There are questions we all ask ourselves at some time or another. How will I be remembered? What can I do to have a lasting impact? Will the money I worked so hard to earn get used the way I intended when I’m gone?

We want to help you answer those questions and feel good about the answers. 

Private Foundation/Scholarships

One way to leave a legacy and fulfill your philanthropic goals is to establish a scholarship or private foundation. However, there are complex tax reporting requirements that can lead to mistakes and loss of value if they’re not handled properly.

1st Source, as trustee, can help reduce tax liabilities, preserve value, and alleviate the stress of managing a private foundation by navigating the requirements of maintaining tax-exempt status on our client’s behalf.

A Donor-Advised Fund

Another option is a donor-advised fund. If handled correctly it can have significant tax benefits. 1st Source is partnering with Renaissance Philanthropic Solutions Group to provide the 1st Source Bank Donor-Advised Fund program. We can help simplify the process of donating cash, stock, or other assets to the fund where it can be invested and grow tax-free. This program offers a convenient vehicle for clients to make irrevocable charitable contributions, receive an immediate tax deduction, and then recommend grants to qualified organizations whenever it fits in their schedule of giving. Additional contributions can be made to the program when needed.

 

Not FDIC Insured disclaimer