Originally published by the Regina Leader-Post. Click here to view the original article.
Many Canadians would like to donate to worthy causes but feel restricted by the financial reality of daily living. The answer, regardless of your financial position, is a secure and simple strategy called planned giving.
Planned giving means that instead of making donations now, while you’re alive and need your money, you wait until you pass away. “Anyone can truly give a planned gift because it doesn’t affect your day-to-day finances,” says Jenna Peoples, legacy giving advisor with the Saskatchewan Community Foundation. Sometimes, the gift is made possible because of a life insurance policy, for example, or from the sale of a major asset such as a home.
Of course, you also want to make sure your loved ones are looked after as well. By including a planned gift through the foundation in your Will, you can be both a valued donor to an organization and a benefactor to your family. There is no “either-or” decision.
Remember, too, that any donation to a worthy organization is always appreciated and important, regardless of the size of that gift. The gift can be a one-time form of support or used to establish a trust, where the annual revenue, such as interest generated by the gift, is used by the organization for many years to come.
From a purely practical perspective, a planned gift is a charitable donation and can generate a tax credit that reduces the final tax bill for your estate. If this sounds complicated or something only the very wealthy can do, be assured that it can be very straightforward and of real benefit for everyone.
A great first step is to contact The Saskatchewan Community Foundation. They can answer your questions about planned giving and then ensure your legacy goes to the charities of your choice. What’s more, should you change your mind as to where you want your gift to go, it’s as simple as calling the foundation to make your desired changes — without the cost of changing your Will.
My favourite part of my job is getting to meet new people, to learn about their lives and what matters to them — and then help them make a plan to support those causes in the future,
There is no charge for this service and no obligation. For more information, contact Jenna Peoples at the Saskatchewan Community Foundation at 306-751-4756 or [email protected] — or visit www.saskfoundation.ca
This story was created by Content Works, Postmedia’s commercial content division, on behalf of the Saskatchewan Community Foundation.