Essentials of Estate Planning Workshop
Wills and Estate Planning Essentials is a free seminar offered by the West Vancouver Foundation, and presented by local estate planning lawyer Nicole Garton. This session addressed the importance of Wills and Estate Planning, answered many of the common questions that face individuals and families, and provided information to help better navigate the process.
The BC government provides some basic information on wills and estates.
Your friends and family want to say goodbye and honour your memory. What better way than to set up a Memorial Fund that is aligned to your wishes and passions? It also makes it easier for your family and friends to celebrate you.
Including a charitable bequest in your Will is a simple way to make a lasting gift to your community.
iS IT TIME TO RETHINK YOUR ESTATE PLANNING?
Start the Conversation About Your Legacy Today
For many of our donors, leaving a gift to a charity in their Will is a way to celebrate their life and their values. A gift in your Will to help the causes you care about says a lot about who you are and what you care about.
These decisions are not taken lightly. Leaving a gift in your Will is often discussed with a partner or loved ones to make sure that everyone is on the same page, and that your wishes are honoured.
Having this important conversation can sound uncomfortable. But it doesn’t have to be! Talking about your values and the change you want to see in the world can kick-start the conversation, and even motivate you loved ones. Here are 3 questions to get you started:
- How do you hope our family history and life story will live on after we are gone?
- How will the causes or charitable work we’ve invested in continue?
- What kind of message do we want to pass on to our kids and grandkids about helping others?
Want to learn more? Contact us at 604-925-8153 or email info@westvanfoundation.ca
You’ve always found ways to support the causes that you care about. By supporting these charities in your will, you can keep the love going for many years to come.
Most of us spend a lifetime contributing to causes that are close to our heart. More and more Canadians are going one step further to leave a gift to charity in their Will. You can make a bigger contribution than you ever thought possible, without using any of the money you need now.
West Vancouver Foundation has partnered with Will Power, a national effort to show Canadians the power they have to do more with their Will. You can try out the free and easy to use legacy calculator to see what you can do with your Will.
You may be surprised to see that even 1% left to the West Vancouver Foundation in your Will can have an enormous impact to the causes you care about, while still leaving 99% of your estate for loved ones.
There are many benefits to giving in this way, including some potentially significant tax savings. Take a look at the free resources and tools on the Will Power website to learn about better ways to give, and connect with financial advisors to discuss how to maximize your donations.
If you have questions about helping the needs on the North Shore through West Vancouver Foundation, please contact us.
If you would like to be included on a list for for future presentations or have any questions, please contact us at info@westvanfoundation.ca.
You don't have to choose between your loved ones and your causes. you can give to both!
Better Ways to Give
If you are one of the generous Canadians who regularly donate to charities, you are giving to causes that you care deeply about, and tax incentives are the last thing on your mind. However, by having a strategic approach to your giving you can substantially reduce taxes on your income, and minimize the significant taxes that will be paid by your estate after you pass.
Leaving a gift in your Will to your favourite charities is about more than just tax savings. It’s a way to make a tremendous contribution to the causes you care about, to make your mark, and inspire your family and friends. But there are some strategic ways of giving through your estate that you may choose to consider:
Leaving a cash gift to charity is one of the most common ways to make a gift in a Will. However, if you own stocks and bonds and other publicly listed securities with significant accrued capital gains, you should consider gifting them to a charity instead.
If you transfer publicly listed securities or mutual funds to a registered charity, the capital gains on those securities will not be subject to tax. Plus your estate will also receive a donation tax credit based on the fair market value of the securities at the time they are transferred. A double tax savings!
You may also consider naming a charity as a beneficiary of your RRSP or RRIF. This can be as easy as designating your charity directly on your plan provider’s beneficiary form (in Quebec this can only be done through a Will).
When you pass, the value of your RRSP or RRIF will be included as income in your final income tax return, and will be fully subject to tax. By naming a charity as beneficiary of your registered funds, your estate will receive a donation tax credit that will help offset the income taxes that are triggered.*
*If you have a surviving spouse, it may be best to name him or her as your beneficiary first as the proceeds of your RRSP or RRIF roll over to your spouse tax free.
Using your life insurance policy is another smart strategy for giving through your estate. It can deliver a donation much larger than you ever thought possible.
A life insurance policy can be gifted in several ways: You can simply and easily designate your charity as a beneficiary of your existing policy. You can donate an existing policy to a charity and name the charity as owner and beneficiary. Or, you can purchase a new policy to donate to charity and do the same.
