One of the many effects of the pandemic has been the sharp increase in the number of people creating wills and estate plans. “We are seeing that here and with more of a sense of urgency in some cases,” says Key West attorney Samuel Kaufman.
Creating an estate plan is an act of love, says Sam, because “putting everything in place makes it a seamless process for loved ones when the times comes.” Creating a will isn’t as expensive or as time consuming as people think. “There’s no reason to reinvent the wheel when there are tools and resources already in place,” says Sam.
One of those resources is CFFK, which can help donors and professional advisors with charitable planning, making legacy gifts, setting up personalized funds, and more. “The Community Foundation is a great resource for individuals who want to be assured that their money is safely accounted for and distributed according to their wishes,” says Sam.
Many people put off doing estate plans because they want to avoid their own mortality. Having a plan in place, according to Sam, allows families to avoid dealing with probate and organizing an estate during the grieving process, and allows a donor’s specific wishes to be followed.
“Put the plan in place before it’s too late, due to illness or other circumstances,” says Sam. “Most people think about taking care of their family first, and then what portion they want to leave for charitable purposes to support the community.”
CFFK can help professional advisors maximize their clients’ giving while also benefiting the Keys community for the future. Contact CFFK for assistance at firstname.lastname@example.org or 305-292-1502.
Over the last 15 years, Sam Kaufman has represented hundreds of clients in areas of Estate Planning, Probate Administration, Wills and Trusts, Family Law, Personal Injury, Criminal Defense, Civil Litigation, and other legal matters. He is also a Key West City Commissioner.
Now is a great time to make charitable giving plans for 2021. Nonprofits will be relying on generous donors for the foreseeable future to stay afloat and serve the people who need their programs and services.
For those donor clients that philanthropy is a priority, here’s a few tips to help make 2021 a better year for our Keys community.
As always, we would be pleased to help professional advisors and your clients. For example, donor-advised funds and other planning vehicles through the community foundation can help your clients organize their giving and maximize results for the causes they care about.
Gifts in kind have played an important role in pandemic relief efforts, with more than $200 million worth of goods already contributed. Giving inventory, contributing the use of fixed assets, and donating pharmaceuticals are just a few examples of ways clients may be supporting causes they love.
For businesses, individuals, and nonprofits looking at the reporting requirements and taxation of in-kind gifts, new standards are taking effect this year issued by the Financial Accounting Standards Board (FASB).
Nothing has changed about the proper way to value and recognize gifts in kind. Reporting entities, however, are now required to disclose more details about valuation and use of the donated goods and present these details more prominently, including as a separate line item in the statement of activities.
The change is part of a continuing effort to achieve more transparency in charitable giving and maintain integrity in tax-deductible transactions.
The COVID-19 pandemic has significantly impacted Keys nonprofits, including programs, services, supplies, staffs, and budgets. This means nonprofits need philanthropic support now more than ever.
At the same time, some donor segments have been steadily losing confidence in the nonprofit sector, according to the Give.org Donor Trust Report 2020: Trust and Giving During the COVID-19 Outbreak.
As a trusted advisor to clients and families across generations, you can help clients understand the impact of nonprofits, how to measure the success of their charitable gifts, and how to select nonprofit organizations who are delivering the greatest return on investment to the people they serve.
Our team at CFFK is deeply familiar with the needs of the community and the nonprofits who are fulfilling them. We hope you won’t hesitate to reach out for support as you help your clients navigate ways to address our community’s challenges.