Creating a Lasting Legacy: 10 Things To Consider
Planning for the future through your will is an essential step to ensure your wishes are respected and your loved ones are cared for after you’re gone. With the right guidance from an estate planning professional, you can find strategic ways to maximize your estate’s assets, including leaving a gift in your will to a charity like Perley Health Foundation. It offers generous tax incentives, and is a good way to give back to a cause you love.
Here are ten important things to consider when planning a legacy gift:
1. Prepare a Will
First and foremost, creating a will is crucial to ensuring your estate is distributed according to your wishes. A will allows you to provide for loved ones, fulfill your charitable intentions, and reduce the burden on your family by clearly outlining your plans.
2. Leave a Gift to a Charitable Organization
Including a charity, such as Perley Health Foundation, in your will is a meaningful way to ensure that your legacy lives on through support for those in need. Every gift, large or small, has a significant impact on the lives of its beneficiaries.
3. Decide on a Specific Amount or Percentage
You can choose to leave a specific dollar amount or a percentage of your estate. This flexibility ensures your estate planning aligns with your overall financial and family priorities, while still making a difference.
4. Use Assets Such as Mutual Funds or Stocks
Gifts of publicly traded stocks or mutual funds can be a tax-efficient way to give. By donating these assets, you can reduce capital gains taxes while maximizing the impact of your gift.
5. Name Your Charity of Choice as a Beneficiary of Your RRSP, RRIF, or Pension Plan
You can also designate your charity of choice as the beneficiary of your retirement savings, such as an RRSP, RRIF, or pension plan. This is a straightforward way to leave a lasting gift while potentially reducing the tax burden on your estate.
6. Leave a Life Insurance Policy
Naming a charitable organization as the beneficiary of an existing life insurance policy is another way to make a substantial contribution. Alternatively, you could purchase a new policy and designate the charity as the beneficiary.
7. Honour a Loved One
Leaving a gift in your will can be a way to honour the memory of a loved one who has passed. Many people choose to leave a legacy gift in tribute to family members who shared their values of caring and community.
8. Encourage Family and Friends to Give
You can inspire others to follow in your footsteps by discussing your decision to leave a gift in your will. Encouraging others to consider charitable giving in their estate planning helps build a culture of philanthropy.
9. Work With Your Financial Advisor
Consult with your financial or estate planning advisor to include charitable giving in your overall financial plan. They can help you navigate tax considerations and ensure your gift is structured in a way that maximizes its benefits to both you and the charity.
10. Share Your Vision
Let the charity know of your plans to leave a legacy gift. By sharing your intentions, the charity can recognize your generosity and work with you to ensure your legacy aligns with your vision for the future.
By taking these things into consideration when planning your will, you can make a lasting difference in the lives of those who benefit from the essential services of the charity or charities you support. And with the right guidance from estate planning professionals, you can find strategic ways to minimize the amount of tax your estate will owe to CRA.
For more information on leaving a gift in your will to Perley Health Foundation, please contact Delphine Haslé at dhasle@perleyhealth.ca or call 613-526-7194. Your kindness and foresight will ensure that the support and care provided to Seniors and Veterans can continue well into the future.