Philanthropic impact planning with your family in mind
Kelly Sodtka, Senior Director
Gift and Estate Planning
BC Cancer Foundation
When thinking about your philanthropic legacy, you’re likely to ask yourself questions such as: How will a bequest make an impact? Can I afford this? What are the tax benefits? How will it affect my family?
Today, one in two British Columbians will face cancer in their lifetime. It’s a staggering number, but a reality loaded with opportunity to change health outcomes for
generations to come.
One of the most important steps when considering philanthropic investment involves discussing plans with your loved ones.
Philanthropy is a custom that many families set by example, passed down as tradition through generations. Recently, I had the pleasure of speaking with John who is in his 20s and has already made a planned gift in his will.
He said, “If the older generation was charitable, it should be absolutely an expectation that the younger generation is charitable, too.”
A philanthropic plan creates a lasting legacy and sets an example for your family. One of the most important steps when considering philanthropic investment involves discussing plans with your loved ones.
Three helpful talking points to consider include:
No Impact on Your Current Finances
A bequest, which only occurs after your death, or that of your spouse, provides a great vehicle for making a significant gift.
Provides Tax Savings
A charitable gift in your estate plan allows you to make a valuable difference and receive tax benefits that can reduce taxes for your estate. Simple options like gifting
securities or naming a charitable beneficiary on your registered retirement fund will reduce taxes, leaving more for your loved ones, while making a difference in the lives of British Columbians.
A bequest can be the largest gift you make, and therefore has the potential to have a significant impact on a cause that’s important to you. Planned gifts are also one of the least expensive methods of raising money and one of the most effective ways to make a difference.
A well-planned and family-discussed philanthropic plan goes hand-in-hand with making a difference. We recommend that you consult your tax, legal and financial advisors before finalizing your estate plan.
As the population continues to age, cancer is now the number one cause of death. It’s because of generous donors, many of whom have left a gift in their will, who are making a positive impact in our community, and continue to allow organizations like the BC Cancer Foundation to change the story for patients facing the disease.