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Winston Churchill is widely quoted as saying “We make a living by what we get, but we make a life by what we give.” Leaving a legacy through philanthropy is a noble objective of many leaders, families and corporations. Philanthropy may be used for teaching the next generation about family values, for tax deductions, or to support a cause or organization that has special meaning to the donor. In any case, there comes a time to consider formalizing philanthropy through a major gift to a public charity, establishing a private foundation, opening a donor advised fund or selecting another charitable planned giving vehicle. Typically a donor will need to consider several questions before deciding what option is best.
What tax deduction limits against AGI are needed?
How much time do you have to commit to the administrative responsibilities?
Do you wish to hire staff members to pursue a charitable mission?
Do you anticipate making grants to individuals, such as in a scholarship fund?
Do you want to maintain control over investment management?
How important is anonymity in your grantmaking?
What is the long-term legacy you wish to leave? How will you involve the next generation?
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A foundation board’s typical search for an investment advisor ends with one of three results. SunTrust’s Kim Krause outlines these outcomes and shares tips for streamlining the request for proposal process.
As younger generations are engaged in gift making decisions, differences can be
more apparent. In anticipation of this, it is important for families to have a conversation about succession plans and how
to pass on the tradition of giving.
Laurie Bagley, Senior Vice President and Investment Manager, Foundations and Endowments Specialty Practice, SunTrust Bank, talks about challenges and strategies when creating an investment policy that aims to preserve intergenerational equity in perpetuity.