Leaving a charitable gift in your Will is a great way to plant a seed for the benefit of future generations. But there is more than just adding a name to a document or two.
“When people are considering including us in their legacy giving, we encourage them to lean on the expertise of their financial planner,” says Shonna Breslaw, Philanthropy Officer with the Peace Arch Hospital Foundation.
That’s one of the ways the Foundation connected with Dave Lee, Senior Wealth Advisor, Scotia Wealth Management. Dave has been working with the Foundation for more than a decade, both through his philanthropy and through the regular seminars he’s offered to help people navigate legacy giving.
“Peace Arch Hospital is a pillar in our community — from broken bones to serious illnesses, everyone relies on its care at some point in their lives. They’re also the largest employer in the region, so supporting them is a fantastic way to keep our community strong,” Dave says.
Including a charity in your estate planning can be more complex, but with the support of both Dave and Shonna almost anything is possible.
“One woman gifted her house to the Foundation after her husband passed away,” Shonna says. “She’d already collected everything she wanted to take to her new home at the senior’s residence, and then the Foundation took care of everything else involved in selling her home from arranging cleaning and donating her unwanted belongings, which were taken to the Peace Arch Hospital Auxiliary’s Superfluity Thrift Shop which benefits the hospital. She received the tax receipt and was able to move on to the next chapter of her life.”
“Life insurance policies, registered retirement income funds, securities and property can all benefit a charity, with the proper planning,” Dave says.
- Choose the right charity. Not all charities are equipped to accept legacy gifts. Choose a cause that will still be around when your estate is distributed and has the tools to transition your gift smoothly. Peace Arch Hospital Foundation, for example, has full-time staff dedicated to the paperwork and logistics around legacy giving.
- Communicate your wishes. Clarify your plan with the charity and your loved ones. “It’s easiest if donor gifts are for the area of greatest need,” Shonna says. “We understand that a cancer survivor may want to donate to cancer care, but if you specify a specific piece of equipment or service and it’s a decade or two before you pass away, that item may become obsolete.”
To hear more from Dave and Shonna about legacy giving and the power of philanthropy, listen to the latest episode of Peace Arch Hospital Foundation’s The Power to Heal Podcast.
Call 604.535.4743 to book an appointment with Dave Lee in White Rock, or email firstname.lastname@example.org to discuss investments, life insurance, retirement planning, estate planning, generating income and minimizing your taxes. Follow him on Facebook, Twitter and LinkedIn for more financial insights.
ScotiaMcLeod, a division of Scotia Capital Inc.