Most of us think from time to time, in reflective moments, about the ways we will have left the world a better place after we are gone.
How will we be remembered? Did we make a lasting difference to those around us or to our community? Separate from that, have we organized our affairs to avoid extra pain and strife for our families?
And then many of us get caught up in the busyness of everyday life, often putting such thoughts aside for another day.
I am here this day to encourage you to think about your estate plan and, more broadly, your legacy. If there are things you want to do, then now is the time to do them.
First off, take 10 minutes right now to write down three specific objectives you have for your estate. Is all of your estate intended for family members? Which ones and in what proportion?
Do you want to leave some of your wealth to the community, your church, synagogue or other philanthropic organization? Do you want to make a difference toward child poverty, feeding the hungry or improving health care? Maybe endow the arts?
Now, the big question: Is there a way you can do both?
With careful planning and proper use of the tax rules, strategies and products like insurance, it is often possible to leave a substantial gift to charity while still leaving the bulk of your estate to your family.
OK, so you have your intentions broadly outlined. Where do you go from here?
It seems many people ask that question. It also appears that some can be intimidated by approaching professional advisers. To address this issue, Leave a Legacy Manitoba has organized a free workshop and luncheon next Thursday. This will feature a panel of professionals from different disciplines explaining their roles and how they can help you in this process.
I will be chairing the morning panel, which will be non-technical in nature.
The luncheon will feature a presentation by an adviser and his 12 year-old daughter on their experience in establishing a family endowment at the Winnipeg Foundation. I am looking forward to it.
Seating is limited and participants must register for the event. Call 632-2086 to book a spot at the workshop and luncheon.
Leave a Legacy is an international public awareness program that encourages people from all walks of life to make gifts through a will or other gift planning instrument to the charity of their choice, so be aware that the program is designed to encourage prospective donors.
If your list of intentions includes charity as well as family, this might be a great place for you to start. The program is designed to allow peer interaction among participants as well, so it will act as a forum to discuss concerns and challenges.
The event is generously co-sponsored by Great-West Lifeco and its affiliated companies.
In a future column, we will provide more specific tax and technical advice on how to maximize your estate and donation dollars but, in the meantime, just think about your goals and dreams. There are lots of us out here to advise you on the "how". You have to think about the "what."
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If you will indulge me a moment, I had two dreams fulfilled last week, one I had not even dreamed yet. The first was to play the Old Course (450 years old) at St. Andrews, Scotland, the home of golf. We brought the course to its knees (in the manner of a 23 handicap golfer), at least for 15 of the holes.
The real reason to mention this is to stress how small the world is becoming. My workmates here were able to watch me on a webcam, take pictures and then e-mail them to me. If I had been dumb enough to carry my Blackberry onto the course, I could virtually watch myself golf!
Ain't technology grand? Or scary?
The unexpected thrill was to play a song with The Commitments, the Dublin band made famous in the 1992 movie of the same name. My face still hurts from smiling. Thanks to Charles Head and Laurie Bonten for helping make those two dreams come true, and to an anonymous friend for sponsorship into the R A.
David Christianson is a fee-only financial planner and investment counsel with Wellington West Total Wealth Management Inc. His column appears Fridays. You can e-mail him at:
dchristianson@wellwest.ca
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