There are many reasons why we might procrastinate creating a will or finalizing an estate plan. From negative emotions to the pursuit of a perfect plan, or simply not knowing exactly what we want to do, the reasons vary. However, waiting doesn’t make the situation better. The sooner you plan your charitable giving, the more fulfilled you’ll feel.

There are only three options for what will happen to your assets when you’re gone:  a) Government, b) your family or c) your community. Which combination would you prefer?

“I once met with a couple who had charitable intentions and no children,” recalls Jackie Hanton, Vice President of the Community Foundation. “We had just started brainstorming their ideas and a charitable giving plan when the husband had a sudden medical issue and, unfortunately, passed away. The wife was so overcome with grief that she never got around to signing any estate planning documents, and their charitable giving plan was never put into place.”

Too often, people think, “We can deal with this later.” But then something unplanned or tragic happens, and it’s too late.

Instead, plan now, plan early, and make changes as needed. The Community Foundation is here to listen to your personal values, intentions, and the impact you want to have on your community. Whether you know exactly what you want to do, need more information about possibilities, or want to explore options, charitable planning with the Foundation can be an enjoyable process.

If you already have an estate plan, now is a good time to review any charitable provisions you made to ensure they still align with your wishes.

Every Gift Counts

Some donors are concerned that modest contributions don’t rise to the level of “philanthropy” and that their gift might not make a difference. However, gifts of all sizes count, and everyone can make a difference through small gifts, large gifts, and everything in between. The Community Foundation encourages donors to begin charitable giving at a level that makes sense for them.

Planning Considerations

Imagine you’d like to leave bequests to multiple charitable organizations, but the specific organizations might change over the years as your level of engagement with them evolves. You’re likely to want to make small changes to your estate plan’s charitable provisions while leaving everything else as is.

For example, a trust could be drafted to allocate 10% of the remaining estate equally among five charities, listed in the trust document. But what if, a few years from now, you want to add another charity to that list? Even a small change like this would require an amendment, which can be time-consuming for both you and your attorney.

Instead, your trust document could name a fund at the Community Foundation of St. Clair County as the beneficiary of 10% of the remaining estate. Then, you can work with the Community Foundation to draft a fund agreement that lists the charities that will share the 10%. When you want to add new charities or update the list, you simply reach out to the Community Foundation and update your intent for the fund. This process is quick and straightforward, allowing you to ensure that your bequests align with the ever-changing needs of the community and your wishes.

When a Charitable Plan Comes to Fruition

The Community Foundation spending model allows a fund to give back more over time than the original gift, and yet also grow in total assets. Today, the Foundation manages hundreds of such funds.

John and Rose Marie Wismer set up one of the Community Foundation’s first unrestricted endowment funds to support its work. The John & Rose Marie Wismer Fund was fully funded in 2003 with planned gifts from their respective estates. Since then, over $531,000 has been granted back into the community through 400 grants supporting various organizations and initiatives. Today, the fund has grown to over $1.1 million, continuing to generate more grants that give back. We’re forever grateful for their planning and foresight.

We encourage you to think beyond your lifetime and consider how you can continue to support the programs, projects and organizations you care about through planned giving. If you’re ready for a confidential conversation, please reach out to Jackie at 810-984-4761 or jackie@stclairfoundation.org