Planned Giving is Smart Financial Planning
Planning for your future and philanthropy go hand in hand. That’s why, at Centre Foundation, we partner with financial advisors, attorneys, and other professionals to ensure that you can fulfill your philanthropic goals while planning for the future.
To Tom King of King Financial Partners, finances are more than just the numbers.
“Finances are intimate and personal,” said Tom. “They hit all the things we experience as human beings – security, well-being, lifestyle, dreams, family, and values. Working through the emotional pieces of financial and retirement planning is probably the most important work we do.”
Likewise, philanthropy is an expression of a donor’s passion, and the Centre Foundation team works to ensure that the causes our donors hold dear are supported in perpetuity and that their philanthropic plan becomes a legacy. Centre Foundation serves as a resource for professional advisors to simplify giving for their clients, to recommend giving strategies, and to ensure endowment funds have the greatest impact. We are here to bridge the gap between planning for the future and giving back to the community.
When working with any client, professional advisors like Bill Martin of Wienken Wealth Management and his team help make an impact through philanthropy.
“After spending 40 years helping our clients in Centre County plan for retirement, build wealth, educate their children, it is an honor and a privilege to help them with their estate plans and their desire to help the community through philanthropy planning,” said Bill. “Centre Foundation has been a perfect fit to be the conduit to receive bequests, manage the funds, and direct the annual gifts for our clients. They feel secure that their funds will benefit many generations to come and make a difference in the world.”
There are a variety of ways to include Centre Foundation in your financial strategy and estate plan. Contributing to an existing endowment fund or opening your own allows you to support your favorite causes in perpetuity while investing back in the community. All types of assets are accepted, including cash, stock, real estate, and more. Additionally, Centre Foundation can be named as a beneficiary in a will, trust, or retirement plan.
“I prefer to have a donor’s financial team at the table during our conversations; they have an expertise in financial strategies, and I have an expertise in giving strategies. It is important to effectively align those so that the result of giving to the Foundation meets the donor’s intention,” said Kerry Tolton, Development and Stewardship Director.
Judy Loy, President and CEO of Nestlerode and Loy Investment Advisors, is another local financial advisor who works with many clients for their charitable giving. She shared her thoughts on the benefits of including philanthropy in your financial plan.
“Studies show that giving money makes people happy,” said Judy. “A news study in 2022 showed the ‘association between donating to charity and happiness was equivalent to $25,000 more in income.’”
While Judy shares charitable giving can make you feel good, she also stresses the important tax benefits that come with it.
“For IRA owners who are over age 70 ½, they can pull money from the IRA directly to a qualified 501(c)(3) and not have it taxed as income. For many, stocks outside of retirement have significant gains, those stocks can be gifted for their entire value and the donor does not pay the capital gains on the profit. Due to these reasons and their values, many investors consider charitable giving as part of their financial plan.”
Centre County is home to a wide range of nonprofits and programs to support. Centre Foundation is actively engaged with the nonprofit network and the staff has strong knowledge of the community to create effective partnerships, provide leadership around local issues, and facilitate philanthropic strategies.
Additionally, Centre Foundation is governed by a board of local leaders, professionals, and financial experts who serve as policymakers, investment managers, and ambassadors for the Foundation.
“It is this expertise, combined with staff knowledge and the partnerships we build in the community that allows a community foundation like Centre Foundation to be uniquely positioned to help donors make a meaningful impact,” added Kerry.
By working with Centre Foundation and a financial advisor like Tom, Bill, or Judy you will be able to implement a plan, monitor that plan, and make changes as needed. These planning professionals can help guide you on what the best financial strategy is, and Centre Foundation can help you build a philanthropic plan that accommodates that strategy and benefits the community.
“I’m proud to live in Centre County, a beautiful and welcoming place to call home, full of active and dedicated residents,” Tom shared. “It is a special place, and I am committed to keeping it that way. That’s why I love to find ways to give back to causes that positively impact our little part of the world.”
Learn more about how you can partner with Centre Foundation and your financial advisor here.
