SunTrust Bank Home SunTrust Bank Home
h2

Formalizing Philanthropy

Share current LOB: CommercialCorporateInstitutional
/Static/RC/Images/Featured/Formalizing Philanthropy Image 704x343.jpg

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?

For more information about SunTrust  Foundations and Endowments specialty  practice, call 866.223.1499 or contact your Client Manager. Learn more about the SunTrust Foundations and Endowments specialty practice.

Disclaimers

This content is educational in nature and is not an advertisement for a loan or business solicitation. It does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

©2015 SunTrust Banks, Inc. SunTrust and SunTrust Foundations and Endowments Specialty Practice are federally registered service marks of SunTrust Banks, Inc. SunTrust PortfolioView, and SunTrust eGrants are service marks of SunTrust Banks, Inc.


Related Content

  • Overview of stats around SRI strategies in the U.S.

    Infographic: The Rise of Socially Responsible Investing

    More organizations and individual investors are beginning to follow socially responsible investing (SRI) strategies. Which strategy is right for you?

  • Doing Things Differently

    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.

  • Podcast: Make the Most of Your Board's Advisor Search

    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.

  • Woman reading policy FE whitepaper Image

    Looking a Gift-Horse in the Mouth

    Because each individual nonprofit has a unique mission and goals, the provisions of their gift acceptance policies also need to be distinct. Once you establish your policy, periodically review it to ensure it remains aligned with your mission, risk profile, and development strategy.