50+ Living - Experience Group
50+ Living - Experience Group
50+ Living - Experience Group
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cont. from p14<br />
families need. This<br />
extra is known as<br />
social capital, the<br />
amount that you<br />
can return to your<br />
community. Some of<br />
us are fortunate to<br />
identify these funds<br />
during our lifetimes.<br />
For others, this<br />
discretionary capital<br />
only becomes<br />
available in their<br />
estate.<br />
A recent Ipsos-Reid<br />
survey indicates<br />
that 8% of British<br />
Columbian’s give<br />
approximately<br />
$8,000 to charity in<br />
their wills.<br />
If this is an amount you think you could<br />
afford, it’s easy to do. Let me show<br />
you how Gifting falls into two general<br />
categories: gifting during lifetime, and<br />
gifting at death.<br />
Gifting during lifetime<br />
During lifetime, we make annual<br />
contributions to door-to-door<br />
canvassers, our church, the United<br />
Way. We may also make an occasional<br />
larger gift to a specific<br />
charity, such as<br />
Semiahmoo House<br />
Society, to assist with<br />
a capital campaign<br />
to raise funds for a<br />
building or equipment<br />
for example.<br />
Gifting at death.<br />
The other category<br />
is estate gifting,<br />
sometimes known<br />
as deferred or<br />
planned giving. An<br />
estate gift must be<br />
in writing, either in<br />
your will or directly<br />
designated in the<br />
RRSP/RRIF contract,<br />
or insurance policy.<br />
Both the amount and<br />
the charity must be<br />
identifiable.<br />
Identify the amount.<br />
Some choose a dollar<br />
amount, others a percentage of their<br />
estate. Because the value of our assets<br />
is constantly changing, a percentage is<br />
perhaps safer in that it won’t get out of<br />
balance with the amount going to heirs.<br />
Identify the charity. Consider the charity<br />
as another child and create one extra<br />
share to be distributed on your death.<br />
Or simply designate 10% of the residue<br />
of your estate to charity. How does that<br />
work Let’s say you have four children.<br />
Would each of them miss 2½ % of<br />
their inheritance Likely not, especially<br />
knowing that over 40% of the gift could<br />
have been lost to taxes anyway.<br />
Endow your annual gifts. If you already<br />
give $10,000 annually to your church,<br />
your estate plan should consider leaving<br />
$250,000 to the church when you die<br />
so that your annual legacy can continue<br />
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Reduce your estate taxes.<br />
year after year. The church could invest<br />
this bequest at 4% to generate $10,000<br />
every year thereafter. If you don’t have<br />
the cash in your estate, buy it Use life<br />
insurance to fund your estate gift. That<br />
way, the only cost to you is the annual<br />
premium. Better yet, use the tax credit<br />
from your annual giving to pay the<br />
premiums on life insurance to create the<br />
estate gift.<br />
An estate gift is also an effective way to eliminate taxes on your estate. By<br />
planning the size, type and timing of the gift, your estate will be able to apply the<br />
charitable tax credit to tax due on your terminal tax return and the year prior.<br />
Have you been touched by a kindness Good fortune Good health Did you<br />
receive a scholarship Would your life have been different if you had Have you<br />
been helped by a stranger<br />
People give because they can. If you want to be one of those people, go ahead!<br />
You are. Extend a kindness. It feels great ■<br />
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36 | <strong>Experience</strong> A b b o t s f o r d | 37