As you prepare for meetings with your wealth advisor or client meetings during this time of economic uncertainty, it may be tempting to shorten the agenda of the meetings and skip the topic of philanthropy. Resist that temptation! Although charitable giving tends to fluctuate with the broader economy, often dipping during periods of economic downturn, many remain steadfast in their support for favorite charities and look forward to discussing strategies with financial and tax advisors, even when markets are volatile.
Charitable giving continues as donors want to support the causes they care about. This resilience is particularly evident among those who prioritize long-term relationships with charities because they want to ensure that essential services continue even in challenging times.
Consider these strategies as you work with your wealth advisor or with your charitably inclined clients:
–Use donor-advised funds. Many already have established donor-advised funds at Hudson Community Foundation (HCF). These dollars can be activated anytime and often represent a useful source to support charitable causes when household budgets are constrained. That’s because the assets were already transferred to the donor-advised fund and must be used for charitable purposes.
–Establish legacy giving. Some clients may not be comfortable maintaining their current level of charitable giving during years of economic uncertainty. This is an excellent opportunity for you to update an estate plan to include a bequest to your fund at HCF, whether through a will or trust, or especially savvy from a tax perspective, through a beneficiary designation on a 401(k) or IRA.
–Lean on Hudson Community Foundation. The team at HCF stays closely connected to nonprofits in our area, keeping up to date of our community’s greatest needs. This means we are an important resource for now, and always, to help maximize the impact of charitable gifts. Especially if a someone does not feel comfortable giving as much as they have in the past, HCF can help ensure that whatever dollars they do give make a real difference.
The team at the HCF looks forward to working with you and your clients to establish (or update) bequests to fulfill your clients’ charitable legacies. Give us a call!
Read more about Donors Guide to Donor Advised Funds.
With a fund at Hudson Community Foundation (HCF), advisors can manage the charitable assets on their preferred platform at any amount. Assets stay under your management. You can provide your clients with the consistent investment advice they expect. We are your partner in charitable giving!
The team at HCF is a resource as you serve your philanthropic clients. We understand the charitable side and are happy to serve as a secondary source as you manage the primary relationship with your clients. This blog is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice.
