Life’s big milestones are nuanced! Some are deeply personal, such as welcoming a grandchild, retiring after a long career, or celebrating a significant birthday. Other milestones are financial: selling a business, receiving an inheritance, exercising stock options, or selling a valuable piece of real estate.
Whether personal or financial, major milestone moments bring a sense of accomplishment. They can also bring something else: an opportunity to pause and reflect ensuring that your next move is carefully planned. For many people, that’s when the questions change. At some point along the way, instead of asking themselves, “What’s my next big thing?” they shift to “What matters most?” and “What kind of impact do I want to leave?”
Many people in this situation find they have the time and flexibility to think more intentionally about the causes, organizations, and communities that have shaped their lives—especially now that they have the resources to act on their intentions. Some want to express gratitude for opportunities they’ve received. Others hope to create opportunities for future generations or honor family members. Some donors want to make sure the success they’ve enjoyed continues benefiting others for years to come.
As you think about milestones, consider taking steps early so that you are prepared to implement a philanthropy plan. Here are a few things you can do years before a significant liquidity event:
- Consider establishing a donor-advised fund at Greater Poweshiek Community Foundation (GPCF) so you can get familiar with the mechanics and the resources available. You will be able to set aside charitable dollars while taking the time to thoughtfully consider which organizations you will support in the future.
- You might also want to establish a designated fund to provide lasting support for an organization you care about. These funds can provide support during your lifetime or receive an estate gift through your will or trust.
- Consider establishing a field-of-interest fund at the GPCF as part of your charitable giving “portfolio” to address community needs. An unrestricted gift is always appreciated because it allows GPCF to respond to Poweshiek County needs and opportunities for generations to come.
Whether you’ve already experienced a significant financial event, or expect one in the future, the staff at Greater Poweshiek Community Foundation would love to meet with you. We are here to help you explore charitable options that reflect your values, support the causes you care about, and create a legacy that extends far beyond a single moment of success.
The team Greater Poweshiek Community Foundation is honored to serve as a resource and sounding board as you build your charitable plans and pursue your philanthropic objectives for making a difference in the community. This newsletter is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice. Please consult your tax or legal advisor to learn how this information might apply to your own situation.
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