Thursday, 29 December 2016 05:23

Why should you think about planned giving?

Written by  Sean Finell
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For most of us, we have charitable groups or causes that we give to. Often it is an impulse gift based on an event, or an emerging need, in spite of the fact we as donors understand the ongoing need these groups face.

The Dr. Noble Irwin Regional Healthcare Foundation, for example, will always have a need to fill in “Keeping Healthcare Strong in southwest Saskatchewan.”
So why planned giving? What is planned giving? There are a number of forms of planned giving, the most common being a gift left in your will for an organization, either a specified amount or a percentage of the estate after all of the final expenses have been paid. It’s not the most cheerful topic for most, but it is an effective way to leave a legacy which can provide for future generations and to help ensure the medical equipment required for health care in our area is available when it is needed.
If you are talking to your lawyer about your will, ask about planned gifts and how it can be beneficial to your estate as well as to your favourite charity.
Another method of planned giving utilizes life insurance. In fact, this method can be effective at providing a larger gift for less initial cost to the donor.
By naming the Dr. Noble Irwin Regional Healthcare Foundation as the beneficiary of a new or existing life-insurance policy. You will receive a charitable tax receipt for your annual premiums, or your estate will receive a larger charitable tax receipt for the total amount of the benefits. Either way, it can help to offset your taxes, helping to ensure you are remembered for your legacy, not your large tax payment to the government.
One other method of planned giving, is to make a regular gift. This can be the simplest method, in fact it can be set up to happen automatically.
If you choose to, your bank account could have a regular scheduled monthly gift made to the Foundation.
It doesn’t have to be a large gift all at once, it can be a smaller amount that over the course of the year can really add up. You likely won’t even notice the difference in your account, but you could be making the difference when it comes to “Keeping Healthcare Strong in southwest Saskatchewan.”
Over the next few months we plan to answer more of the questions about planned giving by passing along some information on how it can work.
If you are considering planned giving, talk to the professionals including financial advisors, lawyers, and accountants, and find out how you can make the most of your hard-earned money, and provide for the future of health care in our community.
Sean Finell is the Special Events/Public Relations Co-ordinator for the Dr Noble Irwin Regional Healthcare Foundation.

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