Community Foundations – the new way of thinking about charity and estate planning
Bruce Carter, who will be 80 on his next birthday, is planning for the future, including what to do with his estate on his eventual passing. Bruce has no immediate family, so he has been researching various avenues to find an option to manage his legacy that he will be happy with.
Bruce was born in Stratford, Taranaki and grew up in New Plymouth. At age 22, he travelled to Sydney to commence his overseas work experience. Finding great work opportunities there, he ended up remaining in Australia for the next 50 years. Upon retirement, he returned home to New Plymouth and has since become involved with local community and sporting organisations. Despite being away for so many years, he sees the Taranaki region as home.
Bruce heard about Taranaki Foundation when meeting with his accountant, Steve Waite, to discuss estate planning. Steve, who is a Principal of BDO Taranaki, suggested Bruce contact the Taranaki Foundation as a way to safeguard his assets for the future, and to ensure he could give back to the community in a strategic and meaningful way.
Steve says, “For me, the Taranaki Foundation is a valuable partner to which I refer clients when they have charitable intentions but have uncertainty about their charitable giving options. For example, how gifts will be put to use and how best to effectively give.”
“Our clients are often daunted by the potential complexity facing them – particularly where they have some ideas or preferences on how they would like to give back to their communities. I find that Community Foundations offer excellent options to achieve their objectives effectively and efficiently. Putting it simply – they can gain confidence that their money will end up being spent where they want it to be spent.”
Bruce’s philanthropic focus had been on supporting organisations which address local needs, particularly those that help people suffering hardship. He is also keen on providing ongoing support to local sports organisations, which have been his passion.
Bruce found the practical and efficient way Taranaki Foundation manages donations appealing: investing funds for the future and awarding the income as grants. “It’s a good way to do it because I don’t have to worry about the day-to-day management of giving. I really like the idea of an endowment fund that is invested and will go on giving. For me, it is the best way to give to my chosen causes for the long-term.”
Bruce is one of many generous kiwis who are discovering the opportunities and fulfilment of estate planning through their local Community Foundation. Steve is one of hundreds of professional advisors now recommending the structure to their clients as a solution for estate planning and a simple way to achieve their philanthropic goals.
Read how Community Foundations are a new of thinking about charity, philanthropy and working with clients in this just released joint White Paper, co-written by Dentons Kensington Swan and Community Foundations of New Zealand.*
Executive Director of Community Foundations of New Zealand, Arron Perriam, says, “The charity sector is changing and generous locals are looking for easier ways to leave a personal legacy. It’s heartening to see professional advisors responding to the changing charity sector and offering new giving options for estate planning – and it is amazing to hear how fulfilling it is for generous kiwis, as well.”
“Community Foundations offer a solution that is easy, effective and fulfilling – investing gifts with your local Community Foundation is a bit like having your own charitable trust, without all the hassle.”
*‘Community Foundations – a new way of thinking about charity, philanthropy and working with clients’
White Paper| Released on 10 February| https://communityfoundations.org.nz/assets/White-Paper_CFNZ_Dentons_Feb2022.pdf