5 minute read
Leaving a legacy in your community
Leaving a legacy in your community
Leaving a legacy in your community
Supporting the upgrades and modernization of Burnaby Hospital makes a meaningful impact on health care for your friends, family, and generations to come.
Supporting the upgrades and modernization of Burnaby Hospital makes a meaningful impact on health care for your friends, family, and generations to come.
Supporting the upgrades and modernization of Burnaby Hospital makes a meaningful impact on health care for your friends, family, and generations to come.
Reine’s Legacy:
Reine’s Legacy:
Reine’s Legacy:
“Burnaby Hospital has been there for me and my family whenever we were in need of medical assistance. Also, like many in the community, I am so thrilled that soon there will be a revitalized Burnaby Hospital. It is what many of us [at the Auxiliary] have been working [towards] for decades and it is very satisfying to see everyone come together to ensure this transformational redevelopment. It is what we do... we look after each other.”
“Burnaby Hospital has been there for me and my family whenever we were in need of medical assistance. Also, like many in the community, I am so thrilled that soon there will be a revitalized Burnaby Hospital. It is what many of us [at the Auxiliary] have been working [towards] for decades and it is very satisfying to see everyone come together to ensure this transformational redevelopment. It is what we do... we look after each other.”
“Burnaby Hospital has been there for me and my family whenever we were in need of medical assistance. Also, like many in the community, I am so thrilled that soon there will be a revitalized Burnaby Hospital. It is what many of us [at the Auxiliary] have been working [towards] for decades and it is very satisfying to see everyone come together to ensure this transformational redevelopment. It is what we do... we look after each other.”
Reine’s dedication to supporting others through volunteering and donations has extended to her estate plans, where she thought it fitting to include a gift to Burnaby Hospital Foundation. The Foundation is raising funds for the redevelopment of the beloved community hospital into a modern campus of care.
Learn how you can create a lasting impact: bhfoundation.ca/legacy
Reine’s dedication to supporting others through volunteering and donations has extended to her estate plans, where she thought it fitting to include a gift to Burnaby Hospital Foundation. The Foundation is raising funds for the redevelopment of the beloved community hospital into a modern campus of care.
Reine’s dedication to supporting others through volunteering and donations has extended to her estate plans, where she thought it fitting to include a gift to Burnaby Hospital Foundation. The Foundation is raising funds for the redevelopment of the beloved community hospital into a modern campus of care.
Learn how you can create a lasting impact: bhfoundation.ca/legacy
(604) 431-2881
Learn how you can create a lasting impact: bhfoundation.ca/legacy
(604) 431-2881
(604) 431-2881 physically active and caring for young children. It can cause sleep problems, mental health issues and put people at risk for serious complications like heart attack and stroke. Legacy gifts support research that finds answers so that people can thrive, despite having arthritis.”
Choosing where to focus legacy giving can be daunting with so many worthy causes in need of support. Without the right kind of help, establishing a resilient legacy gift can seem almost impossible.
“It may be helpful to reflect on your values, the causes that have affected you or your loved ones or an underserved need you see in your community,” says Craig Hikida, vice-president, donor services at Vancouver Foundation. “For those who know exactly what they want their gift to achieve, it is important to allow flexibility so their chosen charities can always respond to future needs as they arise.”
Donors should consider how they can ensure that their values are carried into the future by an organization that shares them, recommends Maria Howard, CEO of Family Services of Greater Vancouver.
“If you’ve received support in the past or have benefited from a particular cause, leaving a legacy gift is a wonderful way to ensure the organization of your choice can carry out its mission for many years to come,” she says.
Another tact is for donors to consider the services they want their loved ones and neighbours to have access to in a moment of crisis—like counselling, community connection, or literacy and life skills workshops—the things that make life a little easier in a stressful world.
For those with pointed interests, Family Services has four funds that donors can give to, based on what matters to them. The funds include the Healthy Families Fund, Empowerment Fund, Inclusive Communities Fund and Youth Services Fund.
For those who know more loosely the area where they’d like to focus their giving, Vancouver Foundation can help. Once a donor has decided on what their legacy will be, the how is the next consideration.
Legacy Gifting Strategies
This is where consulting with a professional financial planner to ensure your personal and financial goals match is essential. “A professional can provide you with various options and advice,” says Kristy James, president and CEO, Burnaby Hospital Foundation. “This can involve developing a strategy for charitable giving depending on your applicable assets.”
Different strategies will take advantage of various tax benefits, so it is important to be clear on how you plan to structure a charitable legacy gift to make the most impact.
“The fact is, when you pass, your estate is likely to be responsible for taxes payable,” James says. “Leaving a bequest in a will, appreciated securities or life insurance can reduce your personal taxes and increase benefits to your estate and its beneficiaries.
“And, while leaving a gift in your will is an emotional and practical decision, we have often found that donors who consult a professional can find a new realization about how they can support their charity of choice, while also ensuring that their loved ones are taken care of.”
Nakatsu says it’s important for people to know that they can take care of their loved ones and support the causes they value most, because even a small portion of an estate can go a long way. “For example, 5% of an $850K estate translates into a donation of $42,500,” she says. “Imagine the difference a gift like this can make! We recommend donors speak with a professional advisor to get the best advice for their own particular situation.”
Professionals also help donors navigate the complexities of gift and estate planning and avoid unnecessary fees. “This grows your legacy and gives you peace of mind,” Hikida says. “A professionally drafted plan will help ensure your estate is protected from potential costly legal challenges, which can result from something as simple as ambiguity in the language used.”
Consulting with a charitable organization prior to including them in your estate plans is highly recommended, especially if you intend to place any restrictions on the use of your gift. Otherwise, there is a risk that the charity may have to decline the gift in the future if the purpose can not be met.
A named endowment fund can be established at Vancouver Foundation to receive a gift and make regular payments of income to your chosen registered charities or support your selected area of focus. “This simplifies the distribution of your estate for your executor and ensures that the charities receive steady, ongoing support in perpetuity,” Hikida says. “Donors who can’t decide on a charity or cause can rely on Vancouver Foundation’s community expertise to fund charitable projects across BC, ensuring your legacy always funds current and emerging needs.”
Using the service of a professional will ensure the will is valid, including listing an accurate charity name, making sure the donor’s giving is going exactly where they intend.
“There are many ways to give a legacy gift, including bequests (cash gifts), naming a cause as the beneficiary of your TFSA, RRSP or life insurance policy, endowments, securities, and even real estate,” Howard says. “A professional can
