Learning to give back: Local professionals gain knowledge on the ‘why’ behind philanthropy

May 13, 2019

This paid piece is sponsored by Eide Bailly LLP.

If someone asked you what kind of legacy you wanted to leave — to your family, to society, to the world at large, what would you say?

It’s a tough question, but a worthy one, and it’s what set the stage for the beginning of a yearlong journey of thoughtful discussion, exploration and discovery by a small group of local community leaders intent on expanding their knowledge of charitable planning.

Stacy Erdmann of Eide Bailly, along with Jennifer Bunkers of Boyce Law Firm and Mary Kolsrud of the Sioux Falls Area Community Foundation, recently completed the Chartered Advisor in Philanthropy (CAP®) course, a specialized training offered through the American College of Financial Services.

The graduate-level coursework is designed to provide participants with the knowledge and tools they need to help clients articulate and advance their highest aspirations for self, family and society. Upon completion, CAP® holders become members of a growing network of top planners who are working to make our towns and cities better places to live for generations to come.

In addition to covering the variety of tools and tax advantages of charitable giving, Bunkers, Erdmann and Kolsrud each said the course also challenged them to develop a new perspective and deeper understanding of what it means to plan for legacy through philanthropy.

Discovering motivations and passions

You don’t need to be a millionaire to plan for your legacy. What you do need is a planned giving strategy. Or, in other words, a road map to help you realize what’s really important to you beyond your financial wealth.

The process of creating that road map is a chance to express your values, as well as your hopes and dreams for the future, in a way that will live on forever.

That’s why, Erdmann said, planned giving is about so much more than just transferring one’s wealth.

“While technical expertise is critical for me in my role, it’s equally important for me to be able to understand the aspirations and values behind philanthropy,” Erdmann said. “To realize the greater motivations and passion of my clients has been instrumental in providing them guidance.”

Bunkers agreed.

“I now center my conversations around values, how much is enough to leave subsequent generations, and bringing to light the most important aspect — that your estate plan is truly the last lesson and message you will leave your children and grandchildren,” Bunkers said. “It mirrors the question we started the course with: What kind of legacy do we want to leave — to our families, to our society, to the world at large?”

The Sioux Falls Area Community Foundation works with financial advisers and individuals throughout the philanthropic planning process, connecting passionate donors with important causes throughout our area.

“Here, we often say philanthropy is a team effort,” Kolsrud said. “It’s about working jointly with advisers on the technical aspects of giving while also helping donors explore and discover the legacies they will leave their families and the communities they call home.”

Philanthropic giving can be a fulfilling part of anyone’s wealth plan, and it’s important that it meshes well with the other goals you have for your life.

Working with professionals who have access to all the resources you’ll need for a comprehensive plan — tax advisers, financial advisers, business valuation professionals — is the key to ensuring all your desires are met. Contact Eide Bailly to learn how we can help you fulfill your objectives the way you want.

Learning to give back: Local professionals gain knowledge on the ‘why’ behind philanthropy

You don’t need to be a millionaire to plan for your legacy. What you do need is a planned giving strategy. These local experts can help you get there.

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