Connecting Passion with Purpose
Q&A with Lynn Magnus, CFP at Long Run Wealth Advisors
Can you describe your history of working with the Adirondack Community Foundation, both personally and on behalf of clients?
Since my family and I relocated to Lake Placid in 2020, I’ve come to work with ACF both personally and professionally and greatly appreciate all they do for our community.
As a Certified Financial Planner, I always try to find out what clients are passionate about and what their estate planning goals are. Many are very philanthropic. We have a dialogue around whether they’d like to give away more money throughout their lives or if they plan to wait and pass funds via their wills or trusts. I spend a significant amount of time talking about Qualified Charitable Distributions from one’s IRA, Donor Advised Funds and Legacy Funds, helping them to understand the tax strategies of the various options while supporting causes they’re passionate about.
ACF has helped to advise many of these clients on their local grantmaking. They truly have their pulse on the community and can help clients understand where the local needs are.
In addition to my professional work, my husband and I have a DAF with ACF that we use for our own charitable giving. I also sit on the board of the Educational Opportunity Fund for Lake Placid Central School District at ACF.
What are some of the reasons you might recommend your clients work with a community foundation?
Charitable giving has been important for our clients looking for tax deductions after selling a business or property, starting required minimum distributions from their Individual Retirement Accounts, or having significantly appreciated stock holdings.
Clients also like the idea that they can still support national charities or alma maters from their DAFs; some misunderstand ACF and think 100% of donations need to stay local. The flexibility to support national organizations along with local ones often makes the foundation’s DAFs more personally valuable than those offered by Fidelity or Vanguard that lack ACF’s community connections.
Do you have a story to share about yourself or a client who has used a charitable fund at Adirondack Community Foundation?
I value the ability to get on the phone with the community foundation anytime I have a client who has a big idea or particular need. Last year I worked with a client who had dreams to create a better food pantry in their small community. The community foundation knew everyone we needed to talk to, and helped develop the most efficient way to help make this a reality.
What do you wish more people knew about rural philanthropy?
We live in a beautiful community in the heart of the Adirondacks, and a quick glance at the houses on the lakes makes you think there is plenty of money and success here, but that is not the whole story. Whether it be access to local childcare, food, healthcare or educational opportunities — the need is great. My hope is that people continue to support the local citizens who help to make our communities incredible places to live.
Given this, I wish more people knew about the work of ACF and the ways they can be helpful to our communities. Their support and knowledge is invaluable. I’ve had a wonderful experience working with Adirondack Community Foundation and would highly recommend them to people who want to understand better how to work in their community.
