Defining and Sharing Your Philanthropic Legacy

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Slide, Guide to giving, defining and sharing your philanthropic legacy. Text: Kate McAdams, senior philanthropy advisor, JP Morgan private bank. Jenna Mulhan-Brereton, chief philanthropy officer, national philanthropic trust. Two profile images of the speakers. Logo: J.P. Morgan.

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I'm Kate McAdams, philanthropy advisor with the Philanthropy Center, which is part of the advice teams at the JPMorgan Private Bank. Our

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Text: Kate McAdams, senior philanthropy advisor, JP Morgan private bank. She has shoulder length dark brown hair and is wearing a dark top. She sits at a table with Jenna Mulhan-Brereton. In the background there are vertical strips of grey soundproof material. There is the phrase JP Morgan in a calligraphy style on the wall behind the two speakers.

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team partners with clients to help design and execute personalized charitable giving strategies that align with their values and connect with causes they care most about. We partner with clients at any stage of their philanthropic journey, whether they're getting started or very experienced with decades of donor experience.

So today, we're going to address philanthropic legacy, talk through how to narrow your focus, engage partners, and think about documenting your intent. I am so excited to have this conversation with Jenna Mulhall-Brereton. Jenna is the chief philanthropy officer at the National philanthropic Trust, which is a national sponsor of donor-advised funds and one of the largest grant makers in the United States. We partner with the National Philanthropic Trust at JPMorgan for donor-advised fund options for our clients. Welcome, Jenna.

Thanks, Kate. I'm thrilled to be here, and especially because we get to talk in person today.

Before we begin, I wanted to call out that word legacy. It can be really intimidating, right?

Yeah.

Like, how do you think about a legacy? Is a legacy really just for someone who maybe writes a financial check, a gift that is large, has lots of zeros behind it? I really want to break it down and make it more accessible.

Fully

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Text: Jenna Mulhan-Brereton, chief philanthropy officer, national philanthropic trust. She is wearing a yellow blazer over a light colored top. She has long dark hair.

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agree, and I'm glad you called that out because really legacy is a very expansive term. And at the end of the day, it's really about what is the impact you have on the world. Full stop. So certainly, the concept of what do you choose to do with your financial resources after you pass is one piece of that equation. And of course, that's the piece you and I are going to talk about today.

But I think it's important to acknowledge that larger context and the fact that this is a really expansive term because legacy is really personal. And how we define it as really personal. And it's going to mean something different for every individual and every family.

Excellent. Now, when we think about philanthropic legacy, sometimes I like to work with families on developing a mission statement. So that can be a tangible way to think about bringing your family's values, intentions in a kind of way that identifies values, issue areas of interest, and I do this in a kind of facilitated way. You may with your clients as well.

We have the privilege of working with so many families and individuals. And a mission statement is really essential for anyone at any wealth level who's thinking about giving charitably.

I think that's a great place to start. And You and your team work so often with individuals and families who are thinking about legacy. So similarly, my team does.

I just want to stress for folks who are watching that we do get people asking all the time for help with philanthropic legacy, but it's never a call where someone says, I would like to map out my philanthropic legacy. Can you please walk me through the steps? It's not that. It really shows up in different ways. So it could be someone saying, I know about the causes that I'm passionate about, but I need some help zeroing in on a few organizations that I can really commit to over the long term or give to after I pass, or I think I'm at the point where I should really start ramping up my giving over these next 10 years.

Or I would like to think about some concrete instructions I can leave for my trusted advisors for how to think about my giving when I'm no longer here. And also, I'm really interested in bringing my kids on board, which I know is something that you focus on a lot as well. So all of these questions are really questions about legacy.

Absolutely. And I have an example to share of bringing the next generation on board. And it was a brand new family foundation. It was a husband and wife and young adult daughter, so it was a new foundation. And they were really at square one thinking about what should our family foundation focus on. So we went through a process to think about a mission statement.

And as I said a moment ago, it can really help you come together and be really clear about what you want to accomplish and spend your time identifying partners and leaning into relationships that align with your impact goals. There's so many wonderful organizations out there and many, many wonderful nonprofits. So to have a mission statement, to have everyone focused and rowing in the same direction can be really useful.

