Paul J. Powers, estate and probate attorney, on why he regularly refers clients to The Trust
I’m a lucky lawyer. I work with New Yorkers who have done well and want to give back. Many clients want their estates to fund a particular nonprofit group. I ask blunt questions: What happens if the group’s leadership changes? What happens—and I’ve seen this—if the group gets into financial trouble and my client’s hard-earned money is used to pay off debts?
Some clients talk about starting a private foundation. My questions: Do you really want to take on record-keeping the IRS requires? Do you have heirs or colleagues committed to finding the right nonprofits years from now?
Again and again, I urge them to consider The New York Community Trust. The staff scours this region for the best nonprofits, then weaves together donors’ funds to make a real difference.
In 2015, I mourned the death of my client Jane Kitselman, a cellist who started a fund that asks The Trust to support the most promising chamber ensembles. The fund, with several million dollars, will enrich the lives of music lovers. I can’t think of a better legacy for Jane.
