What is the best way to structure my charitable giving that allows me to create a meaningful legacy?
After building wealth and success throughout your career, you want to give back to a charity you support, maybe one that made a difference in your life. It could be a hospital or a charitable foundation researching an illness that has affected you and/or your family. It could be a summer camp you attended as a child that helped shape the person you are today.
A legacy is a heartfelt gesture that allows you to give back for years – even decades – after you’re gone.
Traditional Charitable Giving
There are many traditional ways to leave a gift to a charity. These include making a donation in cash, leaving an endowment through your will or a trust, designating a charitable organization as the beneficiary of your RRSP, RRIF or TFSA; or through the gift of a physical asset like fine art.
Donating Life Insurance
You can also create a legacy using life insurance, where the beneficiary is a charity or charitable foundation of your choice. This allows you to make significant charitable donations while you enjoy the tax benefits and enhance the value of your estate.
Mark Levine is well acquainted with charitable giving. He has been a member of the Professional Advisory Committee of The Jewish Foundation of Greater Toronto since 2015.
In 2020, he and his family established a Donor Advised Fund to make annual gifts to Sick Kids’ Hospital as well as other charities that he and his family are passionate about.
Mark has been my trusted insurance advisor since 2007. During that period of time, he has reached out several times a year to provide proactive advice and suggestions. Mark and his team have always been responsive to any needs and any questions that I have had. It is reassuring to know that Mark is on top of things and is taking care of my insurance needs.