Turn Financial Milestones into Meaningful Change
Whether you're planning for a business transition, retirement or another major life event, thoughtful philanthropy can help translate success into community.
By Aurea Gerard, Director of Philanthropic Advising
Life’s biggest milestones often invite us to pause and reflect.
Some moments are deeply personal, like welcoming a new grandchild, celebrating a major birthday or retiring after a fulfilling career. Others are financial, such as selling a business, receiving an inheritance, exercising stock options or selling property that has appreciated significantly over time.
Whatever form they take, milestones can bring a sense of accomplishment, but they can also create space for an important question: What comes next?
For many, that question becomes less about achieving the next goal and more about creating lasting impact. After reaching a significant financial milestone, many people begin thinking about how they can strengthen their communities.
People are finding meaningful ways to align their values with their philanthropy. Whether it be by supporting organizations that have invested in their success or finding ways to expand their charitable giving, people are looking for ways to benefit their communities long into the future.
The good news is that meaningful philanthropy does not have to begin after a major financial event occurs. Planning ahead can provide flexibility, clarity and greater opportunities for impact.
If you anticipate a significant financial milestone in the future, consider these approaches:
Start building your charitable giving vision early
Establishing a donor advised fund or a DAF can be a valuable first step. It allows you to set aside charitable giving dollars while taking time to reflect on the issues, organizations and community priorities that matter most to you. A DAF can also help you develop a thoughtful long-term giving strategy rather than making decisions under the pressure of a major transaction.
Create lasting support for the causes you care about
If there are organizations that have made a difference in your life or community, a designated fund is a great option to provide them with ongoing support for their work. These funds can be structured to make an impact during your lifetime and can also be included as part of your estate planning.
Invest in the future
Donors looking to support broader community priorities should consider field-of-interest funds or unrestricted funds. These options help address emerging opportunities and challenges, while allowing resources to flow where they are needed most, today and for generations to come.
Plan ahead when dealing with major assets
If you own a closely held business or other appreciated assets, consider setting up a charitable giving plan. Conversations with trusted financial, legal and tax advisors, along with your philanthropic advisor, can help you explore options that align with both your financial goals and your community impact goals in mind. This can provide important advantages before a sale or transition.
If a significant financial event has already happened, it is not too late. Many people begin their philanthropic journey after a business sale, inheritance or other milestone and discover meaningful ways to put their values into action.
Partner with Us
Whether you are preparing for a future milestone or reflecting on one you have already experienced, the Foundation can help you explore charitable giving strategies that reflect what matters to you most. Contact a gift planner today, so we can help you turn your moments of success into a legacy of impact.
About the Author
As Director of Philanthropic Advising, Aurea Gerard is responsible for leading the Foundation's dynamic team of philanthropic advisors. In her role, Aurea partners with donors to help them reach their philanthropic goals and deepen their engagement with the Foundation.
Aurea joined the Saint Paul & Minnesota Foundation in 2012 and brought with her a wealth of experience in the nonprofit sector. Aurea studied at the University of Saint Thomas and holds an associate's degree and a bachelor's degree in business administration and metaphysical science. She also holds a master’s degree in metaphysical science.
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