January is a good time to start helping your clients plan for their annual giving. With the year-end flurry of donations still fresh in many clients’ minds, you may discover that clients will welcome your suggestion to make 2023 the year to get organized early, particularly as economic headwinds make planning especially important.
A conversation that benefits everyone
Among the many benefits of discussing charitable giving with your clients is that your clients will see you as an expert about local community needs and nonprofits, especially when you have a close working relationship with the Omaha Community Foundation team. Your philanthropic clients want to learn how they can make a difference through their charitable activities, and they are expecting their advisors to be ready to help them structure and plan their giving. Indeed, for years, research has shown that a proactive advisor who offers options for incorporating philanthropy into financial and estate plans inspires client loyalty, even across client generations.
The community foundation advantage
Advisors frequently comment that they’re surprised to discover the many ways the Omaha Community Foundation can help their clients, especially compared with national donor advised fund programs affiliated with brokerage houses or financial services firms.
Sometimes the greatest needs really are right here at home, and working with the Omaha Community Foundation is often the very best option for ensuring that your clients are informed and impactful philanthropists. The team at the Omaha Community Foundation works with local nonprofits every single day and thoroughly understands how organizations are meeting community needs.
In addition, the Omaha Community Foundation is unparalleled in its ability to be flexible and responsive, providing outstanding, personal service designed around your clients’ needs while always respecting your role as your client’s primary advisor.
Options for every client’s unique situation
Our team welcomes the opportunity to work with you and your clients to implement their charitable giving goals. Here are just a few of the ways we can work with you as you plan for 2023:
Wills and trusts
A client can establish a bequest to a fund at the Omaha Community Foundation through a will or trust . The Omaha Community Foundation can provide template bequest language.
Retirement plan or life insurance policy beneficiary designations
Naming a nonprofit like the Omaha Community Foundation as a beneficiary of a qualified retirement plan can be extremely tax efficient. Funds flowing directly to a client’s fund at the Omaha Community Foundation from a retirement plan after the client’s death will not be subject to income tax or estate tax. Further, a client could also name the Omaha Community Foundation as beneficiary of a life insurance policy.
Consider encouraging clients to involve their children and grandchildren in philanthropy, especially when the clients are working with the Omaha Community Foundation through a donor advised fund or other collaborative vehicle.
Income tax planning
Remind clients that they are eligible for an income tax deduction for lifetime charitable gifts, and the gifted assets are no longer subject to future estate taxes.
Consider more complex giving vehicles, including charitable remainder trusts and gifts of closely-held stock or real estate. The Omaha Community Foundation can work with you to establish these structures to help facilitate your clients’ charitable giving goals and meet the clients’ financial and tax goals at the same time.