I’m Marilyn Meyers Buckey, former financial executive and advisor of the Robert A. and Jean C. Meyers Family Fund at Akron Community Foundation.
Throughout my parents’ lives, they instilled in me values of legacy and giving back: values your family probably shares.
Perhaps your private foundation’s assets are not what they used to be, or the legal and financial expenses are becoming too much to handle alone.
I am an Akron Community Foundation client of 14 years, and I can assure you that they can save you money and relieve you of those burdens while you continue to support the organizations you love.
With a minimum transfer of $5,000, the community foundation can help you convert your private foundation to a permanent charitable fund in your family’s name. You can add to the fund at any time and enjoy up to a 20 percent tax advantage over gifts to your private foundation.
Through my family’s donor-advised fund at the community foundation, we have the freedom to recommend grants to our favorite causes and charities locally and across the country, however and whenever we wish. And unlike with a private foundation, we are not required to pay out 5 percent in grants every year, so we can make a few small grants one year and save up for a high-impact grant the next year.
Fund advisory rights can be passed down from generation to generation, so your grandchildren, their grandchildren, and even their great-grandchildren’s grandchildren can choose worthwhile causes to support in your family’s name. The community foundation staff can engage them in discussions about philanthropy and provide them with grantmaking options that fit with your funding priorities.
Perhaps your family isn’t as involved as it used to be with your foundation, or maybe you prefer the advisory rights to end with your living heirs. Akron Community Foundation's board will ensure your charitable wishes continue on forever by making grants from your fund to the causes, charities or initiatives you loved during your lifetime.
How do you want to leave your family’s permanent legacy?