Sarah Coburn is a Maine native with nearly 20 years of experience working in the field of trusts and estates. Her practice includes all aspects of the estate planning, estate administration, trust administration and the charitable giving process. You can learn more about her practice by visiting sarahcoburnlaw.com. Photo: Brianna Soukup
Jennifer Richard, MaineCF’s director of gift planning, interviews Portland trusts and estates attorney Sarah Coburn.
MaineCF: When do you typically start talking about charitable giving with your clients?
Sarah Coburn: I like to incorporate charitable giving into the conversation during the first meeting. During that time, I ask open-ended questions to learn more about my clients and their goals. When there is a pause in the conversation, I always ask if there is anyone else or any other charitable organizations that they would like to include in their plan. Sometimes they haven’t even thought about charitable giving as part of their plan – it often depends on what stage they are at in their lives.
MaineCF: What are some triggers in a conversation that make you think of the Maine Community Foundation as a good option for your clients?
Coburn: MaineCF particularly comes to mind when clients say to me, “I’m interested in charitable giving, but I don’t know what to do or how to start the process.” MaineCF is a tremendous resource to help clients focus on their areas of interest and to educate them about the options for charitable giving in the Maine communities that are important to them.
MaineCF: Would you be willing to share an example of how a client has worked with MaineCF?
Coburn: There are two categories where I most often see clients work with MaineCF. One is establishing scholarship programs. The client either wants to support students who graduated from a specific high school, plan to attend a particular college, or support students who are pursuing an education in a field that is of interest to the client. The other category is establishing donor-advised funds. I have many clients who have multiple charitable interests in Maine and the flexibility and continuity of having a donor-advised fund is incredibly attractive to them. (Which type of fund is right for you?)
Jen Richard, MaineCF director of gift planning
MaineCF: With those establishing donor-advised funds, do you find that your clients are typically the advisors, or do they tend to bring in other family members or the next generation?
Coburn: Both. When clients establish donor-advised funds while they are alive, they are typically the advisors and they name their children, other family members, or the next generation of friends as successor advisors. I also have a number of clients who are interested in establishing donor-advised funds through their estate plan for after they are gone. They are comfortable navigating their giving while they are alive, but they want the next generation to have the flexibility to make charitable gifts based on their circumstances and adjusting for whatever unexpected changes life brings them. In both instances, the clients are leaving that legacy of philanthropy for the next generation.
MaineCF: Are you finding that the next generation is interested in philanthropy at earlier stages in their lives, and if so, how are you seeing them address it?
Coburn: In my practice, there are many clients who are considering giving money and including charities at younger ages than they had previously. I am also finding that they are choosing to give to smaller startups rather than larger institutions. There are so many wonderful organizations out there and people are really taking their time to research and choose how their money will be spent.
MaineCF: Is there anything you would like to share with other professional advisors, maybe people newer to the field, about having charitable conversations with their clients or your experiences with MaineCF?
Sarah Coburn: There are many reasons people choose to include charitable giving in their estate plans; some clients’ charitable giving is motivated for tax reasons, some clients are motivated by a particular cause, and for some a legacy. I think it’s important for the advisors to scratch the surface with our clients to make sure they are comfortable having the conversation and are aware of their options. A lot of people don’t know where to begin, but if you ask the question, they’re interested.
I would like to encourage professionals to be leaders in the charitable giving field with our clients. Some clients are more open to those conversations than others, but I think it’s important to address the option of charitable giving with all our clients. MaineCF is a wonderful resource to begin the charitable giving process, because I know that if I call with a question and am not speaking with the right person, I will be connected to someone who can help. I always get positive feedback, resources, and practical advice that help further my clients’ goals.
