Linking Planning & Philanthropy

ST. CROIX INSIGHTS

Linking Planning & Philanthropy

BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC

First, a special thanks to the St. Croix Valley Foundation for hosting a roundtable discussion today. Previously, Linking Planning and Philanthropy were the topics at the Lake Elmo Event Center. Earlier, I was accompanied by Dwight Cummins (Cummins Law Office Bayport) and Roy Sjoberg (Sjoberg and Tebelius Attorneys, Woodbury). Also, we had the opportunity to speak on how we’ve facilitated charitable giving discussions within our practices.

Meaningful Conversations

Especially with clients, I’ve been aiming to have meaningful conversations. Together with these conversations comes the impacts they want to make in their communities and families. Beyond, these are an important step in understanding their beliefs, values, and views of philanthropy. Generally, clients want to charitably give, but need a facilitator to help them do so. As an example, financial advisors hold the responsibility of helping our clients accomplish their charitable giving wishes.

In particular, charitable giving makes both parties feel better. Regularly, my clients will set aside a budget for this type of giving. Such as a fund for an organization of their choice. Otherwise, I assist them in a generic savings fund allocated for that purpose. Also, clients build that into their budgeting.

 

Philanthropy & Financial Planning

Also, if you have questions on how to facilitate a discussion, give me a call. Next, you can help your clients incorporate charitable giving into their estate planning. Additionally, please contact me and I’ll be happy to meet with you to give you a recap of our discussion.

Beyond this topic, read about becoming empty nesters.

By the way, do you have a wedding coming up? Next, here’s how much to spend on a wedding gift.

Also, sign up for our eNewsletter blog that includes timely financial matters, news, and planning strategies that you can implement today.

Ask yourself- can my portfolio support my lifestyle in my retirement? 

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3 Ways to Charitably Give

ST. CROIX INSIGHTS

3 Ways to Charitably Give

BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC

Charitable giving through your estate plan is a wonderful way to leave a meaningful legacy. There are plenty of good ways to leave money to your favorite causes and at the same time provide for your family.

 

Take a minute to think of all the people, causes, places, communities and organizations that are near and dear to your hearts. Now think about your life without them. Sad and hard to believe, we know! Let’s talk about being charitable.

To help with honoring and supporting your favorite causes through holiday gifting and estate planning, here are three tips and strategies to charitably give.

 

Last Will & Testament

So without further ado, we present:

Tip #1: Donate Through Your Will

One way to leave a charitable donation is through your will. The amount you give won’t decrease your income taxes, but it could reduce your taxable estate, possibly increasing the amount you’ll be able to leave your heirs.

Tip # 2: Donate Through Retirement Assets

Donate your retirement assets. This can be done by designating a charity as the beneficiary of your account. Charities are exempt from both income and estate taxes so it can receive 100% of the account’s value. You can leave non-retirement assets to your children, which don’t have the same income tax burden.

Tip # 3: Split Interest Gift

Consider a split-interest gift. Often referred to as a gift that gives back, split-interest gifts can be an integral part of your overall financial plan. This is done by donating some assets to a charity at the same time retaining some of the benefits of holding those assets. The donor opens and funds a trust in the charity’s name and receives a charitable income tax deduction at the time of the transfer. Opening a trust allows the donor to retain some rights to the property and also reduces the value of his or her taxable estate.

 

Upcoming Philanthropy Events:

*Minnesota celebrates Give to the Max Day Thursday, November 13th.  A 24 hour window of opportunity to give to the max to your favorite charities and causes all while cheering on and tracking results!

*Did you know National Philanthropy Day is November 15th? St. Croix Advisors has teamed up with The St. Croix Valley Foundation and the Hudson Community Foundation along with the Hudson Star Observer to celebrate!  Submit your philanthropy story HERE on how you or someone you know has made an impact in the St. Croix Valley community and win prizes!

If you have questions about ways you can be charitable through estate planning, we would be happy to help.  Call us at (651) 337-1919 or email brett@stcroixadvisors.com.

Also, sign up for our eNewsletter blog that includes timely financial matters, news, and planning strategies that you can implement today.

Ask yourself- can my portfolio support my lifestyle in my retirement? 

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