As part of National Estate Planning Awareness Week, the Mankato Area Foundation (MAF) hosted Legacy by Design: Philanthropy in Estate Planning, a special event for financial advisors, estate planners, donors, and professionals who help clients shape their legacy.

The event featured a panel of local experts exploring how charitable giving can be thoughtfully integrated into estate planning.

Tara Torseth, a Partner at Abdo, shared that estate planning isn’t just about preparing for the future, it’s an opportunity for individuals and families to reflect their values, support nonprofits, and create a lasting impact.

“Whether through donor advised funds (DAFs), charitable trusts, or IRA gifts, there are a lot of creative ways to give,” Torseth said. “And while tax benefits are certainly a consideration, most of the giving I see is driven by a genuine desire to make a difference – that’s the part that can make estate planning a lot of fun.”

Key takeaways from the panel about designing your legacy:

• There is no right or wrong way to give: Some donors prefer a hands-on approach, others want to involve their children, and some simply want to support causes quietly. No matter your “giving style,” those who choose to give find it both personal and fulfilling.
• DAFs continue to be popular: DAFs offer flexibility, simplicity, and the opportunity to give during your lifetime. They allow you to stay engaged with your philanthropy and adjust your giving as you’d like.
• Family foundations are shifting toward simplicity: Many families are transitioning from private family foundations to DAFs with community foundations. DAFs offer similar benefits but with fewer administrative burdens and lower costs.
• It’s okay to start small: “Giving can take time and practice,” said Steven Fink, an attorney at Farrish Johnson Law Office. “It may not come naturally to everyone, but part of my job is to help my clients in their charitable giving journey.”
• Philanthropy is for everyone: You don’t need to be ultra-wealthy to make a difference. Modest gifts can have a meaningful impact, and anyone with charitable intent can build a legacy of generosity.
• Timing matters: As year-end approaches, consider making a Qualified Charitable Distribution (QCD) from your IRA if you’re over 70½. It’s a smart and easy way to support causes you care about while optimizing your tax strategy.
  

For those looking to incorporate philanthropy into their estate plan, MAF recommends working with a trusted advisor. Those advisors often turn to MAF for guidance, community knowledge, and flexible giving tools to help those who are wanting to make the most of their charitable plans.

“It’s exciting when people see how giving enriches their lives,” said Kimberly Literovich, an attorney at Blethen Berens. “Helping individuals and families find ways to meet their goals, all while strengthening the community, brings a lot of joy.”