Navigating Generosity: The Bread and Butter of Planned Giving

Welcome to a new First You Talk Series: Navigating Generosity!

Navigating Generosity is designed for professional advisors and anyone who wants to be better informed when discussing charitable giving with their advisors. Our hosts include Chartered Advisors in Philanthropy® and other professionals in this field, including wealth and financial advisors. In the inaugural episode, we delve into the “Bread and Butter of Planned Giving.” Our goal is to provide valuable insights and practical advice for those involved in or interested in approaching charitable giving in a strategic, impactful way (with a little bit of laughter along the way!).

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As our region’s community foundation, Central Florida Foundation serves as a launchpad for high-impact philanthropy. Championing the collective power of head, heart and dollar, we coordinate the commitment and investment of philanthropists, nonprofits, and community partners to target today’s most critical challenges and those on the horizon to truly transform our community. The Foundation also offers expert giving advice, a personalized approach to managing charitable funds, and the capacity to convene collaboration across sectors. Learn more at cffound.org.

Transcript

Navigating Generosity Episode 1 - Bread and Butter_mixdown 1.mp3
Transcript
00:00:05 Laurie Crocker
Welcome to Central Florida foundations First You Talk podcast.
00:00:09 Laurie Crocker
Here you'll gain a better understanding of societies, toughest issues at the end of each episode, we'll summarize the main points and offer deeper dive options. If something piqued your interest.
00:00:20 Laurie Crocker
So ready to demystify a complex issue and up your knowledge game. Let's get started.
00:00:30 Nicole Donelson
Welcome back David Torre.
00:00:32 David Torre
We're back. Hello.
00:00:33 Nicole Donelson
We're.
00:00:34 Nicole Donelson
So there was a lot of demand to hear more conversation around kind of the the conversation of giving and working with advisors and kind of getting a little bit deeper into some of the.
00:00:47 Nicole Donelson
You know, technical aspects and so the conversation that we had kind of spurred off.
00:00:53 Nicole Donelson
Shoot.
00:00:55 Nicole Donelson
We're going to be calling, navigating generosity.
00:00:58 David Torre
Excellent, sounds great.
00:00:59 Nicole Donelson
Yeah, so why don't for those who haven't heard our prior episode, why don't you introduce yourself so everyone knows who you are?
00:01:06 David Torre
Yes, thank.
00:01:07 David Torre
My name is David Torre and I'm the director of wealth planning with Seacoast Bank, based in Winter Park, FL.
00:01:14 David Torre
And that reminds me to call. I must do the obvious thing here in podcast world and say a disclaimer before I continue on with this interview.
00:01:21 Laurie Crocker
Oh.
00:01:23 Nicole Donelson
OK.
00:01:24 Nicole Donelson
Let's go.
00:01:24 David Torre
So grade me on this.
00:01:25 David Torre
About this.
00:01:26 David Torre
The views and opinions expressed in this episode are solely my own and do not necessarily reflect or represent those of my employer, Seacoast Bank.
00:01:35 David Torre
This episode is for informational purposes only and does not constitute financial, legal,
00:01:42 David Torre
tax or professional advice.
00:01:44 David Torre
How was
00:01:44 Nicole Donelson
That was really well done.
00:01:46 David Torre
And they teach you that in law school, that's.
00:01:48 David Torre
The whole first day of law school is learning about disclaimers and how to use them in your everyday life.
00:01:53 David Torre
I'm glad I got them. Put that to good use.
00:01:55 Nicole Donelson
I can see you did a good job in that class.
00:01:57 David Torre
Yes, I got straight A's, yes.
00:01:57 Laurie Crocker
Yeah, yeah.
00:01:59 Nicole Donelson
Well, for for those who don't know who I am, I'm Nicole.
00:02:03 Nicole Donelson
So I'm the Vice President of Philanthropic Strategies and Partnerships at the Central Florida Foundation.
