Timely Topics for Advisors and Clients

Amy Jordan |

As we talked with attorneys, accountants, and financial advisors during the 2023 year-end flurry of activity, a few topics stood out as especially relevant to advisors who regularly help their clients with charitable giving plans and work with the community foundation to do so. 

Charitable giving is personal.

Many advisors took note of the news that Charlie Munger (Berkshire Hathaway) not only had strong personal or family ties to organizations he supported, but also in many cases was involved in how the dollars would be used. Similarly, the Hudson Community Foundation (HCF) frequently works with individuals, families, and their advisors to structure both the tax aspects of a charitable gift and provide helpful guidance about how that gift could be deployed to achieve the greatest impact while carrying out the client’s intentions.  

Starting a new charity is not the only option.

Attorneys, accountants, and financial advisors continue to tell our team that clients frequently ask about how to start their own charities. We are happy when you loop us in! In some cases, starting a new charity indeed makes sense for a client. In many instances, though, the client is most interested in achieving a particular result and simply needs help figuring out how to do that. The team at HCF can work with you and a client to identify organizations and programs in the community that are already making progress in the client’s area of interest. By connecting the dots and helping educate your clients about what’s already out there, we can help set and meet your clients’ expectations for their involvement and desired results. 

Proposed regulations are on the radar.

Proposed regulations issued by the IRS are not binding, and often they are revised–or even shelved or canceled entirely–before they go into effect. HCF is always keeping an eye out for these and other forms of IRS rulemaking that could potentially affect your work with your charitable clients.  A recent example of this type of IRS activity is a set of proposed regulations concerning donor-advised funds, issued in November 2023. The public comment period ends in mid-January 2024, and then the IRS will take time to review the comments, so we won’t know anything definitive for quite some time.

We look forward to talking with you about the type of fund that is best for each of your charitable clients! Plus, for your clients who’ve reached the age of 70 ½, HCF is a Qualified Charitable Distribution with types of funds to receive from a client’s IRA, offering the client useful tax advantages. 

Reach out to Hudson Community Foundation for assistance or to discover ideas on anything related to charitable giving.  We are here to help you serve your philanthropic clients and support the success and longevity of your client relationships.

We welcome conversations to help donors give to their favorite causes. Hudson Community Foundation enables simple, smart, and meaningful family philanthropy.  Although HCF is a public charity, it does not promote one charitable cause.  Rather, HCF is committed to expanding the capacity of family philanthropy - no matter where you live.

 Read more about Donors Guide to Donor Advised Funds.

With a fund at Hudson Community Foundation (HCF), advisors can manage the charitable assets on their preferred platform at any amountAssets stay under your management. You can provide your clients with the consistent investment advice they expect. We are your partner in charitable giving!

The team at HCF is a resource as you serve your philanthropic clients. We understand the charitable side and are happy to serve as a secondary source as you manage the primary relationship with your clients. This blog is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice.