Your Philanthropic Partner Through Life

As we journey through life, meet new people, take on new challenges and explore new interest areas, our lives adjust— and often our ideas about giving back change. Grand Rapids Community Foundation is here as your philanthropic partner through every step of life’s journey. Whatever your current life stage, we’re here to help you consider your short and long-term philanthropic strategies. With all of life's stages can come greater complexity in your charitable giving options, including gifts of stock, closely held business assets and gifts of property. Consider these tips for how you can adjust your giving strategies when you approach different life moments:

Tip: Talk with your professional advisors to see what’s most beneficial and aligned with your goals.

New Job

Starting a new job includes a lot of paperwork. One of the first things you may have the opportunity to do is set up a new retirement account (after you’ve found the bathroom). You will be asked to name beneficiaries of an HSA, 401k, 403b or other retirement account. Many people choose to name a nonprofit organization as full, partial or contingent beneficiary.

DID YOU KNOW? Your employer may offer an option for you to support your favorite nonprofits through a recurring payroll deduction. And many employers have programs to match employee giving and double your impact.

Growing Your Career

Mid-career professionals’ calendars often fill with work, community, family and other obligations. Make giving back easier with options like a Donor Advised fund. The Community Foundation or other Donor Advised fund providers will take care of the administrative and investment details while you focus on advising how grants should be made. You can establish a DAF at the Community Foundation or name us or other nonprofits as the ultimate beneficiary of Donor Advised fund assets managed by another provider.

DID YOU KNOW? The Community Foundation continuously partners with professional advisors to ensure donors’ wishes are executed for the donors’ benefit and the community good.

RETIREMENT & EMPTY NESTERS

Life’s golden years perks include waking up when you want to and pursuing hobbies on a Monday morning. It's also a time to consider what will happen to your worldly goods after you are gone. If you haven’t yet established your estate plan, don’t wait. Your loved ones will thank you. As your budget changes, charitable gift annuities or charitable remainder trusts could be an option to consider if you’re interested in giving but also desire an income.

DID YOU KNOW? There are gifts that pay income. In 2022, tax laws changed to allow a one-time direct transfer from an eligible retirement account to a charitable gift annuity or other life income plan up to $53,000 if over the age of 70½.

MARRIAGE & ANNIVERSARIES

When you bring two lives together, you’re not only combining kitchen gadgets. Have a proactive conversation with your advisors about your and your partner’s individual and shared charitable goals. Often, you will also update your estate documents or beneficiary forms when combining or separating households. Consider listing the Community Foundation when you make these updates.

DID YOU KNOW? IRA assets passed along to loved ones may carry tax implications. However, a qualified charitable distribution from your IRA during your lifetime will lessen the estate tax burden for your beneficiaries while also providing you current income tax benefits.

Raising Children

Philanthropy can involve the whole family. It's never too early to talk with children about how giving time, talent and treasure can impact their community. Discuss as a family what issues are important to you. Consider volunteering or making annual contributions to your favorite nonprofit or one large gift to fulfill a need in your neighborhood/ community. Many people first create a will or trust when they start a family, to ensure their children are cared for. Don’t wait to set up your estate plan, regardless of asset amount.

DID YOU KNOW? 68% of Americans do not have a valid will!

Inheritance

“When I win the lottery, I will...” More likely than a lucky number, perhaps a loved one left you an unexpected inheritance or you are planning to sell a business or home for a profit. This might be the time to build a strategic philanthropic philosophy, if you have not already. There are benefits to talking with the Community Foundation and your advisors about the benefits of donating before you sell. Consider the depth of your investment, your favorite cause(s) and your timeframe for using your resources to make the world a better place.

DID YOU KNOW? Over the next 20 years, studies show $90 trillion in assets will be transferred between U.S. generations, primarily to heirs—further widening the wealth gap built from systemic injustices. Your Community Foundation investments in unrestricted funds support opportunities to create generational wealth within excluded communities and advance racial, social and economic justice. You may also choose to direct your gift for the purpose most meaningful to you.