August is National Make a Will Month, and the publicity surrounding this designation may prompt you to question if your affairs are in good order. Of course, making sure you have established an estate plan and executed corresponding legal documents is a priority for any attorney, accountant, or financial advisor who practices in the field of estate planning, tax, or wealth management. Still, it’s always ultimately your responsibility to keep your estate plans up to date and review them on a regular basis.

Indeed, despite the many cautionary tales arising out of the Covid-19 pandemic, most Americans do not have a will. Even those of us who do have estate plans in place may not truly understand the difference between a will and trust (and the reason we still need a will even if we have a revocable living trust). We may not understand that a charitable bequest can be part of our estate plan whether the planning vehicle is a will or whether it is a trust.

Of the $485 billion given to charity by Americans in 2021, according to Giving USA, 9.5% of that giving came from bequests–that’s $46 billion. Giving USA’s data visualization tool illustrates the ebbs and flows of bequest giving, which has long been a significant component of philanthropy.

Research reveals fascinating psychological factors behind a person’s decision to leave a bequest in the first place, which helps to understand the motivation for leaving a gift to a charitable organization in a will or trust. Not surprisingly, altruism has long been one of those factors. Bequests to charity are not a new idea. Examples of high-profile estate gifts date back centuries. You may be familiar with the bequests of Benjamin Franklin, who established testamentary charitable trusts dedicated to supporting Boston and Philadelphia tradespeople, and George Washington, who left bequests in his will to colleges and trade schools.

Our team welcomes the opportunity to work with you and your professional advisors to establish bequests to existing funds or by creating a shell agreement at the community foundation. Gifts can come to the community foundation through a will or trust or a beneficiary designation on a qualified retirement plan or life insurance policy. Make a Will Month is also a good time to remember that bequests of qualified retirement plans can be extremely tax-efficient. By naming EWVCF as the beneficiary of your traditional IRA or other tax-deferred retirement accounts, whatever is distributed directly to a fund at the community foundation from such a retirement plan will not be subject to income tax or estate tax.

The Eastern West Virginia Community Foundation is partnering with area nonprofit organizations to help grow their endowed funds at the Community Foundation. Participating charities are soliciting donations to add to twenty-two endowments that support their programs. The goal is for each organization to raise $2,000 which will be matched dollar-for-dollar by the Community Foundation.

According to EWVCF Executive Director Michael Whalton, the funds were established either by the nonprofit or by a donor who was passionate about their mission. “We are thrilled to be able to offer this opportunity for local charities to grow their Funds here at the Community Foundation,” Whalton said.

The following organizations will build their endowments during the Matching Funds Challenge:

JUMP (Junior Mentoring Program)

Berkeley County Meals on Wheels

Habitat for Humanity of the Eastern Panhandle

Berkeley Senior Services

Hospice of the Panhandle

Good Samaritan Free Healthcare

CCAP/Loaves and Fishes

Panhandle Home Health

Senior Life Services of Morgan County

Potomac Valley Audubon Society

Land Trust of the Eastern Panhandle

The River House

Jefferson County Historic Landmarks Commission

United Way of the Eastern Panhandle

Morgan County Starting Points

Town of Wardensville

Eastern Panhandle Young Life

Boys & Girls Club of the Eastern Panhandle

Martinsburg Union Rescue Mission

Eastern WVCTC Foundation

Rotary Club of Romney

The ultimate goal is to grow the funds so that the annual distributions will provide meaningful support to each organization.  As Dianne Waldron of Berkeley County Meals on Wheels puts it, “[Enhancing] our existing endowment demonstrates the value we place on our future.” Meals on Wheels has been serving the area for 51 years and is currently distributing 1,000 meals per week to homebound seniors and disabled individuals. Waldron knows that the contributions to their endowment will ensure that their lifesaving services will continue for years to come.

Panhandle Home Health Care has already begun reaching out to donors, one of whom contributed her birthday fundraiser proceeds. Executive Director Lisa Bivens emphasized that growing their endowment fund will ensure the long-term success of their programs. “Being able to provide home health care to our patients, regardless of their ability to pay, allows our agency to be responsive to the healthcare needs of our community,” she said. Audrey Morris of Morgan County Starting Points is excited to build the Starting Points legacy with contributions to the Glenna Merica Grove Fund. Starting Points is well on its way to meeting the $2,000 goal thanks to a blessing from a former VISTA volunteer.

