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At Habitat for Humanity Saskatchewan, we believe in the power of individuals to make a lasting difference in the world. Legacy giving is a unique opportunity for you to create a meaningful and lasting impact that extends far beyond your lifetime. By leaving a legacy gift, you can ensure that your values, passions, and philanthropic goals continue to shape the future and make a positive difference in the lives of others.
What is Legacy Giving?
Legacy giving, also known as planned giving or gift planning, involves making a charitable contribution as part of your estate planning. It allows you to allocate a portion of your assets, such as cash, securities, real estate, or personal property, to support the causes and organizations you care deeply about. Legacy giving provides you with the opportunity to leave a lasting imprint on the world by supporting causes that align with your values, while also providing potential financial benefits to your estate and heirs.
Types of Legacy Gifts
There are various ways to leave a legacy gift, each offering unique advantages and benefits. Some of the most common types of legacy gifts include:
- Bequests – A bequest is a gift made through your will or living trust, specifying a certain amount or percentage of your estate to be donated to a charitable organization. Bequests allow you to retain full control over your assets during your lifetime while making a significant impact in the future.
- Charitable Gift Annuities – A charitable gift annuity involves transferring assets to a charitable organization in exchange for a fixed income stream for you or a loved one. This option allows you to support a cause you care about while also providing financial security.
- Charitable Remainder Trusts – This type of trust allows you to donate assets to a trust while receiving income from it during your lifetime. After your passing, the remaining assets are distributed to the charitable organization of your choice.
- Life Insurance – Naming a charitable organization as the beneficiary of your life insurance policy is a simple yet impactful way to leave a legacy gift. You can designate either a percentage or the entirety of the policy’s proceeds to support your chosen cause.
- Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs) – Canadians can designate a charitable organization as a beneficiary of their RRSP or RRIF. This allows you to support your favorite cause while potentially minimizing tax obligations for your estate and heirs.
How to Leave a Legacy Gift
Leaving a legacy gift is a thoughtful process that requires careful consideration and planning. Here are some steps to help you navigate the process:
- Reflect on Your Values and Passions – Begin by identifying the causes and organizations that hold a special place in your heart. Consider the impact you wish to create and the legacy you want to leave behind.
- Seek Professional Advice – Consult with financial and legal professionals, such as estate planners or attorneys, who can help you understand the best options for incorporating legacy giving into your overall estate plan.
- Contact Your Chosen Organization – Reach out to the charitable organization you wish to support and express your interest in leaving a legacy gift. They can provide you with valuable information, answer any questions you may have, and guide you through the process.
- Work with Your Advisors – Collaborate with your financial and legal advisors to determine the most tax-efficient and beneficial ways to structure your legacy gift. They can assist you in maximizing the impact of your donation while considering your personal financial situation.
- Draft the Necessary Documents – Update your will, trust, or other relevant legal documents to include your legacy gift provisions. Be sure to consult your attorney to ensure that your wishes are properly reflected in your estate planning documents.
- Inform Your Loved Ones – Discuss your intentions and motivations with your family and loved ones. This helps ensure that your legacy gift aligns with their understanding and minimizes any potential complications in the future.
- Celebrate Your Legacy – If you feel comfortable doing so, consider sharing your decision with the organization you have chosen to support. This allows them to express their gratitude and recognize your generosity during your lifetime.
Remember, legacy giving is a deeply personal decision, and there is no one-size-fits-all approach. We encourage you to explore the options available to you and discover the best way to create a meaningful and enduring impact. By leaving a legacy gift, you can leave behind a testament to your values and inspire others to follow in your footsteps, ensuring a brighter future for generations to come.
Contact us for more information at info@habitatsask.ca