A Generous Resolution
The first days of the New Year are often marked by resolutions such as eating healthier, exercising more, or dedicating time to something we want to accomplish. These resolutions are often focused on improving our lives in the near future, but what if we turned that focus outwards and looked farther ahead? This is a perfect time to establish a plan for lasting generosity.
At Abundance Canada, we encourage families to avoid surprises by discussing will and estate planning together. Although it may seem an odd topic at this time of new beginnings, these conversations provide an opportunity to share your values and the story behind your commitment to generosity. Which charitable causes do you hold dear, and why? With the focus on giving, these discussions often become an unexpected source of joy. Every family is unique and so is Abundance Canada’s approach to legacy planning.
A Family Ritual
One Abundance Canada client has turned legacy planning into an annual family ritual of generosity. He set up a 20-year legacy of generosity plan. Under the plan, the client’s children and grandchildren will come together each year to reflect and disburse an annual gift from their father’s estate. This ensures the client’s favourite charities will receive support for 20 years. It also passes on to new generations a practical experience of the joy of giving generously.
Building a Foundation
Another client is creating a legacy of generosity by building a family foundation to provide future support for the charities they love. Abundance Canada manages the family foundation. This allows the clients to enjoy most of the benefits of having their own private foundation without all the red tape. Family members contribute to this fund each year, ensuring the fund will not only support the charities they have selected, but will continue to grow as well.
What are your plans for giving with your family? This new year, let us help you plan for future giving while sharing in the joy of generosity today.
Contributed by Peter Dryden
Gift Planning Consultant