When Jeff and Inge Klopping gather their adult children for Thanksgiving, they do more than just enjoy a traditional feast. They share the bounties of their good fortune by selecting charities to receive much needed support.
“Each of us comes with our own list and research on why these organizations are worthy of donations. Everyone has a voice and we debate the merits. Then as a family we decide and make our gifts,” says Jeff.
The Kloppings fulfill their philanthropic efforts through a Donor Advised Fund at the Toledo Community Foundation that is funded with a charitable lead trust. “We were very fortunate to come into some money and wanted to give back to the community,” he says.
Their financial advisor and legal counsel helped them establish the trust. “It’s a perfect plan. It allows us to be philanthropic plus there will be money for our children. Our hope is that they will continue the practice of giving when that time comes,” says Inge.
The Kloppings have made a 25-year commitment to the Foundation to fund their philanthropy with a steady stream of income from their charitable lead trust. At the end of that time, their children will receive the assets from the trust. In addition, the trust offers some tax advantages.
“This allows us to be philanthropic and leave money to our children at the same time. The Foundation manages the fund and conducts all the due diligence on the organizations we want to support,” he adds.
“Our gifts have been granted to the arts, education and churches. I’m sure that will expand over time. The children love it and find that giving money to worthy programs is so rewarding. We hope this will be a learned behavior that they will pass on to their children,” concludes Inge.