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