So in this example with this family, they were interested in a variety of areas. So we sort of went through a facilitated process in this case. So mission statement can be something you do on your own, or it can be something you do with your family. So in this case, we talked through what are your family values? And it really ran the gamut, honesty, humility, trustworthiness, risk taking.

The father was an entrepreneur. And they came down to actually three values, community, innovation, and leadership as really what they wanted to drive their philanthropic giving. And it was interesting.

So for the value of community, they were really thinking about how do we leave the planet better than when we found it? Around innovation, they were thinking about specifically innovations in medical research with a disease that affected their family. And then leadership was really about supporting STEM after-school programs to build the next generation of leaders.

So through this conversation, they talked about values. They narrowed in on about three areas of giving, and now they're all working collaboratively. While each area is driven by kind of one of the individual's interests, they are very much working collaboratively to identify organizations that they want to partner with. And it's been a really rewarding process for the three of--

I can imagine.

--them to work together.

I can imagine and to have a facilitator help them go through that process. I mean, to your point, you can do this with a facilitator. You can do this without. But I think that what is really key there that you highlighted is the level of communication and being really explicit about wishes and expectations. And I think as we think about-- for individuals that want to bring the next generation on board, I think that I can't stress enough how important communication is.

So you did the work with the family around thinking about everything from their values to what they wanted to focus on together. And sometimes it's really just about if you know that part of your legacy plan, for example, is that you want the next generation to take over your giving, whether that's in a family foundation context, Kate, or through your donor-advised fund to be an advisor, to be the primary advisor on your donor-advised fund, if you want the next generation to take that over, do not let that be a surprise. I think we've probably both seen cases where this has gone really well and cases where it's been a surprise.

And if it's a surprise, it can be a burden.

It can.

So something to avoid.

Exactly. And so that speaks to-- while you're communicating as a donor your wishes and hopes and being explicit about what you want to see, you also have to listen for what you're hearing from those that you're asking to step in. Because you're right, some people will offer you a happy yes when you ask for them to step in in this way.

And some might say they're not ready for this for whatever reason. And so you have to hear that. And having the communication gives you the opportunity to think through a solution and come to a solution that you can be content with. So I think that communication is really key.

Great, great point and advice. I have seen when inviting maybe the next generation to the decision-making table questions come up around succession and duration of the family's philanthropy. And it's a good time to start thinking about will our philanthropy exist just in the original donors lifetime? Will the focus be more on giving while living, or will this philanthropy exist for multiple generations? Is that the intent?

And I think when you invite especially adult, young adult next generation, those questions will start. So you may not have the right answer or the perfect answer immediately, but to start that conversation earlier, to have a sense of what is the time duration of our philanthropy. And I have an example where I was partnering with a family. And the family had a family foundation. And they were in existence and working for about 10 years.

And then the husband and wife wanted to further talk to their children and say and propose to them, what do you think? Do you want this to be carried on? Do you want to carry this on? Do you want to take the torch? Or should we think about setting a time frame for this giving?

And it was so interesting. The children primarily were unanimous and were so impressed with their mom and dad, the creation of the wealth, and the way that they had been giving and the joy it was bringing them in this later stage of their life.

The children said no, do more giving while living. We love seeing you. We love partnering with you where it makes sense, but we don't need to carry this on.

And so they came to a conclusion. And actually, it's really it's still a discussion, I have to say. But it was so great they kind of started early.

Yeah. And I think that's a great point, too, because for some people, I think this idea of having loved ones step in to continue your philanthropy, to continue giving in alignment with your values, for some people, that can feel really important. It's passing the mantle. It's sharing values. It provides that continuity.

And I would say for others, it can be deeply satisfying actually to instead decide that you are going to spend down while living or that you-- and and/or because it's not an either/or proposition. And/or you are going to designate some organizations that you want to benefit directly from your estate versus having someone step in as a successor. And so for some people, that can feel more satisfying. And candidly, that's what I'm planning to do. This goes back to that whole idea of how deeply personal legacy is.

