A Legacy of Love
Arthur and Beverly* were in love. It had taken years to understand the depth of their connection, but they had found it and cherished it. Then, tragedy struck. A story like theirs needs to be remembered and honoured. This is how their legacy continues.
A Difficult Family Separation
Neither Arthur nor Beverley could pinpoint a specific reason for their breakup; it had been many small things. They were both young. Their budding careers strained the relationship. The demands of raising three children imposed enormous stress. The marriage was over. The years following the divorce were hard for everyone.
Second Chances for Creating a Legacy
Time passed, and Arthur’s business found its feet. Meanwhile, Beverley’s job became steady and secure. The children spent weekdays with their mother and every second weekend with their father. Eventually, Arthur and Beverley started getting together with the kids to “hang out” as a family. These meetings led to talking through past difficulties. Old wounds were healed. It soon became evident to everyone around them that Arthur and Beverley were falling in love again. With much pomp and ceremony, Arthur proposed for the second time and Beverley accepted, even giddier than before.
Unexpected Family Tragedy
The second marriage was a fairy tale come true, and they planned for a long and happy future together. Then, tragedy struck. Beverley collapsed one afternoon on the golf course and never regained consciousness. She passed away five days later.
Creating a Lasting Legacy
Arthur wanted to do something to keep his wife’s memory alive. Giving back had always been important to them both, and Beverley’s life insurance settlement meant money was plentiful. Arthur decided to set up a charitable foundation in Beverley’s honour. He was sure she would have liked that.
However, the complexity of the task soon squelched his enthusiasm. Legal fees. Accounting fees. Registration forms. Governance. CRA filings. To boot, their very private wishes would be displayed on the CRA website for all to see. It was all just too much.
A friend suggested Arthur talk with someone at Abundance Canada before giving up. He was skeptical, but agreed to a meeting. Arthur explained that all he really wanted was to honour his late wife by helping people in need. Imagine his surprise when the consultant explained that a Flexible Gifting Account could provide many of the benefits of a private foundation without the fees and complicated ongoing management. It seemed too good to be true! Arthur discussed it further with his family, his accountant, and his financial advisor. They all agreed it was a perfect solution. The account was set up within weeks.
A Bittersweet Family Celebration
Every year, Arthur and his children gather on Beverley’s birthday. They toast her memory, and discuss which charities they will contribute to this year. Though these birthday parties are bittersweet, Arthur knows his wife would be pleased with the tribute. Beverley’s memory continues to bring the family together to laugh and reminisce, and they all take great joy in giving to others in her honour.
Creating Your Family Foundation with Abundance Canada
You can engage your family’s generosity through a family foundation with Abundance Canada. This is a great way for your family and friends to participate in supporting your favourite charities, conveniently managed in one place. You can add donations to your charitable fund as often as you wish. You tell us how much, when and where you would like donations to be sent, either during your lifetime, through your estate, or both! Find out if a family foundation with Abundance Canada is the right fit for you.
*Names and details have been changed to protect the privacy of the individuals.
Contributed by David Barker
Gift Planning Consultant