Alzheimer Society of Nova Scotia

YOU the Visionary Donor

In Uncategorized on April 16, 2012 at 3:55 pm

“Those who bring sunshine to the lives of others cannot keep it from themselves.”

                                                                                                              ―    J.M. Barrie, Author, Peter Pan. Before his death, he gave the rights to the Peter Pan works to  Great Ormond Street Hospital, which continues to benefit from them.

Today is National Advance Care Planning Day in Canada. It is a day to reflect on the issues we will all face one day –  the decisions that are to be made at the end of life. And this isn’t a discussion that should take place only amongst the seniors; it is something we all should take time to think about and plan.

While a lot of the talk will be about your end of life health care plans, I want to speak to YOU today about another plan YOU can be making: your financial end of life plan. It’s not a topic to be sad about; this is a chance for YOU to be a Visionary donor.

When thinking about your financial plans, think about what is meaningful to YOU. Is there an organization you have always volunteered with, or a charity that YOU know does great work in your community. Is there an opportunity to align your passion with that of a local non-profit – that would result in a big change for them?

Near his death, J.M. Barrie, already wealthy off the royalties from his plays and other literature works, donated the rights to Peter Pan to a local children’s hospital, knowing how his gift would benefit them. Can YOU imagine yourself giving a lasting gift to your favorite charity?

But how do YOU become a visionary Donor? By taking the time to pre-plan. Do your loved ones know what to do with your finances, if there comes a time YOU can’t speak for yourself? Eight out of 10 Canadians believe that being prepared early is the best thing to do, while only 70% at the end of life are.

If YOU have finances – then it’s time to talk and plan. Philanthropy isn’t about wealth, it’s about generosity.  Now is the time to be a Visionary – how do YOU want to help your community? With the help of a lawyer/accountant, YOU can make your gift as specific as YOU would like – think about what your Vision for your gift would be.

Make written plans for your:

Will: There are three ways to leave a bequest for a charity in your will: 1) By a Specified amount 2) Donating the residuals (after everything has been divided, taxes paid, etc) 3) Via the designation that any stocks or investments you have, be transferred to your charity of choice.

RRSP’s
: We all have them, but have YOU thought about what to do with them if they unfortunately are not used? Who is the beneficiary of your un-used RRSPs? YOU can designate a beneficiary(ies) of your RRSP when YOU sign up for them.

Life Insurance Policies: Did YOU know that YOU can have more than one, with one being left to your charity of choice? Each month YOU pay for the policy and at the end of the year YOU receive a tax receipt from the charity chosen to be the beneficiary, for the money paid on the premium (the eligible tax amount).

Today, speak up while YOU are healthy; speak up to make your plans known; speak up to ensure you leave a legacy as a Visionary donor.

 

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