But one more thought I had as you were talking about families and bringing in maybe a couple of different adult children, I think one thing to think about is-- and I you've seen this. I'm sure you have. That when you're bringing in the next generation, it's a very strong chance people are not in lock step. And they can be geographically dispersed.

They can be passionate about different issue areas. They can have somewhat different values. They can have vastly different political views. And I think it's important-- going back to the idea of communication and the work that families can do up front, I think that it's important to be realistic and to have honest conversations about what's feasible and what the challenges might be.

And philanthropy can be really collaborative and bring people together in a way that other family conversations cannot. So I do find that the invitation to join our philanthropy, help us shape it, help us think through some of these succession and timeline questions can be rewarding for everyone involved.

Certainly.

And then thinking about if you do want your philanthropy to carry on over generations, thinking about documenting your philanthropic intent. And we talked a bit about a mission statement. And that's a great way to start.

And a mission statement is not in stone and not forever. It can be revised. It can be refreshed at different stations in life and as you learn more as a donor, as your family learns more as how they're working together. But it can be a great way to codify kind of your philanthropic intent.

Another way is more of a legacy statement. So I've worked with families who have written out a longer piece to share with the next generation and maybe a generation that the original donors--

That's a nice idea.

--never met. And it really tells the story of their original kind of wealth creation, some of the gifts that were important to them, why they even started their philanthropic journey.

I love that.

So a legacy statement is a great path. And it also can be a really fun process. How does someone with a donor-advised fund as their charitable vehicle think about--

Well, documentation--

[? Intent. ?]

--is key. So I'm glad you used the word documentation. It's really simple but easy to overlook. And so I think one thing that's distinct about a donor-advised fund when you think about your succession plan that I want to drive home is that when you make a gift to a donor-advised fund, that is an irrevocable gift.

Therefore, when you're documenting your wishes for your charitable intent after you pass, you can't just document your wishes for your donor-advised fund in your will. You need to actually do that with the donor-advised fund provider. So if you have a JPMorgan donor-advised fund or any DAF-- but if you have a JPMorgan donor-advised fund, your banking team can help with this, or you can go online.

It's actually a really simple process. There's a section called legacy plan. And all donor-advised funds will have some version of this. The way NPT works is we have a few options.

One, you can designate a successor or multiple successors. So these are individuals that become the advisors on the DAF after you pass. Two, you can designate nonprofits just to get funds directly as we were talking about as another option. And that can be one organization. That can be 10. It's like some percentage that you want to allocate.

And then as a third option, you could pick an organization that you would like to fund with an endowment over the longer term. So those are the options. I think one thing I want to stress is well, A, how important it is to document going back to that idea to make sure that your wishes are captured. But B, just like you said that you can change any of the mission statement, any of this stuff, you can change.

Yeah, it'll evolve.

Exactly. Same thing with your legacy plan. I mean, it takes five minutes. And so my second point I would make is if you're thinking that you want to do a little bit more reflection on this, then you might want to just spend some time thinking about how you want to map it out.

I would say put something in there now that you can live with while you go off and do that reflection. And then come back and update mm again five-minute process. But I think the final thing that I'd like to say is that communication and documentation can also be a gift to your loved ones because they can take solace and find meaning in executing on your wishes and knowing that they are fulfilling your intent for your legacy.

I strongly agree. And just get started. And, again, as I said, you can start with yourself. What's really motivating you to give? What impact do you want to have on the world? Or you might be inviting in family members. And what a lovely conversation to have while living.

So I really hope today that we have made it a little easier to think about a philanthropic legacy and laid out some ways to go about it, narrowing your focus through a mission statement, engaging partners, and thinking about documenting your intent. Because as you want to leave your philanthropic goals to others to carry out, really important to give them some guidance.

But really importantly, have some flexibility in there because the world will change. Future generations will change. So establish your intent, and insert some flexibility so that your next generation can make decisions with you in mind and the needs of their local community. So, Jenna, thank you.

Thank you, Kate.

Thank you for joining us. And thank you for watching.

Prior to making financial or investment decisions, you should speak with a qualified professional in your JPMorgan team.

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