00:02:08 Nicole Donelson
I have the honor of getting to work with many of our fund holders and the individuals and families who are philanthropically focused.
00:02:19 Nicole Donelson
And want engagement, support, guidance, involvement from the foundation in their.
00:02:24 Nicole Donelson
And then I have the pleasure of getting to work with amazing professional advisors.
00:02:29 Nicole Donelson
Such as yourself.
00:02:31 Nicole Donelson
To be able to talk about this space as well as be able to support them in their clients as they proceed. However, that looks. However, giving today getting in the future along in that timeline.
00:02:43 Nicole Donelson
So something that comes up that we, I, there's a lot of terminology that I think is thrown around right and.
00:02:49 David Torre
Yes.
00:02:50 Nicole Donelson
In in the space that we are, it's just kind of commonplace, but it's sort of new for a lot of folks.
00:02:55 Nicole Donelson
One is plan giving whether people have heard the.
00:02:58 David Torre
Yes.
00:03:00 Nicole Donelson
The words planned giving before or not. I loved how you talked about it in the last episode.
00:03:05 Nicole Donelson
Do you kind of think about playing giving?
00:03:07 David Torre
Yes, it's one of those things out there that you hear a lot about, especially from the larger charitable institutions like community foundations, institutions of higher Ed hospitals and the like.
00:03:20 David Torre
Sometimes it's called gift planning.
00:03:22 David Torre
It's called planned giving.
00:03:24 David Torre
Of the same.
00:03:26 David Torre
Discipline and it's really focused on a couple things.
00:03:32 David Torre
It can be cash giving, but often times it's involves non cash giving.
00:03:37 David Torre
So things like stocks, land insurance policies, retirement accounts, anything on the balance sheet that isn't just pure cash in the checkbook?
00:03:48 David Torre
Generally kind of falls under that rubric of planned giving.
00:03:51 David Torre
The other facet that kind of separates playing giving from other types of giving is often times it's delayed, meaning it might not come to fruition for many years or might not come to fruition until the donor has passed away.
00:04:03 David Torre
So that's a broad brush to cover that. But think in terms of.
00:04:08 David Torre
Non cash gifts or non cash assets to give and giving maybe now and in the future or upon some event happening if that helps explain it.
00:04:18 David Torre
It.
00:04:18 Nicole Donelson
Yeah, I think having been in the nonprofit world for a long time, playing, giving kind of always sounds like that's something that is just for you when you, you know.
00:04:31 Nicole Donelson
Reach a certain age and I was going to say really old. But you know, when you pass a certain point in your life and oh, now this is when we think about planned giving.
00:04:32 David Torre
Right.
00:04:40 Nicole Donelson
But it kind of sounds like what you're saying is this is really something that you can be doing at at any point along the way.
00:04:48 David Torre
Absolutely. It's one of those things that it, it's part and parcel with just planning in general. So as people are doing their financial estate planning, charitable gift planning is the phrase I often use to describe these activities.
00:05:01 David Torre
They are part and parcel of them of each other. And it's really about setting goals, personal goals, charitable goals.
00:05:08 David Torre
All types of things that all goes into the soup together and it can happen at any age.
00:05:13 David Torre
When I was.
00:05:14 David Torre
Doing planned giving for Rollins College down the street
00:05:18 David Torre
here, we worked with donors and alumni of all ages, and it went across the board from
00:05:25 David Torre
People in their 30s and 40s all the way up to people in their 90s and of course helping.
00:05:31 David Torre
Facilitate gifts after the death of the donor as well.
00:05:34 David Torre
It's not always death.
00:05:37 David Torre
As unfortunately that does get rolled up in there. It just so happens that a lot of planning donors are giving out of assets and not out of cash flow.
00:05:48 David Torre
What I mean by that is.
00:05:50 David Torre
They're giving out of pools of assets that usually have to take time to accumulate, and generally speaking, it's the older person that has had the time to accumulate those assets. But it doesn't always have to be.
