Expanding the Definition of Philanthropy

On June 15, 2023, advisors from around the Bay Area gathered in San Jose to hear from a panel of experts about how philanthropy is changing and expanding. The panel examined how advisors can support clients as they explore philanthropic options and open the conversation to new ideas for giving.

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A Conversation with 3 Generations of the Sobrato Family

On May 19, 2022, Capstone Advisor Session featured a conversation with three generations of the Sobrato family – John A., John M. and John Matthew Sobrato. They discussed the roots of their philanthropy, how they engage the younger generation, the future of the Sobrato Organization, how they think about impact, and more.

 

CARES Act: Tax Implications and Philanthropy Webinar

In 2020, the Foundation hosted a webinar exploring the tax implications of the CARES Act and how the legislation created opportunity for endowment as a solution for fulfilling philanthropic goals.

Nancy Moriarty, Tax partner at Frank, Rimerman + Co., spoke about the provisions of the legislation that impact philanthropy, and Erik Dryburgh, Principal at Adler & Colvin, discussed endowments, broadly and in light of this legislation. Mary Quilici Aumack, CEO of the Catholic Community Foundation, spoke about family endowments as a unique and effective way that families can take full advantage of this legislation while creating long-term financial support for organizations they love.

Philanthropy Planning with your Clients

Kia Sullivan, Vice President and Senior Philanthropic Advisor at Wells Fargo Bank and Anne M. Yamamoto, Senior Tax Partner at Frank, Rimerman + Co. LLP shared ideas – from complex to simple – about tax efficient ways to support clients in their desire to improve their communities and leave a legacy of generosity.

What is the role of a financial or legal advisor in their clients’ philanthropic decisions? What is the context in which advisors are having these conversations in the Silicon Valley?presents on this topic at the Catholic Community Foundation’s “Advisor Breakfast: Philanthropy Planning with your Clients” on May 8, 2019.

On April 25, 2018, Bryan Polster, Chairman of the Board of Partners at Frank, Rimerman + Co. LLP, brought his years of expertise to the discussion of multigenerational tax planning and the new tax legislation. He touched on a wide variety ways advisors can maximize the effectiveness of existing tax strategies in light of the new legislation, including Donor Advised Fund bunching, IRA rollovers, family endowments, and charitable lead trusts.

Bryan described many techniques advisors can utilize to help their clients, but the true takeaway was his message about how advisors can use their role as influencer to help bridge the huge gap between poverty and wealth in our local community. The Giving Code*, a 2016 study of wealth and philanthropy in the Silicon Valley, notes that there are more than 12,550 households with over $5 million in investable assets, while in that same area 30% of people rely on social support to make ends meet. Along with the huge amount of wealth in the Valley, there is a real desire to give back, but donors, many of them young people with newly acquired wealth, don’t always know where or how to give.

According to an update to the The Giving Code in January of 2018, a common theme from the surveyed group of wealthy individuals was a frustration with their advisors. The advisors did a great job with technical recommendations or the “how” of philanthropic giving, but were lacking the “why.” Bryan encouraged everyone to not restrict themselves to the technical aspects of their position, but to draw upon and share their personal experiences with their clients when appropriate. Simple, honest conversations with clients can have a lasting impact and provide inspiration for their philanthropy.

Being this type of influencer in a client’s life is a calling and a challenge which requires awareness and collaboration. Bryan challenged everyone to collaborate more with their peers in their field and across fields to meet this need. By working together and partnering with organizations like the Foundation, advisors can help their clients identify, visualize, and articulate their objectives, and then make them into a reality. “Only with humility and an open mind,” said Bryan, “can we effectively collaborate with one another to benefit both our clients and our community.”

*Cortes Culwell, A. and McLeod Grant, H. (2016). The Giving Code: Silicon Valley Nonprofits and Philanthropy Executive Summary. [online] Open Impact LLC. Available at: https://static1.squarespace.com/static/579ea07b414fb51257607b72/t/580e9bf06b8f5b70e606d390/1477352433730/GivingCode_execsummary_download_102516.pdf [Accessed 7 May 2018].