Legacy planning can be overwhelming at a very difficult time. Consulting with family, a professional advisor and donor agencies in advance can help ease the burden. sponsoredcontent legacyplanning
Legacy giving and estate planning can be daunting—professional consultation can help.A legacy gift is what someone is remembered for. It is how they impact future generations and care for their community or causes long after they are gone. In many cases, it is a defining source of income for organizations working hard to meet communities’ health and wellness needs.
Donors should consider how they can ensure that their values are carried into the future by an organization that shares them, recommends Maria Howard, CEO of“If you’ve received support in the past or have benefited from a particular cause, leaving a legacy gift is a wonderful way to ensure the organization of your choice can carry out its mission for many years to come,” she says.
This is where consulting with a professional financial planner to ensure your personal and financial goals match is essential. “A professional can provide you with various options and advice,” says Kristy James, president and CEO,. “This can involve developing a strategy for charitable giving depending on your applicable assets.”
“And, while leaving a gift in your will is an emotional and practical decision, we have often found that donors who consult a professional can find a new realization about how they can support their charity of choice, while also ensuring that their loved ones are taken care of.”support the causes they value most, because even a small portion of an estate can go a long way. “For example, 5% of an $850K estate translates into a donation of $42,500,” she says.
Using the service of a professional will ensure the will is valid, including listing an accurate charity name, making sure the donor’s giving is going exactly where they intend. Or consider establishing a donor-advised fund through which you can donate a lump sum now but spread it among various charities or distribute it over several years. “This effectively creates a pseudo foundation for a fraction of the cost of setting up a private foundation,” Shang says. “You receive the tax receipt when you make the donation and can then allocate the funds to any of Canada’s registered charities.
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