21 Nov Generational impact, with or without children
At the McPherson County Community Foundation (MCCF), we’re honored to work with our donors and fund holders to achieve a wide range of charitable giving priorities often involving multiple charitable giving vehicles. It’s not uncommon, for example, for an individual’s or couple’s “portfolio” of philanthropy with MCCF to look something like this:
–A donor-advised fund to make it easy to donate appreciated stock and organize annual giving to favorite charities.
–A designated fund to support the mission of a particular charity over the long term, especially because when one spouse reaches the age of 70 ½, the designated fund can receive tax-savvy Qualified Charitable Distributions from IRAs.
–A beneficiary designation on an IRA to leave those assets to an unrestricted fund at the Foundation, avoiding both income tax and estate tax, so that the fund can support MCCF’s mission in perpetuity.
What’s more, many people don’t realize that a mix of charitable giving vehicles works well to achieve your charitable goals whether or not you have children. For example, if you have children, you can work with the Foundation to explore naming them as successor advisors on your donor-advised fund to carry on your philanthropic priorities beyond your lifetime. If you don’t have children, your donor-advised fund can roll into your designated fund or unrestricted fund following your death.
Changing demographics are becoming a catalyst for MCCF’s increased role in many estate plans. For example, not having children is becoming more common, both among millennials and older people. According to a study conducted by the Pew Research Center, 20% of U.S. adults age 50 and older hadn’t had children. In addition, children of affluent parents tend to move away, which means that many parents embrace the notion that working with the Foundation can help children maintain ties to their childhood community even across generations.
Indeed, many couples who don’t have children and couples who do have children feel a strong sense of peace of mind knowing that MCCF will be involved with their charitable legacy long after their lifetimes, whether through advising children and grandchildren or administering charitable bequests for maximum community impact. The Foundation always has its finger on the pulse of our region’s greatest needs and the nonprofits that are meeting those needs at any given point in time, whether right now or decades in the future.
Please reach out to our team to learn more about how we can help you leave a legacy across generations, whether or not you have children. We’re here to help!
