What is “legacy giving”?

“Legacy giving is really just a planned gift you have decided to give to support an organization after you have passed on,” said Tony (pictured right).

Why should I consider a legacy gift?

“Organizations have many financial needs, both short and long term. By choosing a legacy gift, you are acknowledging the good work they do and your support for the organization you have chosen,” Tony explained. “Legacy gifts can be a great source of future financial planning for the organization that receives the gift but most importantly, they provide funding for vital work to continue years into the future—for the benefit of people in need or other great causes”.

How can a legacy gift benefit my loved ones?

“When you support an organization with a legacy gift, the family can take great pride in fulfilling the wishes of a loved one who has passed. The family can continue the legacy of financial support that their relative begun,” Tony shared. “Legacy giving can also produce a significant tax savings, ensuring the family and the charity receive a larger gift while minimizing taxes the estate
would normally incur”.

What are the most common ways to give a legacy gift?

“The most common legacy gifts are bequests like gifts of cash, an investment, and even gifts of property through a will. Gifts of life insurance are also common,” stated Tony.

“You can pick a specific dollar value you would like to donate, or choose a percentage of the value of your estate. Simply put, you can decide what and how much the organization you are supporting will receive”. To discover the most appropriate gift for you, Tony suggests discussing your personal wishes with your charity of choice, and also with your financial, legal, and tax professionals.
“Legacy gifts in the form of bequests should be included in your will, drawn up by a licensed legal professional”.

For more information about legacy gifts, contact Mary Brown or Carole Metron, or click the button below. 

Mary Brown | mbrown@missionservices.ca | 519-433-2807 ext. 2113
Carole Metron | cmetron@missionservices.ca | 519-433-2807 ext. 2133