Charitable Giving Initiatives
Supporting Clients' Priorities

Many of our clients wish to incorporate philanthropic initiatives into their estate planning, which may include sustaining a legacy of charitable giving begun prior to the passing of a spouse. We work closely with clients to create distinct plans for giving which not only include charitable organizations and foundations, often in honor of departed loved ones, but also wealth transfer to family members during their lifetime. Careful thought is given to the sources of funding for the various gifting strategies to maximize the gift while reducing future tax liability for clients' estates.

When our client's husband passed away, she wished to continue giving to charitable organizations within the community, while also establishing a plan for gifting assets to children and grandchildren. Rather than simply responding to and fulfilling charitable needs in a piecemeal manner, we partnered with our client to establish an annual, multi-level giving plan consistent with her specific objectives. The plan offers flexibility to pursue and prioritize philanthropic opportunities that may arise over time.

For example, from her regular volunteer work, she learned of a new financial literacy program that needed funding. In the context of her charitable giving plan and her overall wealth transfer strategy, we determined an appropriate donation amount for that year. In addition, we met with administrators from the organization, as well as the head of the financial literacy program, to conduct additional due diligence on the program and to propose the idea of establishing a matching gift initiative.

A letter of agreement was written which stated that our client would match a specific fundraising goal for the organization over a three year period. The organization successfully met the goal, the match was made by our client, and a sound foundation was built from which the financial literacy program could operate and grow. Specifically, the gift was made in-kind through a combination of taxable and tax-deferred investments when, at the time, rules allowed for gifting assets from Individual Retirement Accounts (IRAs). In addition, our client, together with her family, established an annual golf tournament in memory of her late husband. Each year we identify and coordinate the appropriate gifting process for the tournament. In turn, proceeds from the tournament are donated to an area campaign in support of a variety of nonprofit programs and initiatives that advance the common good by creating opportunities for a better life for all throughout Connecticut.