January is a good time to start planning for your annual giving. With the year-end flurry of donations still fresh in many minds, you may welcome making 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 advisor is that you will see that your advisor is an expert about local community needs and nonprofits, especially when they have a close working relationship with the Winona Community Foundation team. You, as a philanthropic client, want to learn how you can make a difference through your charitable activities, and you are expecting your advisors to be ready to help you structure and plan your giving.

The community foundation advantage

Community members frequently comment that they’re surprised to discover the many ways the Winona Community Foundation can help them, 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 Winona Community Foundation is often the very best option for ensuring that your clients are informed and impactful philanthropists. The team at the Winona Community Foundation team works with local nonprofits every single day and thoroughly understands how organizations are meeting community needs.

In addition, the Winona Community Foundation is unparalleled in its ability to be flexible and responsive, providing outstanding, personal service designed around your needs while always respecting your advisor’s role as your primary advisor.

Options for every unique situation

Our team welcomes the opportunity to work with you and your advisor to implement their charitable giving goals. Here are just a few of the ways we can work with you as you plan for 2023:

1. Wills and trusts

You can establish a bequest to a fund at the Winona Community Foundation through a will or trust or through a beneficiary designation on a qualified retirement plan or life insurance policy. The Winona Community Foundation will provide proper bequest language.

2. Retirement plan beneficiary designations

Bequests of qualified retirement plans can be extremely tax efficient. Funds flowing directly to a fund at the Winona Community Foundation from a retirement plan after your death will not be subject to income tax or estate tax.

3. Family philanthropy

Consider getting your children and grandchildren involved in philanthropy, especially when you are working with the Winona Community Foundation through a family donor-advised fund or other collaborative vehicle.

4. Income tax planning

You are eligible for an income tax deduction for lifetime charitable gifts, and the gifted assets are no longer subject to future estate taxes.

5. Complex giving

Consider more complex giving vehicles, including charitable remainder trusts, charitable gift annuities, and gifts of closely-held stock. The Winona Community Foundation can work with you and your advisor to establish these structures to help facilitate your charitable giving goals and meet your financial and tax goals at the same time.

We look forward to working with you and your advisors in 2023!