your priorities and outline how you envision your fund making a difference across generations, whether that means supporting specific organizations, issue areas, urgent community needs, or a combination of priorities. By helping you capture your intentions in writing and then following your wishes, the Community Foundation acts as a steward to safeguard your philanthropic goals and help ensure that the causes you care about continue to receive support for years to come.
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We look forward to talking about succession planning for your donor-advised fund. The Community Foundation is honored to help you secure your charitable legacy and involve your loved ones in meaningful giving. Thank you for the opportunity!