Ellsworth trusts and estates attorney Rebecca Sargent connects philanthropic clients with flexible options at MaineCF
MaineCF: When did you first learn about MaineCF?
Rebecca Sargent: My relationship with MaineCF goes back about 25-plus years when I was managing the trust department at Union Trust. We often helped our donors figure out whether they would be in a better position to create a charitable trust or use one of the charitable giving options at MaineCF. Even back then, I thought of this in some ways as the bank partnering with MaineCF.
Rebecca Sargent, a trusts and estates attorney in Ellsworth, has worked with MaineCF for more than 25 years. Ashley Conti photo
MaineCF: What trends are you currently seeing with your clients' charitable giving?
Sargent: As part of my estate planning conversation with clients I always ask, "Do you have charitable goals or objectives, and how would you like to reflect your lifetime charitable giving in your estate plan?" If they say no, the conversation ends. However, historically, I have found that there is a whole group of clients who are very serious about making sure that the work that they've done and the organizations they support continue to thrive after they're gone. Once I know, this goal can be accomplished easily with a bequest to the organizations they have always supported or through an endowed, designated fund at MaineCF.
One trend I am seeing more now is that clients are showing an interest in supporting issues or causes that are important to them rather than only supporting particular organizations. For these clients, MaineCF is a resource that quickly comes to mind. It offers multiple solutions through existing charitable funds that focus on specific issues and geographical areas and the option of creating their own fund if one does not already exist for the client's particular interest area.
MaineCF: Based on this trend, do you think there is more client interest in giving to flexible funds, such as our Invest in Maine Fund, our county funds, and other field-of-interest funds that allow MaineCF to meet the current and future needs of our communities?
Sargent: I think the more people who find out about MaineCF's flexible funds, the more interested they are in contributing to them. Part of this can be attributed to the pace of change in our world and our communities. People are recognizing that needs change and organizations change over time. They may be more likely to back up a step and give to a fund that has the flexibility to support programs and services that are meeting the needs in their community as they change. As an example, we have seen this in the health care field in Hancock County.
MaineCF: Do you have clients who have created their own funds at MaineCF?
Sargent: I have a number of clients who have donor-advised funds with MaineCF and I have found the process to be incredibly easy for clients to navigate. This gets to the heart of why I see MaineCF used so much as a vehicle for charitable giving because it is so flexible and easy. You can achieve whatever goal you have. There are boundless opportunities to craft whatever works for you. MaineCF provides the structure to make sure that donors feel confident that their legacy is going to be protected.
MaineCF: What do you find most helpful when working with MaineCF and what could we do to be an even better philanthropic resource for you and your clients?
Sargent: There are three things that I consistently find helpful when working with MaineCF. First, MaineCF staff are incredibly knowledgeable and have a way of working with donors to help them think about how they want to give and then follows through with helping them create a plan to meet those goals.
Secondly, MaineCF has its fingers on the pulse of the issues affecting Maine. You can connect a donor with an organization in need, or an organization with a donor to fulfill that need.
Thirdly, MaineCF staff exercises just the right amount of assistance and just the right amount of persistence when needed. For example, Hannah Whalen [MaineCF director of donor engagement] has been working with me to create my own fund and she has been lovely. She provides knowledgeable answers to my questions and gently gives me a nudge to stay on track to complete the process.
MaineCF: Is there anything else you'd like to share with other attorneys, accountants, financial advisors, or professional advisors about your experiences working with MaineCF?
Sargent: I think that for all estate planners it's important that we ask every client whether they are interested in charitable giving as we work with them on their estate plan. If the client says no, you move on. But, more often than not, clients are interested and ask me to tell them more about what they might be able to accomplish. These are important conversations to have since sometimes clients simply forget as they are so focused on providing for their family.
Rebecca Sargent is a partner at Jones, Kurlioff & Sargent, LLC in Ellsworth, established in 2013 after merging her own practice. She was vice president and senior trust officer at Union Trust Company (now Camden National Bank) and practiced law at Loughlin & Wade in Portsmouth, New Hampshire.