00:06:00 David Torre
I've met people in their 40s that have sold businesses and had huge wealth events that could certainly.
00:06:06 David Torre
Facilitate some plan giving now and in the future to help them so kind of cross the board.
00:06:11 Nicole Donelson
Thank you for.
00:06:12 Nicole Donelson
So I think today we wanted to just kind of hit on what's sort of.
00:06:12
Yeah.
00:06:17 Nicole Donelson
Bread and butter of planned giving. Some of the more frequently used tools and approaches.
00:06:19 David Torre
Yes.
00:06:24 Nicole Donelson
And again, they're they're the simplest.
00:06:27 David Torre
Yes, right.
00:06:27 Nicole Donelson
They're the easiest, so you know the number one.
00:06:32 Nicole Donelson
planned gift, easiest approach is typically the bequest.
00:06:37 David Torre
Before we jump into that, is there anything really better than a nice bread and butter?
00:06:42 David Torre
I.
00:06:43 David Torre
It gets thrown around as like, oh, that's our bread and butter, right? Like a.
00:06:43 Nicole Donelson
I you know.
00:06:47 David Torre
But when you think about it, a really nice bread and butter on the table, it's it's hard to beat.
00:06:48
Hmm.
00:06:52 Nicole Donelson
Yeah, you know, I will say my mom's from England.
00:06:52 David Torre
It's hard to beat.
00:06:56 David Torre
Really, I didn't know that.
00:06:56 Nicole Donelson
Yeah. And she made every sandwich with butter.
00:07:01 David Torre
Really.
00:07:02 Nicole Donelson
Peanut butter jelly has butter on it on the bread.
00:07:04 David Torre
Like on the bread.
00:07:05 David Torre
A sneer? Really.
00:07:06 Nicole Donelson
And I I challenge anyone listening who likes a good peanut butter jelly sandwich to add some butter to that bread.
00:07:13 Nicole Donelson
It's gonna take it up a notch.
00:07:15 Nicole Donelson
Wow. But cheese and butter on bread.
00:07:18 Nicole Donelson
Hopefully there are some fellow Brits out there who understand.
00:07:22 David Torre
I.
00:07:22 David Torre
I don't mean to digress, but it I think had it needs to be said.
00:07:25 Nicole Donelson
It was an important digression.
00:07:26 David Torre
It needs to be said. I think we got to get that out there.
00:07:27 Nicole Donelson
It.
00:07:27 Nicole Donelson
It was OK.
00:07:28 David Torre
Yes. So when we're thinking about planned gifts or at least when I think about it, I start to, you know, at the top of the funnel, so to speak like the most common.
00:07:37 David Torre
The easiest, the most frequently seen playing gifts are bequests, and you know to paint with a broad brush.
00:07:45 David Torre
Are charitable gifts that are included in a donor's will or revocable trust.
00:07:51 David Torre
Or there's different terminology for different ones, but just kind of as a broad stroke.
00:07:56 David Torre
Bequest means a gift that someone puts in their estate plan for the charity of their choice. I would say just back of the envelope, probably 90% of all planned gifts that come through in the country come in the form of a bequest.
00:08:13 Nicole Donelson
Yes.
00:08:14 David Torre
The vast majority and bequest really can be very straightforward, or they can be quite complicated with tons of conditions and strings attached, but the basic.
00:08:26 David Torre
Bread and butter bequest is
00:08:29 David Torre
"I hereby give $10,000 to the Central Florida Foundation." Period, right?
00:08:36 David Torre
And I put that in my will. If I'm the donor, I sign my will, according to all the legal requirements. And it sits there.
00:08:43 David Torre
And it's perfectly valid until and it, but it's not operable until I pass away.
00:08:49 David Torre
So when we work with charities and when I when I worked with the college, that was the most frequent thing we did was work with donors about naming
00:08:58 David Torre
the College in their estate plan in the form of a bequest.
