A LITTLE PLANNING CAN GO A LONG WAY…
There are causes you are passionate about. After you have taken care of loved ones, why not demonstrate your life values by leaving a lasting legacy to the charities and causes you believe in. Your gift will have a meaningful impact on future generations and help make the world a better place.
A legacy gift is a charitable gift from your estate – a gift that you strategically plan together with your financial advisors and the charities you choose to support. The most common type of legacy gift is a gift in a will. You can also name your favourite charity as a beneficiary of your RRIF or RRSP. In fact, there are a number of tax effective ways to leave a legacy gift. It is a decision and choice made by you; a gift that reflects and takes into account your charitable wishes, personal values and circumstances.
Why legacy giving is important
A Legacy Gift is important because it makes a difference in the lives of others through the charities and causes that are most important to you. When you choose to make a future contribution as part of your estate planning, you can help change the lives of the people in your community and beyond. Our world may have numerous problems but with the help of caring individuals like you, the financial support that every charity receives will build solutions and improve lives for many generations to come.
How to make a Legacy Gift?
Is there an organization or charity that has had an impact on your life, your community, or the life of someone you love? By creating a legacy, you make a significant contribution to the future sustainability of your chosen charities and support the causes that are most meaningful to you.
Do you have a Will?
If you do not have a will, you are not alone. According to a 2014 report for BC Notaries, just 55 per cent of British Columbians have a signed, legally valid and up-to-date will. A will is the best way to ensure that the people, charities and organizations you cherish most receive the benefit of your estate. Without a will, your estate may not be distributed in the way you would have wished and the costs of administering your estate may also be higher.
Regardless of your economic background, your gift can make a difference. Philanthropy comes in all shapes and sizes. Even a small amount can have a big impact over time. You can leave money to your family and to your favourite charity and do not have to choose between the two. You can do both, and some charitable gifts may actually save your family money by decreasing inheritance taxes.
Here are some ways that you can make a legacy gift: . Gifts in a will . RRSPs and RRIFs designations . Life insurance . Charitable remainder trusts . Residual interest gifts . Appreciated securities
For information about how you can make a strategic charitable gift, speak with your financial advisor or consult with your charity of choice on how best to structure your legacy gift.
About the Canadian Association of Gift Planners (CAGP)
The Canadian Association of Gift Planners (CAGP) is a national association that inspires and educates the people involved in strategic charitable gift planning – people like fundraisers, financial planners, trust officers, estate lawyers and accountants. Together, they enable donors to build a better world through strategic charitable giving.
CAGP advocates for a beneficial tax and legislative environment that strengthens philanthropic giving, creates a networking environment with like-minded professionals and experts, and provides access to outstanding learning opportunities and professional development.
Established as a national, non-profit organization in 1993, CAGP is the only Canadian professional association that brings together charitable fundraisers and professional advisors. Through a commitment to a stringent Code of Ethics, continual learning and networking, and a willingness to share knowledge, members help each other grow and develop as professionals in their respective fields. The Vancouver Island Chapter in Victoria is one of 19 local Chapters across Canada. cagp-acpdp.org