It’s Easier Than You Think
December 4, 2025
As year-end approaches, we often receive calls from advisors who are helping a client update their estate plan. The client would like to make a legacy gift to MCF, and they are unsure how to proceed. As you enter year-end planning season, we wanted to provide you with answers to the most frequently asked questions we receive from advisors
regarding legacy giving:
1. How do people typically document gifts to MCF?
Your clients can document their legacy gifts to MCF in two easy steps:
- By naming MCF as the beneficiary in their estate planning documents or on their beneficiary designation forms.
- Clients making gifts through IRAs, retirement plans or life insurance policies should list Madison Community Foundation (Tax ID: 39-6038248) as a beneficiary on the beneficiary designation forms provided by the account custodian.
- Clients making gifts through wills or trusts should include a bequest to Madison Community Foundation. Many fundholders opt to include a general bequest to MCF along the lines of the following: “I/we bequeath to Madison Community Foundation (tax ID# 39-6038248), located in Madison, Wisconsin, ____% of my residual estate – OR – the sum of $______ to be used for charitable purposes as set forth in a Statement of Intent or Letter of Understanding held by Madison Community Foundation.” This approach allows clients flexibility to change their instructions regarding MCF’s use of their bequest without having to update their will or trust.
- By completing a Statement of Intent with MCF to document how they want their legacy gift used. Clients can provide MCF with this guidance by completing a brief Statement of Intent form and either emailing it to MCF at legacy@madisongives.org or mailing it to 111 N. Fairchild Street, Suite 260, Madison, WI 53703. MCF staff will review the completed Statement of Intent form and contact your client if they have any questions. If your client’s Statement of Intent involves creation of a new fund or complex gift instructions, MCF may prepare a short Letter of Understanding for their signature outlining the terms of the new fund or clarifying the gift instructions.
2. My client wants to direct part of their gift to an existing fund at MCF, and have MCF pay the rest out in a lump sum to another nonprofit organization. Can MCF do that?
Yes! MCF is happy to direct a portion of your client’s gift to a nonprofit designated in their Statement of Intent. When completing the Statement of Intent form, they should note what percentage of the total gift they would like paid to the existing fund (either the donor’s fund, MCF’s Community Impact Fund, or an existing nonprofit endowment fund or Field of Interest Fund). Then, under the “Other” line on page 1, they should note what percentage they would like paid directly to the nonprofit and write that nonprofit’s name in the blank provided.
3. Can my client direct their gift to a fund they have already created at MCF?
Yes! When completing the Statement of Intent form, they can select the option of using their gift to support “Your existing named fund held at MCF” and write the name of their fund in the blank provided.
4. Can my client direct that their gift be used to establish a new fund at MCF?
Yes! When completing the Statement of Intent form, they can select the option of using their gift to support “A new named fund” and write the name they would like to use for their fund in the blank provided. If your client selects this option, an MCF staff member will contact them to discuss the specifics of the fund they would like to establish (for example, the fund type, the fund’s purpose, whether the fund will have advisors, etc.). Once our staff understands the specifics of what your client wants, we will ask them to sign a short letter of understanding outlining the fund terms.
5. My client wants to give anonymously. How do they indicate that?
When completing the Statement of Intent form, your client can select the option on the bottom of the form to remain anonymous, or the option to only remain anonymous until their gift is realized.
6. What if my client’s philanthropic goals change?
If your client has included a general bequest in their will or trust, or has named MCF the beneficiary of their IRA, retirement plan or life insurance policy, they can work directly with MCF to update their instructions for the gift. MCF staff will provide them with an updated Statement of Intent form or an updated letter of understanding reflecting those changes for their signature.
If your client has included specific directions regarding use of their gift in their will or trust, they will need to work with their estate planning attorney to incorporate those changes into their documents.
7. What if the source of my client’s legacy gift changes?
If the source of your client’s legacy gift changes (for example, if your client had originally intended to fund their gift with proceeds from a life insurance policy but now wishes to fund it from their IRA), please contact MCF to let our staff know. We will note this update in our files, which will help us identify and direct your client’s gift accordingly. (This is especially important with gifts from IRAs, retirement accounts and life insurance policies, because some custodians do not provide the account holder’s full name when sending checks to us.)
8. I have more questions regarding the process for documenting legacy gifts to MCF. Who should I contact?
If you or your clients have additional questions, we would be happy to help! Alison Helland, Director of Donor and Advisor Engagement, can assist you or refer you to another member of our Donor Engagement team to serve as a resource for your specific situation. You can reach Alison via e-mail at ahelland@madisongives.org or via phone at 608-446-5937.
This material has been provided for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. The information included was accurate when we published the blog.
