As a professional advisor, you expect your clients to depend on you to help them reach their charitable giving goals. The Fremont Area Community Foundation stands ready to lend a helping hand, and strengthen your relationship with your clients along the way.
For over four decades, the Fremont Area Community Foundation has helped countless local philanthropists and their advisors connect with meaningful causes and make a real charitable impact.
As the Fremont area’s philanthropic hub, our knowledge of the evolving community needs, as well as the work of nonprofit organizations in our area makes us uniquely qualified to help you help your clients achieve their charitable dreams. We can help to identify nonprofits or causes that are important to your clients, seek options for creating endowed funds today, or determine future gifts through their estate plans.
Advantages of a Community Foundation vs. a Private Foundation
Donor-advised funds within a community foundation may provide a very attractive alternative for clients who might otherwise consider setting up a private foundation. Benefits may include:
- Ease of administration; no set-up costs
- Permanence - the fund may be donor-advised by client and their children, and set up to continue at the end of the donor-advising period
- Recognition - or anonymity, whichever the client desires
- Tax advantages - contributions may have higher deductibility limits than are allowable for private foundations.
Contact Melissa Diers at email@example.com or 402-721-4252 for more information.
Sample Language for Bequests
If your client wishes to include the Fremont Area Community Foundation in his or her estate plans, he or she will want to use our proper, legal name. Suggested language is:
“I hereby give, devise, and bequeath (dollar amount, percentage of estate, or residuary) to the Fremont Area Community Foundation, Inc., now or formerly in the city of Fremont, Nebraska, 1005 East 23rd Street, Suite 2, in the State of Nebraska, for its general purposes.”
The Internal Revenue Service recognizes the Fremont Area Community Foundation as a 501(c)(3) nonprofit organization.
Information for a Gift of Retirement or Life Insurance Benefits
The following is the information generally required for a client to name the Fremont Area Community Foundation as a beneficiary of a retirement plan or life insurance policy:
Legal Name: Fremont Area Community Foundation, Inc.
Address: 1005 East 23rd Street, Suite 2, Fremont, NE 68025
Federal Tax ID #: 47-0629642
Date Established: November 24, 1980
As you talk with your clients about charitable giving, are you leading with tax benefits? Deferring philanthropy topics until November and December? Not looking at the big picture? If so, you may want to rethink your approach, according to a recent article.
A major portion of the $80 billion scheduled to be invested in Internal Revenue Service upgrades is earmarked to “increase tax compliance among wealthy taxpayers and businesses,” according to the IRS’s plan. Indeed, the IRS is investing upwards of $47 billion toward enforcement efforts, an amount that towers over the next-largest item on its spending plan, which is just over $12 billion slated for technology enhancements.
Over the last few months, many advisors have noticed an uptick in client inquiries about leaving their IRAs and other retirement plans to charity. If you’re wondering why, it likely has a lot to do with the buzz about Qualified Charitable Distributions, which allow those who’ve reached the age of 70 ½ to direct up to $100,000 annually to qualified charities (such as a designated or field-of-interest fund at the community foundation), avoiding both the need for an RMD (if they’ve reached age 73) and the income tax hit. It’s probably more than just the QCD, though, that has spurred your clients to ask questions.
Charitable deduction legislation ebbs and flows. Proposed reform efforts come and go, resulting in the occasional change to the provisions of the Internal Revenue Code governing charitable giving. At the same time, popular charitable giving techniques evolve and grow over time, frequently creating new opportunities for your clients to support the causes they love.
And, the wild ride continues! It’s been three years since the Covid-19 pandemic swept the globe and wreaked wide-ranging havoc on so many areas of the economy. Then came inflation, rising interest rates, and a volatile stock market. Now, in early 2023, advisors and clients are also dealing with concerns about the health of the banking system in the wake of Silicon Valley Bank’s collapse.
Your philanthropic clients may seek your advice on how the recent events in the banking world could impact their approach this year to charitable giving. We’re sharing three factors to keep in mind as you counsel charitable individuals and families.
As an advisor to business owners—and collaborating with the community foundation—you can help your clients leverage potential future liquidity events to support the community causes they care most about.