Put Generosity in the Plan: Why Charitable Conversations Matter Now

When families plan for the future, there is often a lot to consider: wills and trusts, financial accounts, health care wishes, property, family responsibilities and more.

But there is another important question worth including in those conversations: What do you want to happen with your charitable giving?

Maybe you have supported the same organization for decades and hope that support continues. Perhaps there is a cause that has played an important role in your life. You may want your children or grandchildren to carry forward a family tradition of giving. Or maybe you simply want a portion of what you leave behind to continue strengthening the community you call home.

Whatever your goals, talking about them now can help the people you trust understand not only what you want to accomplish, but why it matters to you.

Give your family clarity

Over time, circumstances change. Health can change, family members may take a greater role in financial decisions, and eventually someone else may be responsible for carrying out your wishes.

Without a conversation or plan in place, even a long history of charitable giving can leave unanswered questions.

Consider someone who has supported the same nonprofit for 30 years. Their family may know that they give, but do they know why that organization matters so much? Would they know whether that support should continue? Would they understand how charitable giving fits into the larger picture of what that person values?

Those questions can become more complicated if changes in memory or decision-making capacity arise later in life. Having charitable intentions clearly discussed and documented beforehand can give family members and professional advisors important context when they need it.

Share the story behind your generosity

A charitable plan can document where you want your charitable dollars to go, but there is value in sharing something more: the story behind your giving.

Why did you begin supporting a particular organization? What experiences shaped the causes you care about? What needs in the community are especially important to you? What do you hope your generosity makes possible?

These conversations can be especially meaningful when children and grandchildren are included. They provide an opportunity to talk about generosity, community, the values that have guided your decisions, and may give the next generation an opportunity to share what matters to them, too.

You also don't have to wait until you're finalizing an estate plan to involve your family. Giving together during your lifetime allows you to share those experiences and traditions while you're here to be part of them.

Plan ahead without giving up flexibility

Planning ahead doesn't mean deciding today exactly what your charitable giving must look like decades from now.

Your interests may evolve. Organizations change. New community needs emerge. Your financial circumstances may change, too. The goal is not necessarily to create a plan that can never change. The goal is clarity.

Depending on your goals, that could mean establishing a charitable fund at GMCF during your lifetime, documenting plans for a future fund, including charitable provisions in your estate plan, involving family members in your giving, or creating a flexible charitable plan that can respond to community needs over time.

As circumstances change, you can revisit those plans with your family and professional advisors and make adjustments when appropriate.

Start the conversation early

One of the most valuable things you can do is simply start the conversation.

You don't need to know exactly what your charitable plan should look like before you begin. Instead, consider a few questions:

• What do I want my giving to accomplish?
• Which organizations, causes or communities matter most to me?
• Why have these been important throughout my life?
• Do I want my children or grandchildren involved?
• Should my charitable giving continue after my lifetime?
• How much flexibility do I want to leave for future generations or changing community needs?

Your answers can become a starting point for conversations with your family, attorney, CPA, financial advisor and GMCF.

Make charitable giving part of the plan

At GMCF, we have the opportunity to help individuals and families think through what they want their generosity to accomplish not only for today, but years from now.

Our team can work alongside you and your professional advisors to explore charitable options that reflect your goals, preserve the intentions behind your generosity and provide flexibility for the future.

Planning ahead can't answer every question the future may bring. But it can reduce uncertainty and give the people you trust a clearer roadmap for honoring what matters to you.

Your charitable intentions are part of your story. Make sure they're part of your plan, too.