We spend a lifetime making decisions about the people, places, and causes that matter to us. As we plan for the future, making sure those charitable wishes are understood can be just as important as documenting our financial and estate plans.
And that planning is increasingly important. Americans are living longer, and our population is aging. The share of Americans age 65 and older has grown from 12.4% in 2004 to roughly 18% today, with projections estimating that about one in five Americans will be 65 or older by 2030. Research also indicates that 37% of extended families of older adults in the United States include an older relative with dementia.
Against this backdrop, families are having important conversations about wills, trusts, financial accounts, health care wishes, and other plans for the future. Your charitable intentions deserve a place in those conversations, too.
No matter your age, it’s worth considering what you want your generosity to accomplish over the long term. Perhaps you’ve supported the same organizations for decades and want that support to continue. Maybe there’s a particular cause you hope your family will continue to champion. Or perhaps you want a portion of your estate to remain in Lenawee County, responding to needs and opportunities that may arise long after your lifetime.
Talking about those wishes now, and putting an appropriate plan around them, can provide valuable clarity for you, your family, and your professional advisors.
Make Your Intentions Clear
Planning ahead becomes especially important as we age. Health circumstances can change, and some people experience changes in memory or decision-making capacity. Family members may also take a greater role in helping manage a loved one’s financial affairs.
When charitable intentions haven’t been discussed or documented, questions can arise. Imagine a parent who has supported a particular organization for 30 years and wants that support to continue. Family members who understand the history behind that generosity are better equipped to honor those wishes than family members encountering them for the first time.
Making your intentions known today can help ensure the people you trust understand not only what you want to accomplish, but why it matters to you.
Share the Story Behind Your Giving
A charitable plan can provide valuable context for family members and advisors. Depending on your goals, that might mean establishing a fund at the Lenawee Community Foundation during your lifetime, documenting plans for a future charitable fund, including charitable provisions in your estate plan, or involving family members in giving while you can experience that philanthropy together.
Those conversations can be about much more than money. They offer an opportunity to share the experiences, people, and values that shaped your generosity. And when children and grandchildren are included, they have an opportunity to share what matters to them, too.
In this way, charitable planning can help pass along not only assets, but also a family’s values and love of community.
Leave Room for Life to Change
Making your wishes known doesn’t mean locking yourself into decisions that can never change. Your interests may evolve. Organizations change. New community needs emerge. Your financial circumstances may change, too.
The goal is clarity, not rigidity. By discussing your charitable intentions and establishing a plan, you create a foundation that you, your family, and your advisors can revisit as circumstances change.
The Lenawee Community Foundation can help you build flexibility into your charitable plans, including options that allow your generosity to respond to the changing needs of Lenawee County for generations to come.
Plan Ahead to Provide Peace of Mind
Financial institutions and professional advisors have important safeguards and procedures to help protect older adults when questions arise about unusual transactions, diminished capacity, financial exploitation, or undue influence.
Thoughtful planning can help reduce uncertainty before those questions ever arise. Ideally, your family and advisors won’t have to determine your charitable intentions for the first time during a difficult or stressful moment. Instead, they’ll have a clearer understanding of the wishes you’ve already shared and documented.
One of the most meaningful gifts you can give the people you trust is clarity about what matters to you.
Start the Conversation
At any stage of life, the Lenawee Community Foundation can help you explore important questions: What do you want your giving to accomplish? Which organizations or causes mean the most to you? Would you like children or grandchildren to be involved? Should your giving continue beyond your lifetime? How much flexibility would you like your plan to have as organizations and community needs change?
Our team can work alongside your attorney, CPA, and financial advisor to help translate those answers into a charitable plan that complements your broader estate and financial plans.
Planning ahead can’t answer every question the future may bring. But it can give the people you trust a clearer roadmap for carrying out your wishes and continuing the generosity that has mattered to you throughout your life.
Your charitable legacy begins with a conversation. We’d be honored to be part of it.