Consider Putting Your Inherited Assets to a Philanthropic Cause

Presenter: Susan Lill, Regional Fiduciary Manager, Wells Fargo Estate Services
Guest Speaker: Beth Renner, National Director Philanthropic Services, Wells Fargo Private Bank

Susan: Think about any inheritance you may receive? Will it include any non financial assets that you might like to donate? Are you wondering how to put this inheritance to a philanthropic cause? Hi, I am Susan Lill from Estate Services team at Wells Fargo. And today, I am joined by Beth Renner, National Director of Wells Fargo Philanthropic Services. Welcome Beth.

Beth: Thank you, Susan.

Susan: Beth, on the Estate Services team, we see a lot of clients who inherit non financial assets. Many of them tell us they would like to give these assets to their favorite charity. Can you explain how that can work?

Beth: Sure, Susan. More often than not, clients receive personal property as part of an inheritance, and these assets can be challenging to manage.

Susan: Could you share an example?

Beth: One of our clients inherited her grandmother’s antique clock collection. She herself didn’t have a passion for antique clocks and wanted to donate them. But as we know, charities generally prefer to receive monetary gifts such as cash or stocks.

Susan: So what were the options?

Beth: She mainly had 2 options:

Number 1, selling the clocks individually. That would be time consuming—and it could take a lot of research to know the value of each clock.

Number 2, she could gift these assets through a donor-advised fund like the Wells Fargo Philanthropy Fund. In this case, we would do the ground work to help determine the clocks’ value and can locate buyers as well. The proceeds of the sale could then be contributed to the gift account that was set up according to a strategy she determined. Afterwards, she can choose to recommend grants to her favorite qualified charities.

Susan: What if she didn’t yet know what charities to donate to? If she wanted time to reflect on what she truly cares about before making a gift?

Beth: That is absolutely possible. The proceeds from the sale of the clocks can stay in the fund account until she decides on the causes she wants to support. When she is ready, she can recommend grants. And the benefit of this approach is that it is also a great way to engage children and grandchildren in giving. Family members could make grants to different organizations within the same account so each can express their own personal philanthropic voice.

Susan: Who do I call if I would like to talk more about my philanthropy giving options?

Beth: Contact your Wells Fargo relationship manager who will introduce you to a philanthropic specialist. Our experienced professionals across the country would love to show you how the Wells Fargo Philanthropy fund works, both for you, your family, and for the causes you care about.

Susan: Well Beth, these are some great insights and I want to thank you for joining us. And special thank you to our audience as well.