Carl and Dr. Lyda Lindell have long been known as philanthropists. They’ve supported numerous nonprofits, initiatives, and causes locally and across the globe throughout their careers in Tampa Bay.
Much of this support has focused on communities where they’ve grown their successful businesses. Carl Lindell, Jr. is CEO of Lindell Investments, Inc., a Tampa-based real estate investment and development company. His wife, Dr. Lyda Lindell, is a pioneer in personal health optimization, and she leads a functional medicine practice in Tampa called URBestNow.
Nearly 10 years ago, they got involved with Community Foundation Tampa Bay to make a positive impact on their local community, along with a few key international issues.
Carl and Lyda channeled their individual and family philanthropy into a foundation in 2016 when they created the Lindell Family Foundation, held at the Community Foundation. In March 2022, they established an additional fund, the Ukraine Crisis Relief Fund at the Community Foundation, which has raised more than $1 million to support Ukraine residents impacted by the war.
Lyda served on the Community Foundation’s Board of Trustees from 2016 through 2022, and she continues to serve on the Tampa Metro Area Council. She is a strong advocate for the Community Foundation and its mission to create a thriving community.
The Lindells’ philanthropic efforts, as individuals, as a couple and as a family, have been inspiring. Now they’re doing even more to ensure their legacy continues for generations to come.
Planning for Generational Impact
For Carl and Lyda, it was time to determine how they’d make a lasting impact and leave a legacy on the communities where they’ve lived and worked. They explored their philanthropic priorities as individuals and as a family. They considered the ways they could make complex gifts work for their family while making the greatest philanthropic impact.
The Lindells turned to Community Foundation Tampa Bay, which has $850 million in assets, as trusted partners for their planning process and as responsible stewards for their philanthropic investments. The customized gift and philanthropy plan was complex. It encompassed an estate plan, corporate philanthropy, family philanthropy and much more.
Using Strategic Philanthropy
Throughout the planning process, it was critical to Carl and Lyda that the complex gift would maximize the giving potential after their passing. As business owners, Carl and Lyda were savvy and they brought a strategic approach to the philanthropic planning process.
The Lindell family is involved in the strategic philanthropy process. These family philanthropy discussions allow for conversations about rationale and intentions. It’s important because these family members will be responsible for sharing the family’s giving philosophy with future generations.
Due to the complexities of Carl’s business holdings, it was critical to review the existing estate plans and analyze the tax advantages to making changes to the structure and plans. One of the biggest changes: restructure the ownership of Lindell Investments and its assets, along with his estate distribution plan.
This change significantly reduces the family’s estate tax liability. However, business continuity is necessary to fully fund the Lindell’s philanthropic efforts. It was determined that a Lindell Investments manager would be needed to work a dedicated number of years following Carl’s passing to ensure continuity and maximize funding.
Turning to the Philanthropy Experts
The Lindell family again selected Community Foundation Tampa Bay as their trusted philanthropic partner and responsible stewards of their charitable contributions. The Community Foundation is experienced in handling highly complex gifts and has the expertise to customize charitable solutions.
A team of professionals with Community Foundation Tampa Bay were engaged to explore tax advantages and provide legal guidance. The Community Foundation’s in-house counsel Laurie Valentine and outside counsel Bill Lane, partner at Holland & Knight, ensured that the Lindells’ intent and expectations for philanthropic investments were clearly documented and achievable.
Donor intent is sacred at Community Foundation Tampa Bay. The organization is entrusted to carry forward the donor’s legacy in perpetuity. The Community Foundation protects the legacy that a donor specifies, and to achieve this legacy, there have to be frameworks and guidelines for the donor’s beliefs and philanthropic goals. The guiding documents strike a balance between executing the donor’s legacy based on today’s circumstances while being flexible enough for the uncertainties and unknowns that the future holds.
The personalized gift documents also outline the roles and responsibilities that the Community Foundation will fulfill for the Lindell Family Foundation. For private, family and corporate foundations, the Community Foundation handles all administrative duties, including accounting, carrying out due diligence and ensuring legal compliance.
While the Community Foundation handles administration, the Lindells’ family members get to focus on the impact they seek to make. They’ll guide the grantmaking process and honor Carl and Lyda through the Lindell Family Foundation’s significant positive impact for generations to come.
Making The Customized Gift Happen
As this customized approach to philanthropy took shape, Carl and his team of legal and tax advisors made significant changes to the Lindell Investments’ structure. Lindell Investments and its investment assets, valued at an estimated $125 million, were restructured into a Limited Liability Limited Partnership (LLLP).
At Carl’s passing, all interests in the LLLP will be transferred into the Lindell Family Foundation at Community Foundation Tampa Bay. Funds received from the LLLP will be available for grantmaking through the Lindell Family Foundation, which is determined by Carl’s heirs and designees.
The LLLP will continue active operations and investment for a set period of time, then the company will begin the process of liquidating the holdings, which will take a number of years. This structure redirects taxable funds to philanthropic gifts.
As a result of the customized complex gift, Carl dedicates significant philanthropic funds to invest back into the community.
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Creating a Lasting Legacy
The Lindell family legacy is significant, impactful and long-lasting. With this customized approach to giving, the Lindell Family Foundation will have a positive impact in their designated philanthropic areas. Their efforts join alongside the Community Foundation’s more than $31 million in grants to nonprofits each year.
This approach to giving is an inspiration for other families to consider as they contemplate their legacy today and beyond.
The Community Foundation’s Philanthropy team crafts personalized philanthropy plans, working in tandem with individuals, families and corporations and their professional advisors. Get in touch today to learn how to make a difference in your community.
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