Charitable giving contributes to the health and strength of any community. It can also provide individuals, families and businesses with significant tax advantages and other estate planning benefits. The North Georgia Community Foundation (NGCF) is eager to work with you to broaden and enhance the services clients receive from you – always respecting and working appropriately within the relationships you have with your clients. Review our Professional Advisors Handout to find out more about how we can work together.
By adding charitable giving to the topics you discuss, you will be providing an added service to your clients and giving them the chance to experience the joy of giving during their lifetimes and the satisfaction of knowing that their impact will be felt long after they are gone.
Here are 10 reasons to discuss philanthropy with your clients:
- It adds to your areas of expertise as a professional advisor.
- It expands the menu of services available to your clients, thereby increasing their level of satisfaction with you and your services.
- Many of your clients are searching for a way to give back to the community, to memorialize a loved one, or simply do good.
- Discussing philanthropy with your clients can be done in ways that respect their privacy, values and autonomy.
- It's good for the community, it's good for your clients, it's good for your business and it's good for you.
- It puts you in touch with a supportive network of new colleagues who are willing to share their time and expertise.
- It addresses important social needs and helps make your community a healthier, more vibrant place to live - a real legacy for future generations.
- It increases the potential for new referrals, opening the door to new clients.
- It marries your chosen profession with your desire to do something good for the world.
- It's easy to do.
NGCF staff has extensive experience working with individuals and families on their philanthropic planning; we are eager to help you help your clients maximize the benefits and joys of thoughtful, responsible long-term philanthropy. For example, your client may be interested in:
Your client is passionate about a specific community issue and wants to make a meaningful gift. You and your client can work with our grantmaking experts to understand relevant programs and then direct gift dollars to make the greatest impact.
Leaving a Legacy
You are aware of significant tax advantages your client will achieve by including a charitable provision in his or her estate plan. Your client’s bequest can create a fund that will contribute forever to causes that are important to them. NGCF can help your client identify what he or she wants to accomplish and help you maximize the tax benefits of the bequest.
Year-end Tax Planning
Your client just earned a large bonus or his/her business created extraordinary profits. He or she wants to share his/her good fortune with the community, but has little time at year’s end to decide on how to maximize the impact of such good fortune. You can recommend establishing a Donor Advised Fund within the Community Foundation, realizing an immediate tax deduction, and having the opportunity to seek advice regarding the most effective use of their charitable assets. Actual grantmaking can be done at the convenience of your client.
Gifts of Highly Appreciated Stock
Your client has appreciated stock and wants to use a portion of the gains for charitable giving, but the intended charitable beneficiaries are not equipped to process direct stock gifts. You can suggest establishing a fund at NGCF with the stock. Your client may realize a tax deduction for the full market value, while avoiding the capital gains tax that would otherwise arise from the sale of the stock. Your client can even be involved in recommending uses for the gift, including the organizations and programs he or she cares about most. Closely-held stock can also be used as gift property.
Retiring in Comfort
Your client has always been charitably inclined but doesn’t want to forego income from appreciated assets he/she has accumulated. NGCF can show you how charitable gift annuities or charitable remainder trusts can help your client achieve charitable objectives while also preparing well for retirement.
Substantial IRA/401K Assets
Your client wants to leave his or her estate to community and family, and has substantial assets in retirement accounts. NGCF can help you and your client evaluate the most beneficial asset distribution to minimize taxes, thereby giving more to his or her heirs and still achieving significant charitable objectives. For example, it is usually more tax advantageous for a donor to give retirement assets to charity and other assets to heirs because income (and possibly estate) taxes often dilute the value of an IRA or other retirement asset left to an heir.
Sale of a Business
Your client owns highly appreciated stock in a company that is about to be acquired. NGCF can work with you to suggest several ways to structure a charitable gift (including the use of planned giving techniques) to help your client reduce capital gains tax and maximize impact to the community.
Alternatives to a Private Foundation
Your client has the wherewithal to establish a private foundation, but is looking for a simpler, more cost-efficient alternative. The Community Foundation can help you and your client analyze the possible advantages of creating a Donor Advised Fund.