As your partner in giving, Illinois Community Foundations can offer numerous benefits to you and your clients, including a variety of options to best meet your clients’ philanthropic needs.
When major life events, like changing jobs, getting a raise, selling a home, retiring, or inheriting assets impact your clients’ taxes, a Community Foundation can provide valuable insight into philanthropic strategies that could alleviate any negative outcomes, while benefitting the community. Through fund options, like Donor Advised Funds, your clients can minimize taxes now and focus on fulfilling their giving strategies.
Community Foundations provide donors with maximum tax advantages. Your client can donate a variety of assets, from cash and appreciated stocks to real estate and more complicated assets. Assets can be given now or later, as part of their estate plans. Because of our network of experts in the community foundation in Illinois, The Alliance of Illinois Community Foundation partners are able to handle the most complex transactions and turn unusual gifts into community good.
Many of your clients are charitable and give to causes they care about in their community. Community Foundations are an industry expert on philanthropy, with comprehensive knowledge about their communities. So, we can guide you and your clients through options that address their individual passions and align giving to areas of need in the community to achieve the greatest impact. We help you meet clients’ expectations.
Research indicates that many who seek financial-planning advice want and expect to talk about philanthropy and how they can achieve both charitable-giving goals and also tax advantages. Community Foundations provide a more simplified and cost-effective alternative to a private foundation. Including long-term charitable goals in your clients’ portfolio, allows you to stay connected to clients across generations by helping them establish and maintain a charitable legacy for their children and grandchildren through a foundation fund.
The IRA Rollover has been made permanent. If you have a client that is 70 ½ or over, you can transfer up to $100,000 from your IRA to a community foundation in your area without paying any federal income tax on that transfer. This gift may be made over and above the other charitable gifts your client already makes. This gift can be made by notifying the client’s IRA plan custodian of your intent to make a current transfer to the local community foundation.
For more information on how to make an IRA rollover gift, please consult your tax consultant or your local community foundation.