Panel on Philanthropy Offered Options, Inspiration

Panel on Philanthropy Offered Options, Inspiration

April 12, 2016

Wealth manager George C. Keady III, a corporator and past board member at Glenmeadow, has a client who says she has five children: four actual humans, and philanthropy.

“That’s the attitude some people have about giving,” Keady told roughly 20 area residents and staff members of various organizations who gathered on March 30 at Longmeadow Country Club for a panel presentation called “Informed Giving: A Look at Philanthropy’s Role in Estate Planning.”

We offered this talk through our free education series, Glenmeadow Learning, in partnership with the Community Foundation of Western Massachusetts, a nonprofit that serves as a steward of philanthropic gifts from community members.

In opening the discussion, Timothy V. Cotz, our president and chief executive officer, explained that Glenmeadow’s roots are firmly based in philanthropy; it’s been financial gifts and bequests over the years that have allowed the nonprofit to grow from one that serves 40 people annually to one that serves roughly 475 residents on the Longmeadow campus and throughout greater Springfield.

Cotz said Glenmeadow now gives back to residents in need through scholarship programs, and it provides many free programs in the community, such as Glenmeadow Learning.

Moderated by Katie Allan Zobel, president of the foundation, panelists outlined the legal and financial mechanisms through which gifts can be made. They also discussed tax benefits of such gifts and shared their own personal stories of philanthropic inspiration.

Zobel said each year in this country, people offer up over $3 billion in charitable giving, and roughly 80 percent of that is in reaction to an ask. “Many of us don’t stop and think strategically about what we’re trying to accomplish with our gifts,” she said.

Zobel said philanthropy is a great facet of a solid estate plan, and it begins with some planning around what you might want to preserve or change in the world. “What are the things that you value most in this world?” she asked.

Panelist David Starr, a resident of Glenmeadow, told the audience that he and his wife, Peggy, began giving to local nonprofits in earnest in the late 1970s. He said that through a more recent, $1 million gift to the Community Foundation, they established endowment funds for the Springfield Museums, WFCR, Springfield Symphony and WGBY. “We wanted to make sure they’d live on after we didn’t,” Starr said.

Panelist John Gallup said that he and his wife, Paula, both Glenmeadow corporators, created a charitable remainder trust through the foundation, through which they made a substantial gift that benefits members of the community.

At Glenmeadow, we have many donors who give gifts large and small in gratitude to our work in the community. By contributing to Glenmeadow, donors support day-to-day operations, free community programs—such as Glenmeadow Learning and Glenmeadow Getaways—and they help build our scholarship program, which allows residents to continue to stay on with us when they have exhausted their means.

There are many ways to make a gift to Glenmeadow. Some ideas include making:

• A bequest, in which Glenmeadow becomes a beneficiary on the donor’s will, IRA, or life insurance policy. Residents can also bequest a portion—or the entirety—of the entrance fee refund to Glenmeadow.
• A gift of revocable trusts or appreciated assets, including financial accounts such as IRAs and securities.
• A tribute or memorial, whereby gifts are made in honor of a special occasion or in memory of a loved one.
• A staff education gift to support employees who are pursuing ongoing education.

Of course, you can also give through the Community Foundation by choosing the Glenmeadow Fund. And Glenmeadow also participates in Valley Gives Day on May 3.

Please feel free to contact Tim Cotz at 413-567-5977 or 800-633-6313 to discuss gift options.

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