How does “posthumous reproduction” affect inheritance?
Who’s invited to the discussion when a “blended family” talks estate planning?
And is a “woke” Millennial or a churchgoing Boomer more likely to be interested in charitable giving?
These were just a few of the intriguing topics tackled when the Community Foundation of Broward’s Professional Advisors Council recently explored the changing characteristics of the modern American family.
The Professional Advisors Council is an elite group of attorneys, accountants and financial advisors who have referred clients who create charitable Funds at the Community Foundation. Opportunities to hear from estate planning experts is one of the benefits for professional advisors who collaborate with the Community Foundation. Our council now meets via video conference to help everyone stay safe during the pandemic.
During our latest virtual Professional Advisors Council meeting, R. Hugh Magill, Esq., Vice Chairman of Northern Trust Company, provided a thought-provoking presentation about the changing dynamics of America’s “modern family” and how that affects wealth management strategies and goals.
Increased life expectancies. More diverse family structures created by divorce, second marriages, single people having children, etc. Younger generations saddled with student debt taking longer to build their wealth. Magill explored how changes like these affect estate planning, trust design and other wealth management considerations for the modern family.
For example, traditional estate planning paradigms are shifting, Magill said. What had mostly been a tax-based decision for past generations is increasingly becoming goal based. As more marriages involve multi-generation spouses who bring children to the new family, wealth transfer may require a more complex plan to decide who gets what and when. And today’s clients are often more open to family discussions about wealth management decisions, he said.
“I believe that equipping and guiding families in these discussions is an increasingly important, and I think even a vital part of our responsibility in the estate planning process,” Magill said.
The Community Foundation can be a go-to resource for professional advisors with clients who want to include charitable giving in their estate plans. But what's the best way to start a conversation with a client about charitable giving? Magill suggested asking what causes are most important to the client. “Begin with what is on an individual’s heart,” he said.
It was an honor to have the opportunity to learn from Hugh’s expertise and insights, said Jennifer O’Flannery Anderson, Ph.D., the Community Foundation’s new President/CEO.
During the virtual gathering, Jennifer also thanked the Professional Advisors Council for being an “integral” part of philanthropy’s bold impact in Broward. She shared that more than 80 percent of the Foundation’s Community Builders – philanthropists who establish a charitable Fund of $1 million or more – were referred to the Foundation by advisors.
“You have had and are having an incredibly significant impact on our community and this organization,” Jennifer told the Professional Advisors Council. “Thank you very much for being a part of the Community Foundation.”
Click here to see a video of the recent Professional Advisors Council meeting and the presentation by R. Hugh Magill.
To learn more about the Professional Advisors Council and the benefits of collaborating with the Community Foundation of Broward, contact Senior Director of Philanthropic Services Mark Kotler at firstname.lastname@example.org or 954-761-9503.