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Professional Advisor Newsletter
August 2022
Background: Hand writing on a piece of paper - Caption: Back to basics: Reminding clients about wills, trusts and charitable bequests
Why work with the Idaho Community Foundation?

Local Oversight – Not all giving is created equal. Our staff and Board of Directors live here in Idaho and we have 30+ years of experience helping Idahoans make a difference with their charitable gifts.

Flexibility – We offer flexibility with the assets we accept and the types of charitable funds your client can establish.

Professional Asset Management – Whether endowed or non-endowed, your client’s assets will be professionally managed according to the investment policy established by ICF’s Board of Directors. Learn more about our financial stewardship.

Donor Services – Our knowledgeable staff can help your client design a giving plan that meets their charitable goals.

Tax Advantages – Your client may be eligible to receive a tax deduction and, in some cases, tax credits for their charitable contributions. They will be eligible for a tax deduction and/or tax credit in the year of the contribution and grants from the fund can be made over time.

Back to basics: Reminding clients about wills, trusts, and charitable bequests

August is national Make a Will Month, which may prompt your clients to ask you about whether their affairs are in good order. Of course, making sure a client has established an estate plan and executed corresponding legal documents is a priority for any attorney, accountant or financial advisor who practices in the field of estate planning, tax, or wealth management. Still, it’s always helpful to remind clients to keep their estate plans up to date and review their plans with you on a regular basis. 

Indeed, despite the many cautionary tales arising out of the pandemic, most Americans do not have a will. Even those clients who do have estate plans in place may not truly understand the difference between a will and a trust (and the reason they still need a will even if they have a revocable living trust). A client also may not understand that a charitable bequest can be part of an estate plan whether the client’s main estate planning vehicle is a will or whether it is a trust.

Of the $485 billion given to charity by Americans in 2021, according to Giving USA, 9.5% of that giving came from bequests – that’s $46 billion. Giving USA’s data visualization tool illustrates the ebbs and flows of bequest giving, which has long been a significant component of philanthropy.

Research reveals fascinating psychological factors behind a person’s decision to leave a bequest in the first place, which helps to understand the motivation for leaving a gift to a charitable organization in a will or trust.

See a list of Idahoans who have used ICF to create a charitable estate plan. 

Not surprisingly, altruism has long been one of those factors. Bequests to charity are not a new idea. Examples of high-profile estate gifts date back centuries. Some of your clients may be familiar with the bequests of Benjamin Franklin, who established testamentary charitable trusts dedicated to supporting Boston and Philadelphia tradesmen, and George Washington, who left bequests in his will to colleges and trade schools.

Our team at the Idaho Community Foundation welcomes the opportunity to work with your clients to establish bequests to your clients’ funds at the community foundation through a will, trust or through a beneficiary designation on a qualified retirement plan or life insurance policy. We can provide you with bequest language to ensure alignment with your client’s intentions.

Make a Will Month is also a good time to remind your clients that bequests of qualified retirement plans can be extremely tax efficient. Funds flowing directly to a client’s fund at the community foundation from a retirement plan after the client’s death will not be subject to income tax or estate tax.

We look forward to working with you to establish your clients’ philanthropic legacies!

For more information about ICF, please contact us:

Kris Kamann Rich Ballou Background: Peter Faucher standing in front of brick building
Kris Kamann
Senior Philanthropic Advisor
(208) 342-3535 x14
Rich Ballou
Philanthropic Advisor
East Idaho
(208) 342-3535 x22
Peter Faucher
Philanthropic Advisor
North Idaho
(208) 342-3535 x23
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Idaho Community Foundation
210 West State Street  •  Boise, ID 83702
Phone: 208.342.3535  |  Fax: 208.342.3577  |  Email: info@idahocf.org