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Last Minute Year-End Tax Planning/Philanthropy


A few years ago, during the last week of December, the two owners of a successful local business received an unexpected email from their accountant. In this communique, they were informed that their company had been significantly more profitable than had been projected and would be faced with a massive tax bill if a large charitable gift was not made by year-end. The problem that owners faced at that moment was that one was vacationing with family in the Bahamas and the other in Park City, UT. Obviously, they were not in a position to have a meaningful conversation about philanthropic priorities, especially given the scale.

Recognizing this challenge, the accountant suggested that the Coastal Georgia Foundation may be a good, easy and efficient way to quickly resolve this matter. After two calls and two emails, the owners had established and funded a Donor Advised Fund at the Foundation and returned to their families on the beach/slopes. What was most surprising to them, they later shared, was not the ease with which their problems had been solved, but the level of service they now receive from Foundation staff who help maximize the impact of their philanthropy, elevating the exercise from simple check writing to true grant-making.

 


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