Financial advisor achieves win-win for client with referral to NCCF

In his professional role as a wealth advisor and senior vice president with the Trust Company of North Carolina, Jason York regularly helps clients navigate their own financial strategies and options. A unique opportunity came his way when clients sold a business and wanted to offset taxes resulting from the sale through a charitable gift.

Jason York

York was familiar with the North Carolina Community Foundation and suggested that his clients investigate the option of establishing a family charitable fund with NCCF, which would enable them to award grants to charitable causes important to them, involve their children in the joys of giving and minimize certain tax consequences at the same time.

“I felt confident introducing my clients to NCCF,” said York. “My clients put in lots of hard work growing their business, which paid off in 2022 when they sold it. They then entered into a new phase of planning for the future, and charitable giving was of interest to them.”

Through a three-way planning team involving the clients, York and NCCF, a family charitable fund was established for general charitable purposes as determined by the clients. Their children were named as successor advisors to the fund in the future.

“A charitable fund with NCCF was a perfect solution for my clients in so many ways,” said York. “They never realized they were in a position to do this kind of ‘giving back’ to their community. I knew the community foundation would be an invaluable resource to them in supporting their philanthropy as it evolves over time.”

York also noted that the guidance, support and learning opportunities available through NCCF would be helpful to his clients now and in the future.

“This charitable fund with NCCF affords them the opportunity to engage their children in giving and establish a legacy of philanthropy for the family. The tax deduction is an added but significant bonus, and their family fund will continue to be a prominent vehicle for their future tax planning,” said York. “The family is happy, and we feel gratified with this opportunity to achieve a win-win for our clients.”