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Planned Giving Begins With Financial Planning

You have made a decision to give money to a charity or organization but do you know how much you can give? Is there a more effective way to give the money? Do you have to wait until you pass away before giving it away? (Or can you give some of it away now and for the rest of your life?) To answer all these questions you need to understand your financial situation now and through death.

By working with us to build a comprehensive financial (that includes tax and estate planning) you will be able to see if you have enough money for the rest of your life and how much your estate may be worth at death. From this plan you will see the effects of giving some money while you are living and we will show you various ways to donate. We can help make the complicated simple, by explaining vehicles such as share donations, donor advised funds, private and family charitable foundations and charitable remainder trusts.

Want to know what your estate will be worth?
click here to try the TriDelta Retirement 100 calculator

Let’s look at a typical example:

Peter and Joan are in their early sixties, both are retired with good pensions. The house is paid off and they have about $250,000 in registered and non-registered savings. They have two grown children who have completed university and are well on their way to successful careers. Peters’ mother lives with them and plans to leave everything to Peter and his brother. Peter estimates he will receive about $400,000. Peter and Joan would like to donate some money to the Princess Margaret Hospital and some to North York General Hospital where their children were born.

In preparing their financial plan, Peter and Joan learn they will have more than enough income for the rest of their lives and their estate will be worth more than $3 million at death. Peter and Joan decide that they will leave each of their children $1 million and the remaining $1+ million will be given to the charities. By using the TriDelta Donations Planner Calculator they learn that they could easily donate $32,800 a year for the rest of their lives for a total lifetime donations of $750,000 and still leave an estate of more than $2.7 million for their children or charities.

Want to know how much you could give to charity?
click here to try the TriDelta Donation Planner

If they donate some of the money while they are alive, THEY will benefit from the tax credit those donations generate leaving them even more money to spend on themselves, or give to others. This will also allow them to see the benefits of their generosity and create a spirit of giving within their family. By giving while they are living – Peter and Joan will be able to give over $75,000 more to charity than if they didn’t give anything until after they passed away. Please contact us to learn more about the most efficient ways to structure your Retirement, Estate and Philanthropic Plans. You can call us at 416-733-3292 or at 1-888-816-8927.