Leaving a Philanthropic Legacy

August 4, 2020 at 9:30 a.m. | Updated August 7, 2020 at 9:57 a.m.

Charitable planning is important to many families and can leave a lasting impact on organizations or causes that align with the family's interests and values. Often, individuals want to pass the philanthropic spirit down to future generations.

Cumberland Trust works with family trusts and foundations. Our team serves as an independent resource to clients by providing a high level of service in addressing personal needs. By working with Cumberland Trust, family members are empowered to take part in the trust or foundation management. We help to carry out the family's philanthropic legacy by providing education to beneficiaries and administrative support, while following the terms of the charitable estate plan.

We understand that a family foundation or trust can offer a tremendous opportunity to pass on important family values of stewardship and a commitment to helping others. At Cumberland Trust, we are skilled in navigating complicated family relationships to provide a voice for all interested parties, while following the guidelines set up by the original benefactor.

While on the topic of philanthropy and charitable legacy, here are some reminders about donating carefully.

How can you tell which organizations are worthy of your donations? First, you should be able to obtain proof that the charity is a 501(c)(3) by asking for its tax identification or EIN number. Second, research the cause and ask yourself, do the mission, goals, and values of the organization align with my own values? Finally, you should be aware of the organization's history of dollars raised vs. dollars contributed directly to its charitable purpose. As a rule of thumb, over 65% of donations should go directly to the mission.

A fantastic source for research is Charity Navigator (www.charitynavigator.org). This website rates 501(c)(3) charities based on financial health, accountability, and transparency. Here, you will be able to easily find answers to the above questions and you may also learn about other well-regarded organizations. Charity Navigator makes it easy: search for a specific charity or consult "best of" rating lists organized by types of causes.

CHAgives, the Giving Tuesday campaign for Chattanooga, is another great local resource. The organization's website, www.chagives.org, lists Chattanooga-based non-profits that need support.

As you give, through charitable donations or volunteering, remember to find an organization that you are proud to support.

Cumberland Trust has a dedicated trust and estate administration team to support our senior clients and their families. Our team members have the experience and compassion needed to provide extra assistance to those clients who may need it, and to support families through life's transitions. We collaborate with your accountant, estate planning attorney, and financial advisor to help guide the wealth transfer process, and to follow the plan you have put in place.

Call or email Jean Jackson for more information and/or to arrange an office visit: 423-664-9747 or jjackson@cumberlandtrust.com. Visit our website (www.cumberlandtrust.com) to learn more about Cumberland Trust's services, our teams, and general information about trust and estate administration.

photo Jean Jackson

Noteworthy:

By working with Cumberland Trust, family members are empowered to take part in the trust or foundation management.

For more information:

Call or email Jean Jackson for more information and/or to arrange an office visit: 423-664-9747 or jjackson@cumberlandtrust.com

Upcoming Events