PROFESSIONAL ADVISOR RESOURCES
The North Texas Community Foundation is always available to answer questions and meet with you personally to tell you more about our customized charitable solutions. We also offer many resources that may be helpful to you and your clients.
Megan C. Sanders, J.D.
Megan C. Sanders joined Bourland, Wall & Wenzel as an associate in 2011. An honors graduate of Baylor University School of Law and Texas Christian University, her practice focuses primarily on estate planning, probate, charitable entity formation, charitable giving, and tax planning issues. She represents professionals, families, charitable entities and closely-held businesses in the firm’s areas of expertise to achieve their estate planning, wealth migration, asset protection, and transfer tax planning goals, among others.
This article is directed towards donors and their advisors, to be a resource for various aspects of drafting a charitable gift agreement or donor advised fund agreement. Typically, a gift agreement memorializes the intention behind a single gift, or multiple gifts to one charity for a single purpose, while a donor advised fund can be used for multiple charitable purposes over time, for a donor who has a more fluid charitable intention. In either drafting scenario, we must begin with a thorough exploration of the donor’s true vision, as the donative intent is the very essence of the gift agreement. It is crucial that we consider various aspects of the donor’s gift and the donee’s use of the gift in crafting these types of agreements, working with the donee charity throughout the drafting process.
While most charities will have a form gift agreement, putting our donor’s unique stamp on the form agreement will enable their philanthropic intentions to have ultimate impact and longevity. This article begins with the basics of an enforceable charitable gift, discusses the impact of placing restrictions or conditions in the terms of the gift agreement, the enforceability of charitable pledges, and the vital elements of a gift agreement. As for donor advised fund agreements, the article discusses the basic operation and function of the donor advised fund, the manner in which they are created, and various drafting considerations for the agreement. Finally, sample language and drafting ideas are included for consideration and editing in your own gift agreement.