#132: Philanthropy, Charitable Tax Strategies and a Life After Business

St. Paul & Minnesota Foundations (SPMCF) helps charitable organizations and investors determine the purpose of funds and measure their impact. It gives funds to the right people, for the right reasons.

Luther Ranheim is a gift planner at SPMCF. He connects professional advisors, clients, and community members with philanthropic resources to help them reach charitable giving goals. Also, Luther assists non-profit organizations with planned giving and endowment opportunities.

Where do you want to put your money? How much should you put in? What’s going to be done with it? What are the tax ramifications?

Luther shares how philanthropy, charitable donations, and non-profits give you a sense of purpose and fit into your life after business. Let Luther and SPMCF guide you on your journey.

What you will learn:

• Luther’s background in financial services.
• Why Luther transitioned to fundraising and philanthropy.
• SPMCF grants assets to charitable organizations and helps set up philanthropy tools.
• The definition of philanthropy, and how it works.
• How conversations identify your passion, purpose, and possibilities.
• The challenges that come with fundraising and philanthropy.
• The number of nonprofits that SPMCF works with and success to significance stories.
• How to find charities and become involved by using your knowledge to make an impact.
• Who do you know? Who can you call? Connecting with the right people.
• One of the silver linings with baby boomers retiring is the significant transfer of wealth.
• How to track, measure, and evaluate return on investment (ROI).
• SPMCF’s process to evaluate and assess organization’s potential to receive funds.
• The different ways to address your “why” and financial targets.
• Luther offers an overview of donor-advised funds and how they are used.
• What are the different tax implications and write offs?
• Entrepreneurs who sell their business lose their platform for funding charitable donations.
• Create a structure to leave a legacy and continue to support the community.

Takeaways:

Anyone can be a philanthropist. You don’t need to have millions of dollars. Find your passion, something that’s near-and-dear to your heart, to make an impact. There’s a way to include philanthropic planning as a part of the exit strategy from your business. Connect with SPMCF to talk about the possibilities of adding a charitable component to your business transition.

Links and Resources:

GEXP Collaborative
St. Paul & Minnesota Foundations (SPMCF)
Luther’s email address
651-325-4206
Stephanie Breedlove
The Halftime Institute
Taxes and Selling a Business: How to Calculate Net Proceeds with Ryan Turbes

About Luther:

Luther Ranheim was born and raised in Minneapolis. His love for the Twin Cities is an integral piece to his job as a gift planner at St. Paul & Minnesota Foundations (SPMCF).

Luther combines his early career knowledge in banking with more recent non-profit development experience. Previously, he worked for Wells Fargo Private Client Services and Bremer Bank. Recently, he has been involved with non-profit development for the MacPhail Center for Music, Greater Twin Cities United Way, Minnesota Orchestra, and Alzheimer’s Association.

He graduated from Lawrence University. Currently, Luther serves on several boards, including the Association of Fundraising Professionals and The Singers – Minnesota Choral Artists. Also, he is on the Alumni Council of Greater Twin Cities Youth Symphonies.

Luther and his wife support the Twin Cities’ arts community by attending concerts and events. They enjoy spending time with their dog, cheering on the Minnesota Vikings and Minnesota United teams, and grilling food using their Big Green Egg.

Luther’s skills include:

• Philanthropy;
• Fundraising;
• Annual Giving