00:09:02 David Torre
There are some variations on the bequest. You can put that in there as a specific gift like I just mentioned. I give $10,000 to my favorite charity or I give the 40 acres I own in North Carolina to XYZ charity or some specific asset.
00:09:20 David Torre
You can say I give a percentage of the residuary, which is whatever's left over.
00:09:23 Nicole Donelson
Yeah.
00:09:26 David Torre
So after I pay all my creditors pay, all the other beneficiaries and I say 25% of my residual.
00:09:26
Mm.
00:09:33 David Torre
Estate my residue goes to the Central Florida Foundation, right?
00:09:38 David Torre
That's very common as well.
00:09:41 David Torre
You don't.
00:09:43 David Torre
You don't have any.
00:09:44 David Torre
Not operative.
00:09:45 David Torre
Until the person passes away, so it's fully revocable at any time.
00:09:51 David Torre
So clients like it because they can do it.
00:09:54 David Torre
Think about.
00:09:54 David Torre
Maybe they change their mind five years later.
00:09:57 David Torre
They don't have to tell the charity that they've done it.
00:10:00 David Torre
OK, while they're alive, it's fully revokable.
00:10:03 David Torre
The downside being to revoke it, you have to go back to the estate planning attorney and amend the will in a formal.
00:10:10 David Torre
Right, you can't just RIP that page out or cross out the line in your will. You have to do the formality to make that.
00:10:10
Yeah.
00:10:17 David Torre
Change happen.
00:10:19 Laurie Crocker
Did you?
00:10:19 Laurie Crocker
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00:10:23 Laurie Crocker
First You Talk podcast and Navigating Generosity are created and produced by Central Florida Foundation, our region's community foundation. We work with individuals, families, and organizations who want to make a difference through high impact philanthropy by using their head, heart and dollar.
00:10:40 Laurie Crocker
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00:10:42 Laurie Crocker
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00:10:55 Laurie Crocker
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00:10:59 Laurie Crocker
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00:11:03 Laurie Crocker
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00:11:06 Laurie Crocker
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00:11:10 Nicole Donelson
Would you? You know, you've sat in the seat of a planned gift plan, giving Officer, right?
00:11:17 Nicole Donelson
So is there, you know, what would you say when someone's thinking about incorporating?
00:11:25 Nicole Donelson
A non profit as a bequest, so as part of their estate plan to be a charitable beneficiary.
00:11:33 Nicole Donelson
In terms of how they communicate that or if they communicate that to the nonprofit.
00:11:39 David Torre
Yeah, that that is the probably one of the biggest challenges for the plan giving Officer or the representative of the charity.
00:11:48 David Torre
Is there's sort of two schools of.
00:11:50 David Torre
Do I go out and try to get new donors to put new gifts in their wills?
00:11:55 David Torre
Which the answer is yes.
00:11:56 David Torre
Or do I go out and try to approach my existing donors or the ones that I know give to us regularly and see if they've already put us in their will? And if they would be willing to tell us about that?
00:12:10 David Torre
I've seen some different numbers out there.
00:12:13 David Torre
Just survey data from different you know places over the years.
00:12:17 David Torre
I would say the vast majority of people never tell the charity ahead of time.
00:12:21 David Torre
It's, I mean I.
00:12:22 David Torre
I don't remember if there's an exact number I would put on that, but it's it's rare that.
00:12:27 David Torre
I don't want to say it's rare, but it's the minority view to come forward.
00:12:32 David Torre
One reason people do come forward is they want to say they have a restriction in their bequest, right?
00:12:40 David Torre
They can put a restriction in.
00:12:42 David Torre
It's we have donor intent, right? To worry about it, to uphold.
00:12:45 David Torre
So if I do my will and I say I give $100,000.
00:12:50 David Torre
To Central Florida Foundation.
00:12:53 David Torre
For them to use only or solely for early childhood education programs, period.
