Plan Your Personal Giving

Why Give to a
Community Foundation

Find Your Local
Community Foundation

For Professional Advisors

Create a WV Nonprofit

Information for Grant
Seekers

West Virginia Statistics

Grantmakers
Membership Forum

Whether you are a financial advisor, attorney, accountant, stock or insurance broker, your clients trust you for professional advice to help them make important decisions. As your relationship with each client evolves, you are likely to understand his or her financial standards, long-term needs, and personal values. Each of these characteristics shape and influence charitable giving.

Ten Reasons to Discuss Philanthropy with Your Client

1. It's good for society, it's good for your clients, it's good for your business, and it's good for you.


2. You'd be surprised how many of your clients are searching for a way to give back to society, to memorialize a loved one, or simply do good.


3. Discussing philanthropy with your clients can be done in ways that respect their privacy, values, and autonomy.


4. It expands the menu of services available to your clients, thereby increasing their level of satisfaction with you and your services.


5. It adds to your areas of expertise as a professional advisor.


6. It increases the potential for new referrals and thus opens the door to new clients.


7. It marries your chosen profession with your desire to do something good for the world.


8. It helps address important social needs and helps make your community a healthier, more vibrant place to live—a real legacy for future generations.


9. It puts you in touch with a supportive network of new colleagues who are willing to share their time and expertise.


10. It's easy to do.

RESOURCES
Sample Bequest Language

Below is common language used to bequeath a gift to a community foundation. Oftentimes, donors wish to specify how much or a percentage to be dedicated to grants or scholarships each year. While this can be done, it is important that you and your client understand good practices in endowment "payout rates." Community foundations will have a spending policy in place, that you should request, based on wisdoms that consider inflation and other factors that affect long-term "forever" giving.

In addition to requesting a copy of its spending policy, you should discuss with your client's community foundation the creation of a "shell agreement." A shell agreement uses the community foundation's fund agreement templates, without obligation or required gift while the donor is alive, to clearly define the purpose and use of the bequest once received by the community foundation. Experienced community foundations have found that this system maintains confidentiality and anonymity while also assuring the donor that their wishes will be clearly and consistently executed by the community foundation.

A specific bequest provides for the transfer of specific property or asset amount. Or, it can be assigned through a specific percentage of the value of the overall estate.

A residuary bequest provides for the assignment of assets remaining in the estate after other expenses and bequests have been satisfied.

A remainder bequest allows for some portion of the estate to be set aside, before bequests are satisfied, to provide income to a surviving spouse or other heir for a period of years or for the lifetime of the beneficiary.

A contingency bequest provides for the charitable bequest only if other beneficiaries, such as a spouse, do not survive you.

Community foundations specialize in accepting a variety of assets, from privately held stock to real estate. Such gifts are best when discussed with your client's local community foundation in early planning stages

Keep Informed
As a West Virginia Professional Advisor, you may wish to join with your local colleagues who meet regularly to stay abreast of changing tax law, planned giving instruments, and shared information.

West Virginia's certified financial planners will find colleague networks through the West Virginia Society of Certified Public Accountants and its seven chapters located around the state.

For legal counselors, the following councils and associations will be of interest:

Mid Ohio Valley Estate Planning Council
Serving greater Parkersburg, West Virginia
PO Box 1762
Parkersburg, WV 26102-1762
(304) 428-4438

Tri-State Estate Planning Council
Serving West Virginia's Eastern Panhandle as well as portions of Maryland and Virginia Larry Thornton
(301) 791-1222
lathornton@mybankfirstunited.com

Charleston Estate Planning Council
Susan Short, President
(304) 549-8934

Greater Huntington Estate Planning Council
Stephen R. McDanald, President
steve.mcdanald@nmfn.com

KYOVA Planned Giving Council
Serving the Ashland, Kentucky area
P.O. Box 234
Ashland, KY 41105-0234
Steering Committee Member Bruce Stout
(304) 529-6181

Southern West Virginia Planning Council
Serving Beckley, West Virginia, area
William "Bill" File, III
(304) 253-3358
Ray Morton
(304) 253-8515

Web Resources
The Planned Giving Design Center offers sample gift forms, up-to-date rates tables, and other helpful hints.

To help calculate your client's potential life income for planned gifts, West Virginia's oldest community foundation, The Greater Kanawaha Valley Foundation Web site offers West Virginia tools.

The Council on Foundation also coordinates the Philanthropic Advisors Network, providing a forum to share ideas and programs with your colleagues.

Plan Your Personal Giving | Why Give to a Community Foundation
Find Your Local Community Foundation | For Professional Advisors
Create a WV Nonprofit | Information for Grant Seekers
West Virginia Statistics | Grantmakers Membership Forum

Copyright © 2003 by West Virginia Community Foundations Consortium,
all rights reserved.