Whether you are part of the “Silent Generation” (born between 1925 and 1945 a “Baby Boomer” “Generation X” or “Millennial” there are opportunities to participate in philanthropy What “givers” have in common is their desire to invest in their communities and make a difference in the lives of others either through donations of time money or both At Mesirow we have found that many of our clients…, Generational trends in philanthropy, Every generation is shaping the philanthropic landscape in their own way making a difference in the lives of others In addition the generations are also influencing each other’s views on philanthropy We are beginning to see that parents’ and grandparents focus on giving appears to have a significant impact on the values of younger generations and that younger generations’ use of technology is…, Silent generation and baby boomers, Since the silent generation are in retirement and baby boomers are in or near retirement they are generally able to quantify how much monetary support they can provide and if retired can often commit more time to charity than they could in their full-time working years What else can these two generations do Pass down their values regarding philanthropy to multiple generations so that when those…, Generation X, Question How does a parent pass along the values of philanthropy to their children Answer The earlier you start the better “When we teach youth about philanthropy and fundraising we are not only building future philanthropists but also empowering youth to see themselves as leaders and agents of change”¹ Adolescence is an optimal time to learn skills that facilitate civic engagement At this stage…, Millennials, Millennials may have a strong desire to give but are often faced with the challenge of paying off college debt starting a new career supporting a family and building their wealth So realistically charitable giving may not yet be about making a donation but about giving time How can millennials invest their time beyond participation in community events Social media – People who are 49 years old…, Focus your efforts, A wide variety of charities and causes need your help Pick one that is meaningful to you and where you can make a difference A recent study identified these philanthropy themes and top 10 locales for giving⁴ Arts and Culture Education Environmental and Animals Health (Chicago area named in top 10 Human Services (Chicago area named in top 10 International Affairs (Chicago area named in top 10…, Published February 2025,   1  https//jydpittedu/ojs/jyd/article/view/255/241 2  https//wwwpewinternetorg/2018/03/01/social-media-use-2018-appendix-a-detailed-table/ 3  https//wwwfidelitycharitableorg/content/dam/fc-public/docs/insights/the-future-of-philanthropypdf 4 https//wwwfidelitycharitableorg/content/dam/fc-public/docs/insights/2023-geography-of-givingpdf    

Phillip Moy serves as Senior Salesforce Platform Manager in Mesirow Wealth Management He oversees the strategic planning implementation and optimization of Salesforce solutions ensuring alignment with business objectives  Phillip has over 30 years of experience in the financial services industry providing solutions to technical needs of different businesses Prior to joining Mesirow in 2024…

As our clients families grow and assets accumulate it is imperative that we address planning for the future to provide for both the needs of the parents and their children Whether it is making sure that grandchildren have enough money for college ensuring an ongoing legacy to charity or providing for additional income and inheritance for children, In some circumstances financial planning for the future can be complex due to varying family dynamics or unique circumstances When families have dependents who may be considered to have special needs planning for a secure financial future for this dependent can become extremely complex and often daunting The reality is that the cost of lifetime care for someone with special needs can be…, Establish a special needs trust, Individuals with disabilities may be qualified to receive aid from both Supplemental Security Income (SSI and Medicaid However both financial benefits are subject to “means testing” which oftentimes disqualifies individuals from receiving aid if they are able to earn a certain level of income or have assets of their own exceeding $2000 (some assets are exempt Funding a , special needs trust,  (also known as a supplemental needs trust is one way parents can provide for additional financial support to their children without reducing other benefits that they may be able to qualify for at some time A special needs trust is created for an individual with disabilities and funded with assets that are not owned by that individual Typically these trusts are funded upon the parent(s’ passing…, Supplement income with an ABLE account, An , ABLE account,  is a tax-deferred savings vehicle to benefit individuals with disabilities To qualify for one of these accounts the individual must have been diagnosed with their disability prior to the age of 26 Similar to a 529 College Savings Plan assets within the ABLE account grow tax-deferred and are non-taxable upon distribution as long as they are used for qualified expenses The maximum contribution per…, Other important considerations, Providing adequate financial support is only a part of the planning that concern parents of children with special needs Parents want to make sure that their child is cared for and living with the highest quality of life We recommend that parents should consult with an attorney who is specialized in this field and with their wealth advisor in order to fully integrate their overall estate and…, Published January 2025, 1  https//wwwssagov/ssi/spotlights/spot-ablehtml#~text=An%20eligible%20individual%20may%20haveexemption%20(%2419%2C000%20in%202025

Tax-advantaged investment accounts are an invaluable tool for the management of our clients’ wealth These vehicles shelter ongoing investment growth from taxes and may provide a tax benefit for contributions or withdrawals , Investment accounts such as Roth IRAs and after-tax employer-sponsored retirement plans provide for “delayed gratification” in that they are funded with after-tax dollars grow tax free and withdrawals are not subject to taxation However other types of accounts including Traditional IRAs and pre-tax employer-sponsored retirement plans (like your 401(k plan provide an immediate tax benefit as…, “In kind” transfers, For these clients we may recommend that the required distribution be processed as an “in kind” transfer of an existing investment When an “in kind” distribution is used shares of a stock bond or mutual fund are transferred from a qualified account to a non-qualified account The reported taxable distribution is the market value of these shares on the date of the transfer Once this is complete the…, “Qualified Charitable Distributions” (QCDs, Charitably-minded investors subject to RMDs can take advantage of qualified charitable distributions (QCDs where some or all their distribution (including but not limited by their RMD is donated directly to a charity In these situations the amount donated can be used to satisfy the annual RMD requirement but is excluded from taxable income This approach is limited to $100000 per year and in most…, Roth IRA conversions, Another strategy is to convert some or all of a Traditional IRA (subject to RMDs to a Roth IRA (which is not subject to RMDs In these situations a taxpayer elects to pay ordinary taxes on a portion of their IRA to “convert” this amount to a Roth IRA account This conversion is not subject to early withdrawal penalties (for account owners younger than age 59½ and is available to anyone regardless…, Published January 2025, Sources and footnotes 1 Please confirm when you should begin taking RMDs with your Wealth Advisor or tax professional These rules have been updated with SECURE 20 and different rules apply for individuals who were born in or before 1950 https//wwwwsjcom/articles/senate-spending-bill-includes-significant-changes-to-u-s-retirement-system-11576780736 https//wwwirsgov/retirement-plans/retirement-plan…