Dennis O'Donovan has practiced law at Epstein & O'Donovan, LLP, since 1994. He previously practiced at Verril & Dana, Portland. He graduated cum laude from the University of Maine School of Law and graduated with high distinction and honors from the University of Maine in Orono, where he earned a Bachelor of Science in business. Greg Rec photo
MaineCF: Dennis, as an estate-planning attorney, what do you see as your role in talking about philanthropy with your clients?
Dennis O'Donovan: People generally are charitably minded, and charitable giving is often a part of the estate plan. How it fits in to a particular client 's plan depends upon their goals. What gifts have they made during their lifetimes? What do they want to support afterward?
When thinking about their estate plan , it's not just about who they give to annually but also about the long term and what they think is important for the future.
Everybody is different, but I do see some common themes, and the one I see the most is education. Clients are often interested in setting up scholarships for the future; and in my practice, that is where you come into play.
MaineCF: Do you have any favorite questions to initiate the charitable conversation?
O'Donovan: I don't know that I have a favorite question that I ask. Every situation is different, and the questions evolve as I discuss the plan with my clients. Client conversations typically start with talking about family and understanding the clients' goals with respect to their children and grandchildren.
Once I have a better understanding of the family needs, I will start asking about whether they are currently making annual charitable gifts, who they like to support, and whether they want to include charitable giving in their estate plan. It is interesting, as it is usually at this time that I see clients spark up and say, "Oh yeah, you're right! I've done my church, or I've done whatever on an annual basis, so what happens after I'm gone?"
MaineCF: Would you be willing to share some charitable giving stories where you found the Maine Community Foundation to be a good fit for clients?
O'Donovan: Sure, there are a lot. There are probably four or five clients who have created scholarships with MaineCF as part of their estate plan. When clients know that they want to have a scholarship at their high school or their college, they may just do it directly through those institutions if they have the capacity to handle the scholarship.
However, one area where MaineCF excels is with clients who want to cast a wider net beyond one high school or one college and have a scholarship open to students statewide. One client set up a scholarship for Maine high school graduates pursuing a career in engineering and another for Maine high school graduates pursuing a career in art. In both cases, the clients knew that they would not be around to administer the scholarship and they did not want to burden their families with figuring out how to accomplish that.
They were very happy to learn that they could work with MaineCF during their lifetimes to create the scholarship eligibility criteria as part of their estate plan. And then after they were gone, MaineCF would work with the Maine high schools to attract applicants, review applications, award the scholarships to eligible Maine students, and then disburse the funds to the colleges chosen by the students, sometimes in Maine and sometimes out-of-state colleges.
MaineCF: Are there other stories outside of the context of scholarships where the Maine Community Foundation has been helpful for you and your clients?
O'Donovan: Yes, in one case, a client wanted to give the gift of philanthropy to family members as part of their estate plan. They provided for a gift to MaineCF where upon their death MaineCF would create several donor advised funds. Each family member will be an advisor on a fund and be able to make grant recommendations to support nonprofit organizations that the family member cares about. It is wonderful to see the light go on with clients when they realize that they can accomplish their goals by working locally, here in Maine, with an organization like MaineCF.
MaineCF: Do you have any advice for other professional advisors about how they might partner with the Maine Community Foundation or use us as a resource?
O'Donovan: Yes, whether you are right out of law school or have been practicing as long as I am not willing to admit I have been, I recommend that you get acquainted with MaineCF. They are a great resource right next door. Without putting any pressure on you or your client s, they will help you accomplish your clients' charitable goals in a cost-effective way and in a manner that reflects well on you. My experience is that working with MaineCF to create a plan with your clients now helps give them peace of mind knowing that their legacy will be implemented and live on after they are gone.
