50+ Living - Experience Group

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