No matter how old you are, it’s wise to consider your long-term charitable giving plans. Perhaps you have supported the same organizations for decades and want that support to continue. Or perhaps you simply want a portion of your estate to remain in the community, available to address needs and opportunities that may arise long after your lifetime. Talking about those wishes now—and putting an appropriate structure around them—can reduce uncertainty later. Here are a few reasons to do so:
Reduce the gray areas in the event of future cognitive decline.
Planning ahead becomes particularly important as we age. Over time, health circumstances can change, and some people experience changes in memory or decision-making capacity. Families may also find themselves taking a greater role in helping manage a loved one’s financial affairs. That can create difficult gray areas when charitable intentions have not been clearly discussed or documented.
Leave room for changes.
Planning ahead does not mean locking yourself into charitable decisions you can never change. Your interests may evolve. Organizations change. New community needs emerge. Your financial circumstances may change, too. Instead, the goal is clarity. By discussing your charitable intentions while you can fully participate in the conversation, you create a foundation that you, your family, and your advisors can build upon. You can revisit the plan as circumstances change and make adjustments when appropriate.
Plan early to avoid sticky situations in the first place.
In some cases, financial institutions and professional advisors must follow certain procedures when questions arise about unusual transactions, diminished capacity, or possible financial exploitation. But even though there are important legal and financial safeguards designed to protect older adults from exploitation and undue influence, it’s much better to plan ahead and reduce the likelihood that your family will need to navigate those issues in the first place.
Reach out to our staff
At any stage of your life, the Winona Community Foundation can help you explore questions such as: What do you want your giving to accomplish? Which organizations or causes are most important to you? Would you like your children or grandchildren involved? Should your charitable plan continue after your lifetime? And how much flexibility would you like your plan to have as organizations and community needs change? The answers can help you and your estate planning and tax advisors determine how charitable giving fits into your broader estate and financial plans—and help avoid challenges in the future.
The Winona Community Foundation offers a range of charitable options and funds for individuals, families, businesses, and nonprofits to accomplish their philanthropic goals. As your trusted partner, resource, and steward for community philanthropy, the Winona Community Foundation is committed to helping every individual give back in a way that is both meaningful to them and the causes they care about. Contact us to learn more.
