When Sally and Karen traveled as a family to Guatemala two years ago, they were surprised at how quickly their sons, Sam and Joey – both 10 years old, noticed and were saddened by the human struggles and injustices that many people in that region were experiencing. It was this experience that made the couple consider how they could involve their kids in their philanthropy – not decades down the road, but right away.
Advisor spotlight: Stuart Bear
Stuart C. Bear, attorney, is a partner, shareholder and president of Chestnut Cambronne. He specializes in wills, trusts, disability planning, powers of attorney, living wills, asset protection, and Medical Assistance planning. Bear also teaches about wills and estates at the University of St. Thomas School of Law.
A native of Superior, Wisconsin, Bear received his B.A. from the University of Minnesota, Phi Beta Kappa, and his J.D. from William Mitchell College of Law. Bear is a distinguished fellow of the American College of Trust and Estate Counsel. He has also been designated a Super Lawyer, as well as one of the Top 40 Estate Planning Lawyers in Minnesota, by Super Lawyers magazine.
We recently sat down with Stuart and asked him some questions about end-of-year giving and working with the Foundations to identify and achieve his clients’ charitable goals.
Why do you refer your clients to the Saint Paul & Minnesota Foundations?
Many of my clients use a mutual fund company for their charitable giving, which means they have to manage those funds themselves. I encourage my clients to work with the Saint Paul & Minnesota Foundations because of their professional management and oversight of assets, and their knowledge of the community. The Foundations’ gift planners and philanthropic advisors can really tap into my clients’ charitable passion, leaving them feeling excited and empowered about fulfilling their charitable goals and objectives.
What are some trends you’re seeing when it comes to gift planning?
More and more people are giving their children a seat at the table when it comes to their charitable giving. The Foundations really lean into this trend – gift planners convene family meetings, allowing donors’ kids to understand the goals of their parents and how to approach continued giving when their parents have passed. The Foundations are really laying the groundwork for this type of generational giving, allowing it to be part of the fabric of a family.
What are some tips for end-of-year giving?
From a financial perspective, fourth quarter is a great time to make charitable contributions or gifts. When doing this, be sure to consult with your lawyer or tax advisor to fully understand the recent changes in tax law.
It’s also a great time to start researching where and how you’d like to give – the sooner, the better. If you start the process now, you can give more thoughtful, substantive gifts to the causes and organizations you care about.
Why is charitable giving so important?
To quote Hamilton – “Who lives, who dies, who tells your story?” That’s really what charitable giving is about. Long after we’re gone, what remains is your legacy, which can live on through all the ways you’ve invested for good.