00:13:00 David Torre
So what that means is what it says.
00:13:03 David Torre
Doesn't mean high school programs.
00:13:06 David Torre
Doesn't mean college programs.
00:13:07 David Torre
It doesn't mean adult learner programs.
00:13:10 David Torre
Means early education programs.
00:13:12 David Torre
Or maybe I say for kids under 5 or whatever I might put on there.
00:13:16 David Torre
So one reason I might come forward to the charity is say, "Hey, can you guys actually do this?"
00:13:22 David Torre
You handle this amount of money.
00:13:24 David Torre
Can you handle this restriction?
00:13:26 David Torre
Because I know once I put that out there and they accept that they're bound to that restriction.
00:13:32 David Torre
And there's been cases after case over the years where people put restrictions in their bequests.
00:13:39 David Torre
They don't tell the charity head of time.
00:13:41 David Torre
They pass away.
00:13:43 David Torre
Someone calls the charity up and says, hey, Mr. Smith put you in his will and he wants you to use this money for whatever and the charity says, oh, we don't have that program anymore.
00:13:54 Laurie Crocker
Yeah.
00:13:55 David Torre
We literally cannot do what he asked us to do.
00:13:58 David Torre
Or yes, we'll take it
00:13:59 David Torre
And then they maybe use it for something close, but not quite, and you get this sort of potential for acrimony on not quite following the letter of the bequest.
00:14:11 David Torre
And so one the main reason I think is people come forward to make sure their intent can be carried out.
00:14:17 David Torre
And if, from the charity's point of view, I think you want that because if you can't do it.
00:14:23 David Torre
Or maybe you want Alternative B and C in there? We have worked on.
00:14:26
Mm.
00:14:29 David Torre
Scholarship gifts were.
00:14:31 David Torre
I wanted to go to such and such a major right, science, anatomy major or whatever.
00:14:37 David Torre
Well, you know that high school, that college, whatever they might have a very small pool of people any given year and maybe they don't have an anatomy major from Duval County in any given year, right?
00:14:48 David Torre
They can we give it to an anatomy major from Orange County or from.
00:14:53 David Torre
Wherever Georgia or whoever, however broad you want to go.
00:14:56 David Torre
So that's important as well. I think secondarily, maybe not quite to the level, but.
00:15:02 David Torre
Many charities have donor giving societies recognition societies.
00:15:07 David Torre
Many of them have specific recognition societies for plan, giving donors, and so sometimes to gain entry to that society and be recognized and appreciated for that.
00:15:18 David Torre
The cost of admission, so to speak, is coming forward to tell about bequest or some other gift that you've made.
00:15:24 Nicole Donelson
It's kind of as though you're making the gift in life, even though it's a commitment that you're going to do that and the organization will get to be the beneficiary from that.
00:15:33 David Torre
Correct. Often times clients will laying gifts is sometimes called playing.
00:15:39 David Torre
Is sometimes called the gift of the middle class.
00:15:42 David Torre
There's a lot of data out there about people that work, you know, regular middle class jobs.
00:15:47 David Torre
Work their whole career.
00:15:48 David Torre
They build up their retirement assets, pay off a home, whatever.
00:15:52 David Torre
They need those assets for the rest of their retirement.
00:15:55 David Torre
But they might have been loyal donors to a.
00:15:57 David Torre
They care about, you know, there's a case out of, I believe it's Detroit where a woman was a high school art teacher.
00:16:04 David Torre
She volunteered at the local Detroit Museum.
00:16:08 David Torre
She was a.
00:16:09 David Torre
She did educational programs, you name it. Loyal donor.
00:16:13 David Torre
Couldn't part with the money during her lifetime because she needed to.
00:16:16 David Torre
But when she passed, she was able to include the Institute the Umm Museum in her in her estate plan.
00:16:23 David Torre
And it was, you know, 100 times what her lifetime giving it been.
