Philanthropic Strategies
This module is designed to guide you through the process of assessing your current position in relation to helping others financially before and after your death. It will outline sensible goals, identify GAPs that exist, and look at how to build, implement and monitor plans in order to ensure the proper finances are available for giving. This module follows the seven core steps of the Wealth Stewards Strategic Direction:
Core Concepts of Planned Giving
Planned giving relates to donating gifts to charitable institutions. Cash, stocks, real estate, and life insurance proceeds are what the Canada Customs and Revenue Agency considers to be gifts that provide tax benefits. There are two types of gifts that one can give; a “present” gift, which can be used by a charity immediately, or a “deferred” gift that can be used by a charity after your death. It is important to know that planned gifts cannot be undone, so it is therefore essential that your future needs and your family’s needs are addressed prior to arranging your planned giving.
This module will outline the options you have for planned giving and will cover such topics as:
- Simple Cash Gifts
- Gifts in Kind Bequests Under a Will
- Gift of an Permanent Life Insurance Policy During Life
- Giving the Proceeds of a Life Insurance Policy upon Death
- Giving the Proceeds of RRSP’s or RRIF’s upon death
- Charitable Gift Annuities
- Endowment Funds
- Charitable Foundations
- Wealth Replacement Insurance
- Minimizing Taxes
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