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How do you want to leave your financial legacy?

How do you want to leave your financial legacy?

Planning for the future is important for everyone, but it’s especially important if you or someone you care about has dementia. That’s why we’ve partnered with RBC Wealth Management Estate & Trust Services to bring you a series of informative blogs about estate planning.

In this blog, Leanne Kaufman, Head of RBC Estate & Trust Services, asks ‘What kind of financial legacy do you want to leave behind?’

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What will your legacy be?

What will your legacy be?

Death is a fact of life. Because the transition from life to death is an unknown, humans are full of fear. And fear drives us to avoidance. Even though there has been increasing media attention to end-of-life issues recently, we seem to live in a death-phobic, death-avoidance culture. While our television, movie and video game screens are often filled with images of violent death. And news reports remind us every day of various threats to life.

Can we shift our perceptions to think about our Legacy instead of our deaths? May is Leave a Legacy month in Canada.

May is national LEAVE A LEGACY™ month across Canada. LEAVE A LEGACY™ is a national public awareness program designed to encourage Canadians to leave a gift, primarily through their Will, to a charity of their choice and to raise awareness of the importance of including a charitable gift in the estate-planning process.

The main goal of estate planning is usually to have the greatest amount of one’s estate pass to the owner’s intended beneficiaries. This includes paying the least amount of taxes. A legacy gift can benefit your favourite charity while significantly helping your family save taxes.

We are living in a time when an unprecedented amount of wealth is being transferred from one generation to the next. According to the Canadian Association of Gift Planners, in the next two decades 3.5 million Canadians are expected to die, leaving an estimated $1.5 trillion to their families and community.

Recent data on estate planning

A recent Scotiabank study found that half (50 per cent) of Canadians have a Will and just over half of Canadians (54 per cent) said they have spoken to their family about their intentions for their Will. The study also found that only one third (33 per cent) of Canadians have a Power of Attorney for property, while 59 per cent do not have one and 8 per cent say they don’t know what it is.

The disturbing part is that 50 per cent of Canadians currently don’t have a Will. According to the LEAVE A LEGACY™ program, if this trend continues, about two million Canadians over the next two decade will end life without a Will to protect their assets and their families. Without a Will, people lose the ability to control distribution of their estate to their chosen beneficiaries!

A common myth is people think you have to be wealthy to make a legacy gift—this is simply not true. Anyone can arrange to leave a charitable gift from their estate, regardless of its size.

People give for many different reasons; to ensure their memory lives on, to ensure that their favorite charity is able to continue its important work, to minimize the tax liability that comes with the transfer of one’s estate to surviving family members.

You have the ability to help the lives of people with dementia and create a lasting legacy. Gifts left to the Alzheimer Society of Ontario gives us the security of future funds. This May, get into action, do your Will, leave a legacy and create a brighter future for communities across Canada. We are here to help, request our free Super Hero Estate Planner and Guide. Not all Super Heroes wear capes. At the Alzheimer Society our Super Heroes leave a gift in their Wills to fight our #1 foe – dementia. Take a stand. Get the job done. Protect and help others and gain peace of mind. To learn more, and to request a free estate planner and guide, go to alzsuperhero.ca

 

Written by:

Colleen Bradley Chief Development Officer, Planned Giving Alzheimer Society of Ontario
Colleen Bradley
Chief Development Officer, Planned Giving Alzheimer Society of Ontario

 

What do you want YOUR legacy to be?

What do you want YOUR legacy to be?

For those of us working for a charity, the word “legacy” means a thoughtful charitable gift, a gift left in your Will. But there could be another meaning: how did you show up in the world?

In other words, aside from the dollars distributed from your estate, how do you want to be remembered? What do you want YOUR legacy to be?

How do you show up in the world? Most of us strive to be the best possible person we can in daily life. We aim to be productive, giving, and caring people who cause as little pain as possible to others when travelling on our own path. Some of us volunteer; others donate to important causes.

What do you want YOUR legacy to be? I was recently asked this question by our CEO, Chris Dennis. In the 26 years that I have been working in the charitable sector in estate planning, this was the first time I had ever been asked that question! So I have to admit, I needed a moment to reflect.

When speaking with donors who want to give a charitable gift in their Wills, I usually ask that early in our conversations. So I asked myself more of the same questions I pose to donors: What’s important to you? What are your core values, the beliefs you have woven into the fabric of your daily living? What do you think your purpose is for being here? And perhaps the most interesting question of all was: What’s missing? Is there anything else you could be doing while you’re healthy, happy and alive?’

Getting back to Chris a few days later, I said I wanted to create a Centre of Fundraising Excellence at the Alzheimer Society as part of my legacy. If I was going to take on the responsibilities of Chief Development Officer, I wanted to build a strong foundation of revenue to fight our foes of Alzheimer’s disease and dementia. I wanted to educate people on why they need to overcome procrastination and complete their Powers of Attorneys and Wills. And I wanted to work with a team that strove to be the best.

When I reflected on my personal life, I know I have fallen a bit short of my goal of ensuring that the people I care for most know of how much I love and appreciate them. Yes, I tell my family and friends that I love them all the time, but I believe “deeds speak.” I noticed that there is room for improvement in my actions there and other areas too. And then it hit me: my legacy is a work in progress. I create my legacy moment by moment, day by day, by being intentionally aware of what I am creating, and who I choose to create it with.
So what do you want YOUR legacy to be?

I’d like to invite you to consider your personal legacy. How do you show up in the world? How do you treat yourself, others, your communities, and the planet? What gets in your way? What would it take to align your beliefs and words with simple actions? Your actions today, like completing an estate plan, can ensure others will be protected and thrive long after you leave this earth.

I invite you to create a strong personal legacy that includes cherished memories along with the dollar legacy you leave in your estate plans. Because in the end, it will be how people ‘remember’ us that will truly matter.
If you would like to share your thoughts on this blog, please email me at cbradley@alzheimeront.org.

Learn more about Make a Will Month.

IMG_4846 (edited)-2Colleen Bradley

Chief Development Officer, Planned Giving