THUNDER BAY -- It is possible for one to continue making a difference in the community even after they’re gone.
That’s the message from Katrina O’Neill, the chair of the Community Giving Group, who is partnering with Investors Group, BDO Canada and the law firm of Atwood, Labine, Arnone and McCartney to host a series of estate planning seminars, encouraging people to look into the process of making legacy gifts.
“People are starting to really understand the importance of making a legacy gift and making a planned gift in their will. Not only does it benefit their family and their estate taxes but it benefits their community. They really make an impact on the programs and services that are important to them,” O’Neill said Monday morning at a media conference announcing the seminars.
“Chances are they will be able to make a more significant gift than they ever could in their lifetime, really leaving that legacy for those to come ahead.”
The Community Giving Group is a local entity composed of five charities to promote the idea of legacy giving, leaving a gift behind to the community after death.
The charities are the Thunder Bay Community Foundation, Thunder Bay Regional Health Sciences Foundation, St. Joseph’s Foundation, Northern Ontario School of Medicine and Confederation College.
Investors Group regional director Donna Yocom said making a legacy gift can have significant benefits to an individual estate.
The tax breaks from making a donation can offset costs such as capital gains tax, which can be quite hefty.
“When they work with their charities and professional advisors they can find out how to structure a gift in the most tax efficient manner, while benefitting the charities that are near and dear to them,” Yocom said.
It is never too early to think about making decisions and starting to have the legal framework put in place to prepare for the future.
One of the most common misconceptions about end of life planning is that it is difficult or expensive, a notion O’Neill wants to dispel.
“This is a process people should really begin when they buy their first home, get married or when they have their first child,” O’Neill said.
“Having a will is really about planning for your future. People put it off because they think it’s costly but we spend more on a television than we would getting a will made but a will protects everything for you and your family.”
The seminars are free to the public and will be held on Monday at 2 p.m. and 7 p.m. at the Victoria Inn.
