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Legislative and economic changes have had far-reaching effects on charitable planning. How will those changes affect your work? Do you struggle with how and when to approach the topic of charitable giving with your clients? Or wonder if there is a charitable planning tool that you could be using more?
The Hartford Foundation recently sat down with John Wohler of J.H. Cohn LLP, current chair of the Foundation's Professional Advisory Committee, to get his perspective on these questions and more.
Joining the conversation were the three previous committee chairs, John Ivimey, Linda McDowell, and Michael Tedone. Below is part of their conversation. For the rest of the interview, visit www.hfpg.org/givingadvice.
How do you think your work with your clients will change in the future, especially in light of legislative and/or economic changes?
JW: While we still have the responsibility of figuring out what our clients' goals are - as we always have - that process is now layered with frequent uncertainty at the legal level. There is also more uncertainty about whether assets will be enough to last during retirement. The benefit is that it gives us the opportunity to check in with clients more often. What used to be an annual check-in might now be a phone call every three months.
MT: Our clients are more informed - they have access to more information and have better knowledge about the topics we discuss. With changes in the capital gains tax, it's going to highlight lifetime charitable giving and make it more attractive, and I think it will motivate people to give today rather than merely through their estates.
How, and when, do you raise the topic of charitable giving with your clients?
LM: It depends on who I'm meeting with - how old they are, what their personal needs and goals are. If they are older and have older children, they tend to be more receptive to the idea of charitable giving, which is also true if they have a relationship with a particular organization. Sometimes, younger couples with younger children are suddenly wealthy, and they don't want their children to "have everything." So we work charitable giving into the trusts that we set up for the children so that a certain percentage goes to charity. Often, it's set up so the children can choose the charity, which helps teach the children about philanthropy.
JI: I raise the question every time I meet with a client, whether in terms of a bequest or other purposes. I don't stress it with new clients, but I will raise the subject. As I get to know the clients better, I bring it up more, depending on their goals.
What do you think is the most under-utilized charitable planning tool?
JW: Charitable Remainder Trusts and Charitable Lead Trusts. If a person doesn't have a professional advisor who understands and makes those things available, I don't think mainstream America really knows they're out there. The Hartford Foundation makes it easy to participate in those kinds of opportunities, even with a relatively small amount of money.
JI: Organizations like the Hartford Foundation - reaching out to those organizations to get their ideas and perspectives on charitable planning. |
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More Online
More of our interview and answers to the following questions are online.
> What is the most unusual asset you have ever handled in an estate?
> What is the best piece of advice you have ever received?
> How does your relationship with the Hartford Foundation help you?
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J.H. Cohn LLP
 John Ivimey
Reid & Riege, P.C.
 Linda McDowell
Robinson & Cole LLP
 Michael Tedone
Filomeno & Company, P.C. |
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Honoring a Special Friend |
 "The professional advisory committee has been a great asset to the Hartford Foundation and has contributed to the Foundation's success. I am honored to have had a part in its creation."
After a nearly 40-year career as an attorney at Robinson & Cole, John Donahue decided he was not quite ready to retire - and thus began his career as a volunteer for the Hartford Foundation.
Over the next 11 years, John helped the Foundation's philanthropic services department with several key projects, including co-founding the first professional advisory committee.
Now, as he "retires" yet again, we honor him for his many years of service to the Foundation, with the creation of the John and Barbara Donahue Fund at the Hartford Foundation.
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The Hartford Foundation Professional Advisory Committee
Established in 1993, the 25-member Professional Advisory Committee provides assistance to the Hartford Foundation on philanthropic strategies, communications efforts, and giving trends. The committee also advises on ways to engage individuals and families in the charitable community. Serving on the committee are professionals with deep and varied experience, including estate planning attorneys, CPAs, tax specialists, personal financial planners and real estate professionals.
 Standing - Left to Right: Lisa Gilmore, John Wohler, Kelley Galica Peck, Alan Nathan, Nancy Fellinger, Jeffrey Winnick, Heather Rhoades, Gary Wolff, Kevin Leahy, Danielle Ferruci, Douglas Kerr, Christopher Drew.
Seated - Left to Right: Maureen Cosgrove, Edward Sullivan, Eileen Foley Allgrove, Morris Banks, Nicole Herbst, Jeanmarie Shea, Michele Loughlin.
Not pictured: James Fanelli, Linda Knierim, Robert Levine, Natale Messina, William Rabbitt, Barbara Randolph
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Resources from the Hartford Foundation |
Your first and best resource at the Hartford Foundation is our professional staff. Donna Roseman David, and the Foundation's entire philanthropic services team, is always available to consult with you, your staff and/or your clients for information, ideas and technical assistance to help you craft personalized philanthropic solutions for your clients.
Many resources and helpful tools can also be found on our website:
- Starting the Conversation - Read suggestions about how you can raise the issue of charitable giving with your clients.
- Solutions for your Clients - Review scenarios that detail ways in which the Hartford Foundation works with advisors to develop a plan for a client.
- Information for your Clients - From this section, you can print information sheets for your clients about topics including what assets to give and types of funds.
- Past Issues of Giving Advice - Did you miss an issue? Learn more about important topics like gifts of a remainder interest, charitable lead trusts, donor-advised funds and more.
- Videos - View interviews with nationally recognized experts in the planned giving field about topics such as the most underutilized charitable planning technique, charitable remainder trusts and lead trusts, and non-cash assets, among others.
- Planned Giving Design Center - An interactive repository of the latest news stories, feature articles, technical reports, case studies, calculators, rates and tables, sample forms, and discussion forums, all geared for professional advisors.
- Form Library - This section includes gift forms and transfer instructions that you can adapt for use with your clients.
- Frequently Asked Questions - This section contains answers to many of the common questions that professional advisors ask.
- Helpful Links - This section provides a list of useful websites.
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 10 Columbus Boulevard, 8th Floor · Hartford, CT 06106
860-548-1888 · www.hfpg.org Giving Advice is published periodically by Hartford Foundation for Public Giving, the community foundation for the 29-town Greater Hartford region. Hartford Foundation is devoted to building successful partnerships with professional advisers, donors and nonprofits to enhance the quality of life for people in the community. To access the Planned Giving Design Center, a free, comprehensive, online resource for professional advisors, visit www.hfpg.org/pgdc. |
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