Each of these methods have unique tax implications that should be discussed with your financial advisor. Depending on your desired outcomes, a gift of life insurance can be part of a financial plan that delivers remarkable tax savings.
The West Vancouver Foundation can help to build awareness and make it easier for individuals and families to move forward with their personal Wills and Estate planning.
This year we will once again be hosting straight-forward, accessible information sessions led by local estate planning professionals. Information is provided as a public service, for information purposes only (no solicitation).
Check back for our fall 2024 date.
Talk to an Advisor
Are you interested in starting a conversation with your financial advisor about leaving a gift in your Will to a cause that you care about? Here are a few tips:
- Open the conversation by sharing your intentions. Talk about why you want to leave a gift in your Will to the cause, and what kind of impact you want to have.
- Work with your advisor to better estimate the future value of your estate. Think about what percentage you would like to go to your loved ones, and what percentage to the charities/causes.
- Speak to your advisor about the best ways to make your gift. Some options, like gift of securities or life insurance, might come with tax savings.
- How do you want your future gift to live on? Would you like to get your family involved?
- Download the Free Guide to Talking to Your Advisor for more information.
Do you have more questions? These articles may help.
Like most Canadians, you’ve probably spent a lifetime contributing to a cause that’s close to your heart. Now imagine making a bigger contribution than you ever thought possible, without using any of the money you need during your lifetime, or significantly taking away from your loved ones. You can have the best of both worlds with a charitable gift in your Will.
Consider an average estate of $845k. You probably want to leave the majority of your estate to your loved ones. But what if you left a small portion of your estate – 5% of it – to your charity of choice? That small percentage translates to a $42,000 donation, a bigger impact than most of us would ever be able to make during our lifetime. Imagine what could be accomplished with a donation that size! See what kind of impact you can make using our legacy calculator.
It’s also important to consider that a charitable gift in your Will can go a long way towards reducing the amount of taxes to be levied against your estate after you pass. You can read about some of the tax advantages of giving through your Will here.
The truth is, you could be using your Will to do a lot more. You can take care of your family while making a big difference for the causes you care about.
We all want to help those around us and leave the world a better place. Leaving a charitable gift in a Will is another way to make your mark. See our Providing a Gift in Your Will form.
By leaving a gift to a charity in your will, you can make a bigger contribution than you ever thought possible. Many donors believe that they can’t support both their loved ones and their favourite cause with their will. The truth is, just a small percentage of your estate left to charity can have a big impact, while still leaving the majority for loved ones. Choosing to support your charity can also reduce and, in some cases, even eliminate the taxes to be paid. A win-win!
Some donors think they need to be wealthy to make a gift to a charity in their will. No matter the size of your estate, you can be a part of this powerful movement for change. Wondering how your future gift would be used? See the various grant programs the West Vancouver Foundation has and read about some of the impact other’s donations have had in the community.
You have more power to make a difference to the community than you realize, when you leave a charitable gift in your Will. Leaving even a small portion of your estate to charity can result in a bigger contribution than you ever thought possible, while still supporting those you love. In short, you can do both!
West Vancouver Foundation has partnered with Will Power, a national effort to show Canadians the power they have to do more with their Will. You can try out the free and easy to use legacy calculator to see what you can do with your Will.
You may be surprised to see that even 1% left to the West Vancouver Foundation in your Will can have an enormous impact on our community, while still leaving 99% of your estate for loved ones.
There are many benefits to giving in this way, including some potentially significant tax savings. Take a look at the free resources and tools on the Will Power website to learn about better ways to give, and connect with financial advisors to discuss how to maximize your donations.
If you have questions about helping the needs on the North Shore through West Vancouver Foundation, please contact us.
Common Myths that Get in the Way of Your Will Power
I can't support loved ones and my favourite causes
I need to be wealthy to make a gift to charity
Leaving a gift in a will is complicated
I’ve already written my Will and there is no going back.
I will never see the impact of the gift I make in my Will
Our partner, Will Power Canada, has many wonderful articles on estate planning. Here is an excerpt from one on demystifying estate planning.
Estate planning and philanthropy may not seem relatable or achievable to many, and yet it is, and it can also be so much more. Planning out how you’re going to transfer the wealth you have gives you power. You can leave a donation in your Will to your favourite charity for example, and make a bigger difference than you probably thought possible…not to mention the many tax benefits involved.
