HOW PIONEERING WOMEN MAKE SMART LEGACY
She was always a trailblazer. In the 1960s, when Betti Port was just 23, she embarked on a world tour from her native Australia, settling in Vancouver. Not long after, Betti joined CN Rail, breaking new ground to become one of CN’s first female sales managers, first senior managers and, eventually, one of its first senior female executives in Western Canada.
Betti fondly remembers that time, including a keynote speech she gave to a women’s mentorship group in Winnipeg about her philosophy: If you’ve anything to share, share it with your community.
It was this philosophy that inspired Betti to support United Way of the Lower Mainland.
“I knew United Way of the Lower Mainland works hard to achieve a society that is safe and welcoming for everyone, regardless of gender or any other factors,” said Betti.
Her annual gifts led her to name United Way of the Lower Mainland as a percentage beneficiary of the residue of her registered retirement income fund (RRIF).
A registered retirement savings plan (RRSP) converts to an RRIF when the plan holder turns 71. Annual withdrawals must be made from the plan, which are then taxed. When a charity is made a beneficiary of an RRIF – or the residue of an RRIF, like Betti’s arrangement – the resulting credit can be used to offset estate taxes. Funds held in an RRIF are also excluded from the probate tax levied on estates over $25,000.
Upon retirement, successful career women may wonder how to balance lifestyle goals and personal philanthropy. Planning an RRIF residual gift means Betti can afford to continue to travel and enjoy life, but can also make a significant gift from her estate to a charitable organization. It also means her legacy planning is tax-savvy.
An RRIF residual gift is a great example of changing the world through strategic giving, a common priority for trailblazing women like Betti.
“I used to wonder how to stay true to my philosophy after I finished working,” said Betti. “It feels good knowing I will make a legacy gift that will leave a mark on the community for generations to come.”
Other options for legacy gifts include bequests and gifts of life insurance policies. For more information on legacy gifts to United Way of the Lower Mainland, please contact Celia Campos at 604-2948929 ext. 2208 or celiac@uwlm.ca.