by Jody Dilday, Philanthropic Advisor
Succession planning isn’t just for businesses—it’s key to building a lasting philanthropic legacy. Our team at the Community Foundation can help structure provisions for your donor advised fund to engage your family, tap the Foundation’s expertise, or a combination of both, so that your charitable fund becomes a multi-generational legacy that reflects your values.
Here are three things to consider as you create your “charitable succession plan”:
- Leave a charitable legacy. Direct a portion of your estate to your charitable fund. Tip: naming your donor advised fund as a beneficiary of your IRA can reduce taxes and amplify your impact. IRAs left to the Community Foundation not only avoid the income tax that would hit your heirs, but also removes the assets from your taxable estate for estate tax purposes.
- Involve your family. Let your children or grandchildren carry your legacy forward through grantmaking and engagement. Our team is specially trained to facilitate generosity among multiple generations.
- Document your vision. Our team will work with you to put your giving goals into words. Whether you want to support specific nonprofits, focus on certain issues, respond to urgent needs, or a mix of all three. Once your intentions are in writing, we’ll help carry them out just as you envisioned. Think of us as a trusted partner, here to protect your legacy and make sure the causes you care about will receive the support they need for generations to come. We’re here to make your giving easy, impactful, and enduring.