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Frequently Asked Questions Concerning Professional Advisors

Charitable Bequests – How Devon Community Foundation works with you and your client

When discussing finances with clients, professional advisors can help serve everyone’s best interests by bringing up the subject of charitable gifts. There are considerable tax advantages to such gifts when made as part of an overall financial plan. The Devon Community Foundation can often provide an appropriate vehicle to consolidate and simplify charitable intent while maximising the tax advantages. Here are the most frequent questions we are asked by professional advisors about charitable giving.

If I am preparing a will for a client who has no particular charitable interests and no need for tax breaks, is there any point in mentioning Devon Community Foundation?

Yes, it is almost always appropriate to include Devon Community Foundation as the beneficiary of last resort in every will you prepare, in case of the prior death of all those your client really cares about.

If my client does wish to leave a legacy to Devon Community Foundation, is it necessary for the will to specify their exact charitable intentions?

No, the will need only specify that the gift is to be made to Devon Community Foundation. We can work directly with your client or through you, to develop a written agreement detailing the charitable intent in as much detail as necessary.

What if clients set up a fund to help a certain issue, and then change their mind?

Sometimes the client will become disaffected by a charity or want to add a new one. A simple call to Devon Community Foundation is all that is required to amend the agreement and this can be done as often as necessary.

What if my client wants to make a gift to several charitable organisations?

By establishing an endowment fund with Devon Community Foundation, your client can specify how the annual earnings are to be divided. For example, one quarter to a local hospice and the balance to disadvantaged children.

Don’t we need to specify a particular organisation?

No, one of the best reasons for using the Devon Community Foundation is its ability to give to a general cause or the community in general. This may be the best gift of all since it allows the Foundation’s experienced grant making staff to identify the most deserving projects to support.

What if my client wants to set up an endowment fund for a cause, which may change, or an organisation that may not last forever?

The agreement will allow Devon Community Foundation to exercise a variance power. For example, if a cure was found for cancer, any fund designated to that cause would be redirected so as to meet a then-current but related need. This ensures that your client’s fund will remain as relevant in fifty or one hundred years time as it is today.

My client would like to give something back to Devon Community Foundation, but doesn’t really have enough money to set up an endowment fund. Is there any point in giving to Devon Community Foundation?

There is a range of different ways to give to Devon Community Foundation, depending on an individual’s financial situation, and setting up an endowment fund is only one of these. A supporter can maximise the power of a smaller contribution by making a gift to the general endowment fund or setting up a Legacy Enhancement Plan.

Can my clients be recognised for their gift during their lifetime?

Yes. While we respect the desire of some people for anonymity, we are always pleased when our supporters allow us to mention their gift in our annual report and other publications. Many people ask us also to inform the charities they have designated to receive the earnings. Others prefer that this be kept confidential in case they decide to make changes later. We are happy to comply in either case.

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