00:16:27 David Torre
Because if you think about it, she doesn't need the assets anymore.
00:16:29 Nicole Donelson
Absolutely.
00:16:31 David Torre
And so you see a lot of data out there.
00:16:33 David Torre
Playing giving donors are 5x, 10x, maybe more, of their lifetime giving.
00:16:39 David Torre
Because it is a could potentially be sort of that gift of a middle class to ensure their legacy.
00:16:45 Nicole Donelson
A bequest is one of the most common,
00:16:48 Nicole Donelson
Easiest way to go.
00:16:51 Nicole Donelson
What's a? What's another?
00:16:52 Nicole Donelson
You know more frequent approach to plan giving that you.
00:16:57 David Torre
I think on another vehicle or another way of giving is.
00:17:01 David Torre
That's very common.
00:17:02 David Torre
Is probably the next in line after requests is giving out of your retirement account, specifically your IRA.
00:17:08 David Torre
Most folks have working have worked their careers and built up retirement accounts. Again, going back to the example with the woman with the Museum of Detroit, she had a very healthy IRA account.
00:17:20 David Torre
Been giving and contributing to all her life, all her working life.
00:17:23 David Torre
O the IRAS are kind of the next vehicle.
00:17:27 David Torre
One major difference with the IRA versus the bequest is the IRA, generally speaking, is filling out the name of the beneficiary and the beneficiary designation form.
00:17:39 David Torre
So it's probably easier for the donor to make that gift happen because they don't have to go to the lawyer's office. They don't have to, you know, pay for.
00:17:48 David Torre
They could certainly get advice, but if they just want to say, hey, I want to put the Central Florida Foundation as a 25% recipient.
00:17:54 David Torre
My IRA, I I.
00:17:56 David Torre
A lot of times it's just logging in online, changing the name on the form, getting your tax ID number, which is important for your favorite charity hit.
00:18:07 David Torre
An you're in there.
00:18:09 David Torre
Typically, historically giving out of the IRA has been just that beneficiary designation form, which is sort of like a bequest.
00:18:17 David Torre
Kind of a non probate bequest in a certain sense.
00:18:20 Nicole Donelson
Right.
00:18:21 David Torre
Basically, when the person dies, the administrator of the IRA pulls up the account and says.
00:18:27 David Torre
Where is this IRA supposed to go?
00:18:29 David Torre
And it might be.
00:18:30 David Torre
It might be granddaughter, and it might be charity X in equal shares or 33% each.
00:18:38 David Torre
Whatever they put in there.
00:18:40 David Torre
Recently, though, over the last few years there's been what's called a qualified charitable distribution, which is an annual way to give out of the IRA, which has become also very popular for folks. And that is for folks who are taking their required minimum distribution.
00:18:58 David Torre
RMD is the key acronym there. So for folks that are older, it's that the age is has clipped up in age every year now for most folks it's 73 or it will be 73.
00:19:12 David Torre
Years old. They must take distributions when they hit that age from their IRA account.
00:19:19 David Torre
Otherwise they get penalties from the IRS. So for high income retirees that maybe don't want.
00:19:26 David Torre
Extra income don't need it, aren't you?
00:19:29 David Torre
The little release valve that is available to them is what's called a qualified charitable distribution, a QCD.
00:19:36 David Torre
So it started out as $100,000 a year and it's it ticks up for inflation every year.
00:19:41 David Torre
I believe in 2025 it's 108,000.
00:19:44 David Torre
That's for the whole calendar year.
00:19:46 David Torre
The donor can redirect their RMB up to that number.
00:19:51 David Torre
Directly to any charity of their choice.
00:19:54 David Torre
So the nice thing about that is they don't realize the income.
00:19:58 David Torre
The income is redirected, so to speak, out of the IRA because they have to take it to whatever charity they pick. They can pick one charity.
00:20:05 David Torre
Could pick 10 charities as long as the dollar amount.