Building endowments can greatly ease the day-to-day financial burdens of these nonprofits serving so many in our area. Robin Kees of Habitat for Humanity of the Eastern Panhandle was excited by the prospect of being able to easily pay utilities for the year. While only the first $2,000 will be matched by the Foundation during this challenge, donors are certainly encouraged to contribute above and beyond that amount to their favorite nonprofit. “We hope to encourage donors to contribute today, as well as to make a planned gift to the endowed fund of their favorite nonprofit so every charitable organization in the Eastern Panhandle will eventually have a substantial endowment at the Community Foundation,” Whalton said.

To learn more about the Matching Funds Challenge visit www.EWVCF.org or call Michael Whalton at 304.264.0353.

For the past 27 years, the Eastern West Virginia Community Foundation (EWVCF) has worked closely with local attorneys, estate planners, CPAs, and bank trust officers to help their clients create a lasting legacy by making a gift to the Community Foundation. Our very first fund was established thanks to a bank trust officer who introduced George Hancock to our founding President Doug Roach. Mr. Hancock had created a scholarship in memory of his wife Holly Woods Hancock at the bank and he realized that EWVCF was the perfect fit for his scholarship. Since then, dozens of funds have been established at the Community Foundation through the efforts of professional advisors who have helped clients direct gifts through their charitable trusts and wills.

In order to provide technical support to area professional advisors, the Community Foundation has recently partnered with Embolden to create a twice-monthly Professional Advisors Newsletter. Laura McKnight, president of Embolden, has years of experience both as an attorney and as the former CEO of the Greater Kansas City Community Foundation. McKnight created Embolden to provide content for Community Foundations to better communicate with local professional advisors. She researches and writes articles that cover everything from Qualified Charitable Distributions from traditional IRAs to pending legislation that may impact charitable giving. Embolden’s vast content library will help professional advisors who may not know exactly what a Community Foundation does.

The Foundation’s previous work with attorneys, accountants, trust officers, wealth managers, and other technical advisors has led to relationships with clients that ensured philanthropic legacies that will last forever. Individuals such as Henry Willard II, Stephen W. Sensabaugh, and Col. Dennis D. Barron were all connected to EWVCF by professional advisors, and all three were able to carefully plan and leave legacies that will benefit nonprofit organizations in our region for generations.

Henry Willard was generous throughout his lifetime, making numerous unrestricted gifts to EWVCF.  With guidance from his attorney, Mr. Willard created an estate plan that contributed $3.45 million to local Berkeley and Jefferson County charities, including $1 million to the Community Foundation. Mr. Willard’s generosity has provided essential resources to help EWVCF award grants during the coronavirus pandemic.

Stephen W. Sensabaugh of Inwood was employed by Workforce West Virginia. He was introduced to the community foundation several years ago by a bank trust officer who, with a local attorney, was helping Mr. Sensabaugh create an Irrevocable Trust to benefit favorite charities. Thanks to their efforts and Mr. Sensabaugh’s generosity, just over $200,000 was recently added to the Community Foundation’s unrestricted endowment.

Before passing away in 2016, Col. Dennis D. Barron established two funds to benefit the West Virginia Civil Air Patrol, one of which was a cadet scholarship fund that awarded three $5,000 scholarships in 2022. Col. Barron worked closely with a local attorney to draft a last will and testament that, upon his death, added more than $1 million to these two funds at the Community Foundation.

Professional advisors interested in learning more about Barron’s legacy, and in introducing their clients to the good work done by the Foundation, can read more in this week’s Professional Advisor’s Newsletter from EWVCF. Through our new partnership with Embolden, we at the Foundation are excited to connect with professional advisors in order to help their clients cultivate a legacy of philanthropy. To learn more and subscribe, visit the Community Foundation website at www.EWVCF.org or call Michael Whalton at 304-264-0353.