3 Tips for Keeping Your Advisors in the Loop for Maximum Impact 

At Greater Houston Community Foundation (Foundation), we appreciate the trust you place in us as your go-to philanthropic partner. Whether you’re an individual, family, or business, we enjoy connecting with you to explore your charitable goals, tax strategies, and how to make an impact in the community you call home.  

What you may not realize is that the Foundation is eager to assist in keeping your legal, financial, and tax advisors informed and engaged in your philanthropic journey. Collaborating closely with these professionals can enhance the effectiveness and impact of your giving strategy while ensuring your charitable goals align with your overall financial plan. Your vision for giving is important to us, and we’re here to support you every step of the way. 

Here are some practical tips to help you make the most of this collaborative approach. 

How to Engage Your Advisors Effectively: 

Share Comprehensive Fund Information: Ensure your attorney and wealth advisors receive detailed documentation about your fund(s) at the Foundation. This includes fund agreements, amendments, and any pertinent communication allowing them to integrate your charitable intentions into your estate plan more effectively.  

Did you know? At Greater Houston Community Foundation, you can continue to manage your client’s investments when they open a fund of $500,000 or more. 

Discuss Beneficiary Designations: Include your advisors in conversations about beneficiary designations on retirement accounts and IRAs. These assets can significantly impact your overall estate plan and may be ideal vehicles for funding your charitable giving. 

Optimize Asset Contributions: Work closely with your accountant to identify effective assets for charitable contributions. We accept a wide range of assets, including noncash contributions like real estate and business interests, that can significantly enhance your philanthropic impact. 

Case Study: The Wellington Family 

Chase and Ginny Wellington, fundholders at the Foundation, were passionate about supporting education and local community initiatives. They sought to leave a legacy that would make a positive impact for generations. 

After setting up their donor advised fund, the Wellington’s philanthropic advisor at the Foundation suggested a multifaceted approach, they scheduled a series of strategic meetings that brought together key professionals: their attorney, accountant, financial advisor, and the Foundation team. This collaborative effort harnessed expertise to craft an integrated charitable giving plan tailored to the Johnsons’ wealth and philanthropic goals. 

• Attorney’s Input: The Wellington’s attorney helped them incorporate the fund into their estate planning, ensuring their charitable wishes would be honored after their passing.  

• Accountant’s Strategy: Their accountant assessed the family’s assets and recommended gift strategies. By advising them to donate appreciated stock, they not only received immediate tax deductions but also freed up cash for further investments. 

• Financial Advisor’s Role: By understanding the Wellington’s charitable goals, the financial advisor was able to spot opportunities for funding the donor advised fund through liquidations of high-performing stocks, while also ensuring their retirement strategy remained robust. 

• Philanthropic Advisor’s Input: Through actively listening to their unique needs, the philanthropic advisor offered a structured and tailored charitable solution that aligned with their philanthropic goals and financial considerations. Additionally, the advisor can develop a customized giving plan to help them focus their impact effectively. They can also provide suggested language for inclusion in their will related to the funds, ensuring that their charitable intentions are clearly articulated. 

Through the collaborative efforts of this diverse team of professionals, the Wellington family successfully established a comprehensive plan that solidified their commitment to meaningful philanthropy, ensuring their legacy of generosity would resonate for future generations.  

The case study presented in this blog is a fictionalized account of real-world business scenarios, created for educational purposes only.

Year-Round Planning for Year-End Giving  

As the year progresses, the timing of your charitable contributions remains important. Here’s why engaging your advisors before year-end is essential: 

• Maximize Tax Benefits: Contributions made before December 31 can often be deducted on your income tax return for that year, providing immediate financial benefits. Collaborating with your accountant will help you identify the optimal assets to donate, enabling you to take full advantage of these tax deductions. 

• Strategically Time Contributions: Understanding your taxable income for the year will allow you to strategize your giving. By consulting your financial advisor and accountant, you can determine whether this year’s income levels warrant larger donations or if it would be more beneficial to carry over some contributions into the next year. 

• Encourage Family Involvement: Engaging your team of advisors can also set the stage for family discussions about year-end giving and beyond. Encouraging younger generations to participate can instill values of generosity, thus fostering a culture of philanthropy within your family. 

Dedicated Philanthropic Partner 

At Greater Houston Community Foundation, we take pride in being your dedicated partner in philanthropy. Think of us as your collaborative team of specialists who understand both the mission-driven and tax-related facets of charitable giving. We’re passionate about collaborating with your legal, tax, and financial advisors to craft a strategic philanthropic plan that not only fulfills your charitable objectives but also enhances your overall financial goals. 

Now is the time to act. By engaging with your advisors before year-end giving, you can maximize the impact of your contributions, optimize tax advantages, and ensure that your generosity resonates in your community and beyond. Your giving matters, and we’re here to ensure it achieves its full potential! Reach out to Andrea Mayes today to learn more.  

More Helpful Articles by Greater Houston Community Foundation: 

• How to start a scholarship fund?
• The Importance of Charitable Giving in Financial and Estate Planning
• The Future Is Now: What Is Next-Gen Philanthropy?
• How to Give Back to Your Community

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