With all of the uncertainty in the world, professional advisors—CPAs, trust & estate attorneys, and financial planners—value having a partner they can rely on in The New York Community Trust. We’ve been here for nearly 100 years, and we’ll be here for the next 100.
Advisors recommend us to their clients because we listen closely to their philanthropic priorities and make sure we can build solutions together that honor their wishes, withstand the test of time, and adapt to meet the challenges of the future.
We offer the tax benefits of giving to a public charity, customizable charitable solutions, philanthropic solutions for families, access to grantmaking professionals, investment services, and more. We can help you help your clients as they decide what causes are important to them, how they want to structure their giving, and whether they want to involve family members.
Private foundation considerations
For those looking to minimize administrative overhead and maximize charitable impact, a fund in The New York Community Trust can be a sound alternative to a private foundation. If your client already has a foundation that they are thinking of winding down, they might consider moving the assets to a charitable fund in The Trust. Your client can continue to drive the grantmaking during their lifetime, and we can carry on their legacy after they are gone.
ADVISORS’ ADVICE
LAWRENCE DAVIDOW
Senior and managing partner and Certified Elder Law Attorney, Davidow, Davidow, Siegel & Stern, LLP | Former chair of the Long Island Community Foundation | Donor-advised fund founder
“A community foundation gives an outlet to people who really want to make a difference. It helps my clients give money away in a way that makes sense to them, because they get assistance in vetting organizations and fine tuning exactly how they wish to make a difference.
My great-grandfather [pictured in framed photo] settled on Long Island in 1889. I’m the third generation running this practice. When I meet with clients planning their estates, I try to broaden the conversation from a particular charity to a cause. And when people realize that they can give to a cause while they’re alive or leave a legacy—like through a fund with their name on it after their death—it changes the whole tenor of the conversation. It’s not that a community foundation is right for every client, but it is a tool that should be discussed in an overall conversation about philanthropy.”
Rita K. Gilbert
Partner, Hyman & Gilbert | Former advisory board chair, Westchester Community Foundation | Donor-advised fund founder | Legacy Society member
“The New York Community Trust can be a lifesaver for people with no children or close family relations. If they want to leave a legacy, I inform them how this can be done. Because The Trust is perpetual, clients’ goals and aspirations will last forever.
One client came to me like a tabula rasa with no preconceived notion of what she wanted to do with her money. She left a legacy gift with The Trust and she’s thrilled. She said, ‘I can’t think of a better way to leave my money.’ That always makes me feel good, because I feel like I’ve done a service.
I never tell clients what to do, but I often just plant a seed that sprouts at some time in the future. Legacy gifts give clients a sense of purpose that they will be remembered for their generosity.”
DANA MARK
Partner, Private Client Services, Smith Gambrell Russell
“In my discussions with clients, The Trust has always been one of my initial go-to’s and it has always turned out well. Sometimes you go to places and the answer is ‘No, no, we can’t do that,’ while The Trust would say: ‘Let’s see what we can do.’
Every situation is unique. You really have to want to give to charity. Sometimes it works out to be the right solution for people. When all the pieces fall into place, it is rewarding.
Working with The Trust is like having your own little team where everybody knows what needs to be done and takes care of it. If a client wants to be charitable, The Trust can be a good fit because you’ve got the expertise, you’ve got the oversight. You’re just getting so much bang for the buck by having The Trust in there, because you’re in good hands.”
We can provide information about our fund types,
suggested wording to help draft the gift instrument, and more.
General Counsel Carrie Trowbridge
(212) 686-2563
carrietrowbridge@nyct-cfi.org