00:20:09 David Torre
Cumulative dollar amount is, you know, respected.
00:20:14 David Torre
Hugely popular for high income retirees.
00:20:16 David Torre
You don't have to do the maximum, but it's a nice little release valve any given year we take a look at a client's situation, and in this year looks good.
00:20:27 David Torre
We do a gift of the the IRA.
00:20:29 David Torre
And try again next year and see how it goes.
00:20:32 Nicole Donelson
Yeah, I've seen that drastically increase in terms of an approach for people to give, especially with the standard deduction being so high and people not necessarily itemizing.
00:20:46 Nicole Donelson
And so even for small gifts and when you think about plan giving for somewhere, there's intent at you know as part of their estate plan they have a bequest in place where maybe they're going to do something to start.
00:21:01 Nicole Donelson
A more significant project.
00:21:03 Nicole Donelson
In the future, and maybe that's at death, this could even be a way to work with the organization to start seeding that that it could potentially over time reach a funding point that they could see that program actually start in life.
00:21:18 Nicole Donelson
Rather than it being something that's later on at death that they're no longer here to see, the giving while living is certainly something that it's a a great opportunity.
00:21:28 Nicole Donelson
It it you know, we see people using that to give it.
00:21:31 Nicole Donelson
Different levels.
00:21:32 Nicole Donelson
But it's a it's a great approach.
00:21:36 Nicole Donelson
And even with the IRA benefic.
00:21:38 Nicole Donelson
Piece. You know, once the Secure Act came around and the IRA as an asset to leave to family did not become.
00:21:49 Nicole Donelson
Outside of your spouse, it's not as much of AA beneficial asset, and so at times the conversation with your advisors maybe that the IRA is the best gift to consider leaving for charitable purpose.
00:22:02 Nicole Donelson
There are other assets in place that are better, better to leave to the family.
00:22:06 David Torre
That's exactly right.
00:22:07 David Torre
And all that money that's been going in the IRA their whole career.
00:22:11 David Torre
We're talking about traditional Iras. Has not has never been.
00:22:15 Nicole Donelson
Yes.
00:22:15 David Torre
And so.
00:22:16 David Torre
To your point, when that person and it's for their.
00:22:19 David Torre
So when that person is gone, the view from the IRS point of view is, well, they don't need it for retirement anymore, and all the money left in it has never been taxed. And so as it goes down to degenerations to kids or whoever non spouse, you're right.
00:22:28 Nicole Donelson
Yes.
00:22:34 David Torre
The tax is going to get assessed at that point at some way, shape or form.
00:22:38 David Torre
And so you're right. We often tell donors clients.
00:22:42 David Torre
Giving out of the IRA is probably your most efficient way to get the money to where you want it to go.
00:22:48 Nicole Donelson
So I you know, I'm thinking about the fact that there are a lot of people who may be listening to this and maybe they're not the, you know, they they don't consider themselves to have, you know, millions of dollars to leave behind.
00:23:02 Nicole Donelson
But this is a tool and a tactic and an approach to still have huge impact.
00:23:07 Nicole Donelson
So if they are working with advisors and their advisors are not asking them about this, if it's something that they want to do, what what would you maybe just kind of say is your final thoughts to?
00:23:18 Nicole Donelson
Encourage someone to bring it up to their advisor and even on the flip side, why advisors should be talking about it with their clients.
00:23:26 David Torre
I think from the advisor point of view, it's just good practice to ask every time, or at least at the initial planning stage.
00:23:37 David Torre
Do you have charitable intent?
00:23:38 David Torre
Are there some charitable goals you want to make sure you hit something to the along those lines, even if it's a no or a soft no. Now things change, right?
00:23:48 David Torre
And so there that no might or that maybe might become a yes down the line.
00:23:52 David Torre
Line and so treat that from the advisor point of view as a worthy goal, just like any other goal, right?
00:23:58 David Torre
I might want to pay for my grandkids college.
