Faces of Philanthropy: Darrel DeVaney

When considering how much to leave your children/grandchildren I’ve always loved the following quote from Warren Buffet:  “Give them enough that they can do anything, but not so much they’ll do nothing”

Darrell DeVaney

St. Mary Magdalen Catholic Church

PGAC Past Chair

DAF Fundholder

St. Katharine Drexel Society Member

I’m the Co-managing principal at 55 North Private Wealth and have been in wealth management for 26 years.  My wife Katie and I have 3 children ages 18, 16, and 8.  So that should tell you I still have many more working years ahead of me!  We founded 55 North to help individuals and families navigate the complexities of their wealth, with a heavy emphasis on taxable investors.  Leaning into charitable and philanthropic planning over the past several years made the Catholic Foundation and Planned Giving Advisory Council a natural fit to help grow my knowledge and influence. St Margaret Mary Catholic Church/School as well as Bishop Moore Catholic have become a big part of our lives and have been wonderful institutions to see our children grow.   

Faces of Philanthropy Q & A with Darrell DeVaney:

Q: What advice would you give someone starting to think about their legacy? 

A: Start with what you care about and/or are concerned.  Then consider what impact you would like to make while living vs after you have passed.  You can then bring in the professionals needed to make your vision come to fruition.  Don’t assume your beneficiaries have the same philanthropic intentions.   Therefore, documentation is key. 

Q: Can you share a simple planned giving tool or strategy more people should know about? 

A: Qualified Charitable Distributions from IRAs can solve many issues at once. 

Q: Who taught you about giving or stewardship? 

A: My parents – every Sunday the envelope in the basket at Annunciation.  The envelopes are all but gone, and so much giving today is done without notice.   Which makes it even more important to facilitate conversations with your children to let them know how you are giving back.

Q: What motivated you to join the Planned Giving Advisory Council? 

A: To learn more about the great work our parishes, the role of the Catholic Foundation as well as connect with my peers.Click here to learn more about our Planned Giving Advisory Council.