Many donors begin their journey with the Wayne County Foundation having a general sense of the difference they want to make in the community. Whether you’ve already established a donor-advised or another type of fund, or are thinking about doing so, you may have identified the charities and causes that matter most to you.
Our team can help you achieve your charitable goals, including giving to charities you’ve supported for years, as well as new initiatives and programs that fall within your areas of interest.
Here’s another question that’s important to answer: How long would you like your charitable dollars to be at work? The team at the Foundation is equipped to help you navigate this part of your giving, making the process easier and more effective. Here are six questions we’ll consider when establishing your charitable giving plan and corresponding fund structure:
- Are the causes and issues that matter most to you likely to represent short-term, immediate community needs, or community needs that will be important for generations?
- Would you like your children, grandchildren, or other loved ones to help guide your charitable fund in the future?
- Would you like to see and experience the results of your giving now, or are you more focused on establishing something lasting beyond your lifetime?
- Are tax savings, estate planning goals, or retirement income needs part of what you’d like your charitable plan to support?
- If you’re interested in both immediate impact and long-term legacy, what portion of your charitable fund would you prefer to spend down versus preserve for perpetuity?
- When you think about your charitable impact—whether in five years or fifty—what would make you certain your fund or funds at the Wayne County Foundation accomplished their purpose?
As we work together to consider these questions, the Foundation team is happy to offer suggested reading to help inform your decision-making process about the benefits of each type of structure, or a hybrid.
Many donors also choose to combine strategies to accomplish all aspects of their philanthropy goals. Here is an example:
- A donor-advised fund to organize annual giving to favorite charities, including taking advantage of “bunching” techniques to front-load contributions to take advantage of itemizing charitable deductions.
- A designated fund to support a specific favorite charity in perpetuity, ensuring that charitable funds will be preserved even if the charity falls on hard times.
- Annual gifts to the Wayne County Foundation’s unrestricted endowment fund so that critical issues can be addressed in perpetuity as the community’s needs change over time.
- Beneficiary designations on traditional IRAs and other qualified retirement plans naming both the donor-advised fund and the Wayne County Foundation’s unrestricted endowment fund to receive the proceeds.
Please reach out anytime. Together, we can create a charitable giving plan that reflects your vision, whether that means lasting forever, making a difference right now, or both.