Like Major Max C. Fleischmann and Clara Hinton Gould, you can create a legacy that strengthens Santa Barbara County for generations to come. Through the Max & Clara Legacy Society, your philanthropic story lives on.
Many people think of succession planning as something only businesses or nonprofits need. But it’s just as important when it comes to your philanthropy.
By partnering with the Santa Barbara Foundation, you can thoughtfully design a charitable legacy, whether through a donor-advised fund, a bequest, or other planned giving vehicles, that reflects your values and continues your story of giving for generations to come.
If you already hold a Donor-Advised Fund (DAF) with us, our team can help you build provisions that engage your family, leverage our expertise, or both. This ensures your DAF becomes a lasting, multi-generational legacy.
Even if your DAF is hosted elsewhere, we are here to guide you in exploring your philanthropic options and achieving your legacy goals.
Here are three considerations as you consider your “charitable succession plan”:
Leave a legacy
One of the most powerful ways to extend your impact is by leaving a portion of your estate to charity, such as establishing a donor-advised fund at the Santa Barbara Foundation and naming that fund as a beneficiary of an IRA or other retirement account. Already have a DAF with the Foundation? You can easily update your IRA or other retirement account beneficiaries to include your fund. This strategy not only delivers considerable tax advantages but also ensures your philanthropic dollars are thoughtfully distributed in alignment with your values. Remember, IRAs left to the Santa Barbara Foundation avoid the income tax that would otherwise affect your heirs, while also removing the assets from your taxable estate for estate tax purposes.
Lean on the Santa Barbara Foundation
We are honored to serve as a trusted partner for many individuals and families. Our team can work with you and your advisors to make grants from your donor-advised fund according to your values and charitable intentions after your lifetime. We can also collaborate with you and your advisors to incorporate opportunities for your children and grandchildren to serve as advisors to the fund, while providing them with resources to help them learn how to be effective philanthropists.
Capture your intentions
The Santa Barbara Foundation team is happy to work with you to document and formalize your charitable wishes. We’ll help you articulate your priorities and outline how you envision your fund making a difference across generations—whether that means supporting specific organizations, issue areas, urgent community needs, or a combination of priorities. By helping you capture your intentions in writing and then honoring those wishes, the Foundation serves as a steward to safeguard your philanthropic goals and ensure the causes you care about continue to receive support for years to come.
Succession planning for your donor-advised fund is just one way to ensure your philanthropy continues to make a difference beyond your lifetime. Another meaningful option is to consider other types of charitable funds the Foundation offers, such as Donor Designated or Field of Interest Funds. By including the Santa Barbara Foundation—or naming a charitable fund at the Foundation in your legacy plans- you will also become a member of the Max & Clara Legacy Society.
Named in honor of Major Max C. Fleischmann and Clara Hinton Gould, visionary benefactors whose planned gifts helped establish the Santa Barbara Foundation, the Society recognizes individuals and families who have included the Foundation in their estate or long-term plans.
As a member, you’ll join a community of people committed to strengthening Santa Barbara County for generations to come. Members are invited to our annual celebration luncheon, as well as other special gatherings throughout the year, where they can see the difference their legacy is making.
We can help you create a charitable legacy that truly reflects your values and continues your giving journey. Explore options like donor-advised funds, bequests, and other planned gifts with the Foundation.
We are honored to help you secure your charitable legacy and involve your loved ones in meaningful giving. Interested in talking about succession planning for your donor-advised fund? Connect with Jessica Sanchez by email: JSanchez@SBFoundation.org or phone: 805-880-9366 to learn more.
The team at the Santa Barbara 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 Santa Barbara County. This article 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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