As a middle-aged mother of three, I know firsthand that navigating life’s transitions is a constant journey. From children leaving for college and launching careers to caring for aging parents, experiencing loss and planning for retirement, life moves fast and often unpredictably. Many of you have likely faced similar changes, some expected, others unforeseen, while striving to plan for what the future may bring.
Amid these transitions, thinking about the legacy you want to leave behind can feel both powerful and overwhelming. But this is where having a donor-advised fund at Greater Horizons can make all the difference. Donor-advised funds are intentionally designed with your charitable legacy in mind since you are permanently setting aside assets for future giving.
Thinking ahead about the future of your charitable giving ensures that your philanthropic vision is carried out with your intentions. Here are a few ways a donor-advised fund and Greater Horizons can help.
Naming Successor Advisors to Continue Your PhilanthropyYou can name your children, grandchildren and other members of the next generation as successor advisors to your fund. This means Greater Horizons will look to these individuals for guidance regarding your fund when you’re unable to provide direction yourself. You have the flexibility to decide how the successor advisors will make granting decisions, whether by unanimous vote, majority rule or independently.
Example: A husband and wife spent many years supporting local food service organizations through their donor-advised fund. Although their children were listed as successor advisors, the husband and wife were the primary grantmakers. After the husband passed away, his wife deepened her commitment to their shared legacy and reached out to my team to explore how the entire family could be more involved in the community. In my role as a philanthropic advisor, I helped them define their giving priorities and discover causes that reflected their shared values. After our conversation, the wife decided to include the children as fund advisors with independent grantmaking authority. She also decided to rename the fund after their shared last name as a tribute to her husband’s legacy of giving.
Defining Granting Guidelines for the FutureYou can guide future fund advisors in carrying out your charitable wishes by specifying how you’d like your funds allocated beyond your lifetime. We have seen many donors require the remaining assets to be granted exclusively to specific public charities or sectors. Meanwhile, others give total flexibility to their successor advisors. By documenting your intentions in advance, you provide guidance to your loved ones during what can be emotionally challenging times. We know that life changes, and so can your charitable plans. You can always update your charitable intent with us at any time.
Example: A father contacted us while updating his trust and will because he also wanted to revise the intentions for his donor-advised fund. He felt strongly about involving his children in philanthropy now instead of waiting. Rather than having the fund continue for perpetuity, he wanted to enjoy the experience of giving back to the community with his children. Over the years, he and his children supported organizations focused on STEM and career-readiness programs for youth, so while updating the fund’s charitable intent, I helped them choose several charities in those areas to receive the remaining assets after his passing.
Engaging in Meaningful Conversations with the Next GenerationYou can ensure your legacy lives on by having important conversations with members of the next generation about philanthropic values sooner rather than later. While this may feel challenging, our philanthropic advising team specializes in facilitating discussions on values, change and charitable giving legacy planning. With professional certifications from 21/64, we lead guided conversations and interactive exercises to help uncover what matters most to each person and explore how they can work together to support the causes they care about.
Example: I recently worked with a couple who have no children of their own but have a very deep relationship with a younger couple who live next door to them. When thinking about their charitable legacy, the older couple knew they wanted their younger neighbors to continue their philanthropy after they could no longer make decisions themselves. We had a few meetings to discuss and develop an action plan around the older couple’s philanthropic vision and how the younger couple can be involved now and in the future. Although it was difficult to dive deeper into topics around legacy and the role of power of attorneys and donor-advised funds, it was a profound conversation for everyone in the room. Because of the group’s willingness to meet and discuss these essential topics, the older couple has everything in order and on file for the future that follows their charitable intentions.
With thoughtful planning, you can create a philanthropic legacy that not only reflects your values but also provides a clear and lasting roadmap for those who will carry it forward. Our team at Greater Horizons is equipped to support your philanthropy with purpose and impact throughout life’s changes. Contact us at info@greaterhorizons.org to connect with a philanthropic advisor.
Authored by: Nicole Stuke, Senior Philanthropic Advisor
