Two Insights Worth a Quick Peek

You’re busy as 2024 draws to a close! The team at the Community Foundation is committed to researching, curating, and keeping you up-to-date on the latest trends and developments that could impact your clients’ charitable giving strategies. If you only have 60 seconds, we recommend scanning these two quick updates. 
 
Charitable giving can help bridge generations’ definitions of “wealthy”
The recently-released Bank of America Private Bank Study of Wealthy Americans is a must-read (or at least a must-skim) report because it offers insights into shifting views on wealth, and it also highlights a disconnect in inheritance expectations. Notably, younger individuals tend to rally around a definition of “wealthy” in terms of having the means to live a life of purpose and make a difference. Older generations are more likely to define “wealth” in financial terms. Important for charitable planning is the finding that older generations may not be planning to leave the inheritance that their children and grandchildren expect. Working with the Community Foundation to help clients establish a multi-generational charitable giving plan makes it easier to get expectations out in the open and keep the entire family meaningfully involved in the family’s wealth over the long term. 
 
Must-know tips for clients’ year-end giving 
We know you’ve got a lot on your plate as the end of the year approaches. Even if charitable giving does not appear on the surface to be a burning issue in client meetings, it’s still crucial that you keep in mind a few essential charitable giving techniques because your clients do care. Please scan these three important techniques, and please reach out to the Community Foundation on any matter related to charitable giving. 

• Encourage clients to consider giving highly-appreciated stock, not cash, to their funds at the Community Foundation, thereby maximizing tax benefits.
• Help clients evaluate a “bundling” or “bunching” technique to make gifts to donor-advised funds at the Community Foundation, exceeding the currently high standard deduction to be able to itemize. Then, donor-advised fund assets can be used over the next few years to support clients’ favorite charities.
• Help clients who are 70 ½ and older make Qualified Charitable Distributions (“QCDs”) directly from IRAs to designated or field-of-interest funds (donor-advised funds are ineligible recipients) at the Community Foundation–up to $105,000 per spouse. Plus, QCDs satisfy RMDs! 

 
Reach out to the Community Foundation team today! November is the time to set things in motion so you don’t get caught up in the year-end rush. We are here for you. 

The team at the Community Foundation is a resource and sounding board as you serve your philanthropic clients. We understand the charitable side of the equation and are happy to serve as a secondary source as you manage the primary relationship with your clients. This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice.