What Will Be Your Legacy?
David Christianson, CFP, R.F.P., TEP
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 ten 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 healthcare? 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 advisors.
I chaired a morning panel a few weeks ago at a free workshop organized by Leave a Legacy Manitoba. This workshop featured a panel of professionals from different disciplines explaining their roles and how they can help you in this process.
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.
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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This article originally appeared in the Winnipeg Free Press on Friday, May 16, 2008.
David Christianson is a fee-only financial planner and investment counsel with Wellington West Total Wealth Management Inc. His column, ‘Dollars & Sense’ appears Fridays in the Winnipeg Free Press.