Advisor Solutions - Summer Edition |
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Hello from the Community Foundation for Monterey County!
We hope the summer is treating you well. This is the time of year when many of your clients are traveling and spending time with family, which may create opportunities for conversations about their favorite causes and plans for charitable giving. To help you prepare for questions when they return, we’re sharing insights on a few topics that may be of interest:
Reach out anytime! It’s our pleasure to work with you as you help your clients achieve their charitable giving goals for this year and years to come.
Happy summer!
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Christine
Senior Vice President Philanthropic Services
(831) 375-9712 x126
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So how can you help a client plan ahead to maximize a bequest of retirement fund assets, as well as support increased giving during the client’s lifetime? A great way to do this is by encouraging clients to maximize their IRA contributions. Reasons include: taxable income “suppression,” tax-deferred growth until distribution, ease of changing a beneficiary designation, leaning into highly-appreciated stock and other property at stepped-up values.
From a charitable giving perspective, the greater the IRA balance, the more opportunity there is for a client to give later to a fund at the CFMC. Higher IRA balances can motivate your clients to deploy a QCD strategy, with its many benefits:
- Beginning at age 70 ½, your client can make QCDs up to $100,000 in 2023 ($200,000 for married couples) and indexed for inflation beginning in 2024.
- QCD assets can be distributed to a designated, scholarship or field-of-interest fund at the CFMC and to other qualifying public charities (including the upcoming Monterey County Gives! campaign in the fall).
- QCDs can count toward Required Minimum Distributions (RMD) for clients who are required to take them.
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Multi-Generational Family Philanthropy |
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As you work with your multi-generational philanthropic clients, you can count on the CFMC to help navigate conversations about charitable priorities when not everyone is on the same page.
In addition to understanding community needs, the nonprofits and programs addressing those needs and the ins and outs of tax vehicles best suited for your clients, our team is deeply experienced in facilitating productive dialogue among people who bring diverse viewpoints to the table.
As a trusted partner to help families invest philanthropic resources in charitable causes, the CFMC can help you work with your clients in a variety of ways:
- We ask questions about what causes matter to your clients and why, leading to deeper understanding of cross-generational and intra-generational values.
- We research and suggest potential grantee organizations or causes, if desired. We can also research organizations that the family is already supporting.
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The CFMC can educate the various generations about ways to give including donor-advised funds, scholarship funds, field-of-interest funds, unrestricted funds, designated funds and anonymous giving, among others.
- We develop options for multi-cause allocations that meet the needs of all involved.
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This useful guide covers the many ways donors can give during their lifetime or through their estate. Topics include:
View or download a copy, or to request printed copies, please contact Cecilia Romero at (831) 754-5880 x. 124.
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Easy. Expert Guidance. Stewardship. Flexible.
The Community Foundation for Monterey County team can help design a giving plan to meet your clients' charitable goals. A Memorandum of Charitable Intent (MOCI) is a simple document to help create and direct gifts from their estate or charitable fund, whether through their will, living trust or beneficiary designation. They can easily update their MOCI at no cost should their charitable interests change.
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If you are not talking about philanthropy with your clients, we encourage you to do so! It is good for your clients and good for the community. The Community Foundation for Monterey County is here to help you with any and all charitable planning for your clients.
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Please contact Cecilia Romero, Director of Gift Planning, at ceciliar@cfmco.org or (831) 754-5880 x124.
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The team at CFMC is pleased to be a resource and sounding board as you serve your clients. We understand the charitable side of the equation and are happy to help you find the best solutions to meet your clients’ needs. This newsletter is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice. |
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To inspire philanthropy and be a catalyst for strengthening communities throughout Monterey County |
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