January is an excellent 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.
A conversation that benefits everyone
Many philanthropic clients want to learn how they can make a difference through their charitable activities, and often they expect 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.
Compared with national donor-advised fund programs affiliated with brokerage houses or financial services firms, the Foundation provides flexible and responsive personal service designed around your client’s needs.
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 Foundation for Delaware County through a will or trust or a beneficiary designation on a qualified retirement plan or life insurance policy. We will provide appropriate bequest language.
Retirement plan beneficiary designations
Bequests of qualified retirement plans can be highly tax efficient. Funds flowing directly to a client’s fund at the Foundation from a retirement plan after the client’s death will not be subject to income tax or estate tax.
Consider encouraging clients to involve their children and grandchildren in philanthropy, especially when working with the Foundation through a family donor-advised fund or other collaborative vehicles.
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.
Consider more complex giving vehicles, including charitable remainder trusts, charitable gift annuities, and gifts of closely-held stock. the Foundation can work with you to establish these structures to help facilitate your clients’ charitable giving goals and simultaneously meet the client’s financial and tax goals.
We look forward to working with you in 2023!