Charitable Chit-Chat with your Financial Advisor

August 22, 2019

Jamie Schloegel, Executive DirectorBy Jamie Schloegel, Executive Director

Approaching your charitable giving through a long-term outlook similar to how you plan for retirement or a child’s college education can substantially increase your overall charitable impact.

Did you know that your financial advisor is a great resource to help you find solutions to maximize your charitable impact? Your financial advisor should be able to help you save time, frustration and money by helping to identify the best and most tax-effective ways to give now… and also to devise a long-term outlook that can lead to the charitable legacy of your dreams.

If your financial advisor has never asked you about charitable giving interests, start the conversation yourself. Some advisors are reluctant to begin a charitable giving conversation with clients because they are concerned about making a values judgement, especially if a client has not expressed charitable intentions on their own. However, I’ve been told by many individuals that they assumed charitable giving — especially legacy charitable giving —was not an option for them because their advisor never brought it up.

The truth is most advisors would be delighted to help clients realize their charitable objectives by discussing charitable giving interests, explaining options and suggesting solutions. Here are 5 common questions you should be prepared to discuss with your advisor regarding your charitable giving preferences:

  1. Do you normally support the same charities every year, or does it vary from year to year?
  2. How do you decide which charities to support? Who is involved in the decisions?
  3. Do you want to donate primarily during your lifetime or after your passing? If after your passing, who will make the decisions?
  4. What past donations have given you the most satisfaction?
  5. Do you prefer to give publicly or anonymously?

At any time, but especially by planning ahead, advisors can help you become more strategic with your charitable giving. Of course you can always call me at La Crosse Community Foundation to help you, too. I am happy to work with you and your professional advisors to develop an individualized, impactful plan best suited to your needs and interests.