| Stay up-to-date on benefits, opportunities, and changes that may impact your clients. |
A monthly newsletter for our region's trusted financial and legal advisors, by the Community Foundation of Grand Forks, East Grand Forks & Region. | |
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Greetings from the Community Foundation!
We have exciting news! We have expanded our team, hiring Emberly Lietz as our new Development Director. Emberly will promote the Community Foundation's charitable giving opportunities and connect our fund holders to philanthropy throughout the region. To meet Emberly, email [email protected], call 701-213-4545, or stop by our office.
Every year, the Giving USA study released in June reports the status of charitable giving in America. Adjusted for inflation, 2023 numbers were down, which means it’s been more difficult for our region’s charities to meet the needs of the people they serve. This is relevant to your clients because for many of them, philanthropy is an important part of financial plans and family traditions.
In this issue, we’re sharing insights to help with your client conversations about charitable giving.
- As an advisor, you’ve certainly experienced clients’ emotions running wild! Confronting mortality, addressing complex family relationships, and discussing money all come with financial planning’s often rocky terrain. The Community Foundation can help when you encounter a charitably-minded client who is devoted to a particular stock and may be reluctant to take the tax-savvy step of giving it to charity.
- ”Doing well by doing good” is a popular notion in corporate giving programs. Many of your clients may be in positions to influence corporate giving strategies. The Community Foundation can support you as you advise clients about avoiding tax pitfalls and conflicts of interest as clients and their work colleagues create charitable giving strategies that align with business purposes.
- If it feels like the topic of the estate tax exemption sunset is heating up, you are right! More and more of your clients are becoming aware of the change in the law that is slated to occur at the end of 2025 unless legislation intervenes. Be sure you know the basics about how this change could impact your clients, including the ways charitable giving and the Community Foundation can fit into smart planning.
Of course, please reach out anytime! It’s our pleasure to work with you as you help your clients achieve their charitable giving goals for this year and many years to come.
Happy summer!
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Becca Baumbach
Executive Director
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We are thrilled that Emberly Lietz has joined our team as Development Director!
Emberly is a proud graduate of the University of North Dakota and a dedicated advocate for humanity, community, and business. She has a diverse background in volunteerism and extensive experience in member and donor relations, fundraising, and event planning.
Emberly has served as executive director of the Grafton Area Chamber of Commerce, membership director at The Chamber - Grand Forks/East Grand Forks, and director of development at CVIC. Through her new role as Development Director at the Community Foundation, Emberly remains committed to driving impactful initiatives and fostering positive change in her community.
In addition, Emberly owns and operates The Lake House Retreat in Erskine, MN, and is embracing a new phase of life as a “downtowner” in Grand Forks and an empty nester of four incredible adult children.
You can reach Emberly at [email protected] or 701-213-4545.
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Stay up-to-date on benefits, opportunities, and changes that may impact your clients. | |
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 | | Your clients who are corporate executives have likely wondered at some point about the benefits of aligning their companies with philanthropy, whether specific causes or particular organizations. |
|  | | Without legislation to prevent it, the sunsetting of current estate tax laws at the end of 2025 will dramatically reduce the federal estate tax exemption from $13.61 million per person in 2024 to approximately $7 million in 2026 (this includes adjustments for inflation). This change would affect many high net-worth individuals and families, likely exposing many more estates to federal estate taxes. |
|  | | You’re well aware that donating highly-appreciated stock to a fund at the Community Foundation offers significant advantages for your clients over making cash gifts. Communicating this benefit, however, can be challenging when clients have emotional attachments to their shares. | |
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FUND TYPE HIGHLIGHT: DESIGNATED FUND | |
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A designated fund is a way to support specific nonprofits for generations to come. Many donors recognize their annual gifts are a critical resource for the nonprofit organizations they support. Designated funds name specific nonprofits that are the beneficiaries of their grants and ensure that support in the donor’s name continues in perpetuity.
Creating a designated fund is best when you have supported select organizations for years and want that support to continue forever.
Designated endowment funds at the Community Foundation are great avenues for your client's to give from Required Minimum Distributions (RMD) from IRAs. Plus, they also qualify for the North Dakota 40% Endowment Tax Credit, significantly reducing the net cost of your client's contribution!
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COMMUNITY FOUNDATION HOURS
Our office is open Monday through Thursday from 10am to 4pm. Meetings are by appointment. We keep remote hours on Fridays from 10am to 4pm and are available by phone and email.
This newsletter as well as any referenced materials are provided for informational purposes only. They are not intended as legal, accounting, or financial planning advice.
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