00:24:01 David Torre
I might want to buy a vacation home and I might want to endow a scholarship at my alma mater.
00:24:07 David Torre
Those are my three big future goals and as an advisor I need to be able to tell you
00:24:12 David Torre
Different pathways to hit all those goals from a donor's point of view, or clients point of view.
00:24:19 David Torre
Couple things come to mind.
00:24:20 David Torre
First off, just think of it as a blank slate.
00:24:24 David Torre
Try not to get too caught up in complexity dollar amount.
00:24:29 David Torre
I don't know what I'm doing.
00:24:31 David Torre
I'm not Bill Gates.
00:24:32 David Torre
You know all those things that flow.
00:24:34 David Torre
In in our heads, as we're thinking through this get really clear. Maybe before you meet with the advisor or make sure you mention in your conversation of what you want to do. If you have a charitable organization that you've been close to for a long time.
00:24:48 David Torre
You go to the volunteer events, you serve on the board, whatever.
00:24:52 David Torre
You know, and you just want to leave a relatively modest amount.
00:24:57 David Torre
You can do.
00:24:58 David Torre
There's a variety of ways to do that.
00:25:00 David Torre
And so don't think, oh, it's just this little amount.
00:25:03 David Torre
Going to care, right?
00:25:05 David Torre
You care and your family is going to care.
00:25:08 David Torre
So your advisor should care as well.
00:25:10 David Torre
The second thing I would say is.
00:25:13 David Torre
Planned gifts really are intertwined with legacy. I think in a really tangible way.
00:25:19 David Torre
So a lot of folks are thinking about coming out of COVID and coming out of, you know, different experiences in their life are thinking about how they want to be remembered, what was important to them, what kind of things they want to see happen in the world.
00:25:33 David Torre
According to their values and principles and all that might be wrapped up in this plan gift.
00:25:38 David Torre
So I would say don't shortchange yourself.
00:25:42 David Torre
Don't maybe add complexity where we don't need.
00:25:46 David Torre
Or at least give some leeway because it is a.
00:25:48 David Torre
Of a give and take with the charity, but certainly make sure that you're bringing up the topic.
00:25:54 David Torre
And I often would say I want to give X or I want to do something for charity Y.
00:26:01 David Torre
Hey, Mr. and missus adviser, what's the best way for me to do that?
00:26:05 David Torre
With what's on my balance sheet with the assets I have. As opposed to, oh, we'll just write them a check for $10,000.
00:26:12 David Torre
Yes, you could do that, but there might be something else.
00:26:14 Laurie Crocker
Mm.
00:26:16 David Torre
That's better. And just keep that in mind and let's see what what the advice is.
00:26:20 David Torre
This.
00:26:21 Nicole Donelson
I think that was pretty delicious bread and butter.
00:26:28 David Torre
Maybe like a, you know something poppy seeds or sesame seeds, or what's a good bread?
00:26:33 Nicole Donelson
Yeah, I I you know, I'm realizing I went straight to sandwiches because I'm imagining butter smothered between two pieces of bread.
00:26:34 David Torre
A good English bread.
00:26:44 Nicole Donelson
But you know, to be honest and and don't hold this against me.
00:26:50 Nicole Donelson
Great Britain, but most of their food's not very good.
00:26:54 David Torre
I haven't heard.
00:26:55 Nicole Donelson
That part out.
00:26:58 Nicole Donelson
The.
00:26:59 Nicole Donelson
chocolate. The chocolate's the best.
00:27:00 Nicole Donelson
So David, thank you for this excellent conversation giving just kind of some basics around planned giving and we hope that you all take away something from today's conversation.
00:27:14 David Torre
Thank you very much.
00:27:17 Mark Brewer
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00:27:20 Mark Brewer
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00:27:24 Mark Brewer
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00:27:33 Mark Brewer
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00:27:38 Mark Brewer
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00:27:48 Mark Brewer
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