February has always been one of our favourite months. After we’re done shaking off any post-holiday season blues, February marks new beginnings. It’s also a month where we celebrate love — which, as Gary Chapman explains in his book, is given or received differently depending on how you experience love. This concept is what he calls our love languages, and it includes:

• Acts of Service
• Receiving Gifts
• Quality Time
• Words of Affirmation
• Physical Touch

If, like many of us, your love language leans toward serving others or giving gifts — donating to charity in as many ways as possible is one of the best ways to feel fulfilled. 

At the end of the day, whether you’re working in industries like financial services, sales, manufacturing, or elsewhere — knowing that a part of what you worked hard for contributes to a greater social purpose is a fulfilling way to leave a legacy.

And so, as we celebrate this month of love, we invite you to look into avenues that’ll allow you to fulfill the love language your heart desires. 

Till next time,

Betty-Anne Howard / Athena Wealth and Legacy Solutions

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Improving Your Philanthropic Journey in 2024

If you’ve ever thought about your life’s purpose or wondered how you can lead a more purposeful existence, you’re not alone. Many Canadians share this desire, aspiring to contribute to their communities by supporting charities close to their hearts when planning their wills.

When thinking about who you want to benefit from your money when you are no longer here, there are several questions to ask yourself:

1. How much do you want to leave for your beneficiaries? The amount you have in mind can be seriously affected by the taxes that will be owed in your final tax year.
2. What are your thoughts about making a charitable donation in your will?
3. Will your decisions cause disagreements among beneficiaries?

You might be driven to give purely for tax benefits. You might derive happiness from giving. You might feel like you owe a debt of gratitude for past services. There’s no wrong reason, and whatever your reasons, charitable giving will ultimately benefit many individuals and families.

But only by asking the important questions and identifying your passions, values, and priorities can you truly understand the fulfillment of your ‘whys.’ 

As Philanthropic Financial Planners, we work with clients every day who want to support charities in their will and we often tell them that when it comes to giving to charity, it’s about making every dollar count and achieving the greatest possible outcome.

There are many ways for us to continue supporting our chosen charities. And so, as we think of the legacy we want to work on for the rest of the year, we encourage you to ask yourself important questions surrounding your passions, impact, and legacy. 

As we start the year fresh, it’s time to create discussions with your advisors. Start the conversation about your values and talk about philanthropy. It can only be a win-win for yourself and also for the wonderful charities that you so generously can support. 

Till next time,

Betty-Anne Howard / Athena Wealth and Legacy Solutions

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Giving Back With a Social Purpose

At this time of year, it seems that our generosity increases due to certain holidays, be it Winter Solstice, Hanukkah, Christmas, and earlier in the year, Ramadan and Diwali. 

People want to support charities, including gifts in their wills, and, when given the opportunity, are fiercely seeking out strategies to do so. In our meetings with donors, members of professional associations, charities, and foundations, we’ve discovered intense enthusiasm for finding tax-efficient ways to support charities both now and at our deaths.

What we know from the Canadian Association of Gifts Planners via their Willpower Campaign is currently, only 5% of Canadians leave a gift in their will. If we were to increase that by 3.5%, so take it to 8.5%, we’d increase the gifts to charities by $40 billion. 

Imagine what we could do within our communities if and when we reach that goal!

And so, as we think of gifts we want to give this holiday season, we encourage you to reflect on what has worked for you in 2023. Consider where you want to be in the future and what mission you would like to pursue to fulfill your social purpose. 

Whatever or however you choose to celebrate, we hope you’ll continue to join us in our pursuit of a brighter and more prosperous future in the coming years.

Till next time,

Betty-Anne Howard / Athena Wealth and Legacy Solutions

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A Lasting Legacy That Matters

Estate and legacy planning is the cornerstone of securing your family’s future and ensuring your wishes are carried out with precision and care. 

But beyond just financial matters, it’s a deeply personal journey that allows you to leave a lasting impact on the world or a legacy that reflects your values and passions. 

Often, it’s called the heart-head-hand relationship because these are decisions inspired and motivated by your heart in wanting to pass on your wealth to the next generation while also making a difference in the lives of others.

The head part is the strategies you can use to fulfill your heart’s goals and desires. With your hands, symbolically, you take action and ultimately devise a plan that ensures your personal purpose in life is met even when you are no longer on this planet. 

How you want to be remembered, which is your legacy, is addressed via the strategies you’ve employed and the action steps required for you to take to, as we say in our family, “get it done!”

In truth, most people don’t realize that the overarching factor generally affecting their decisions with legacy planning is anchored on their unique family history stories. 

We highly encourage you to reflect on meaningful stories and experiences that have shaped your life when it comes to shaping your wealth legacy. Consider the profound influence of those who’ve made a difference in your journey, and ponder the impact you wish to have on future generations and your community. 

By starting with your heart and allowing it to guide your legacy planning, you’ll be better prepared to create a lasting impact that resonates with your values and aspirations.

Till next time,

Betty-Anne Howard / Athena Wealth and Legacy Solutions

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Aging Gracefully With Risk Management

Financial risk management is your financial safety net, shielding your investments from unexpected turbulence and ensuring a stable path to your financial goals. It’s the smart way to grow wealth while minimizing the impact of market uncertainties.

But does it look different when you’re young than when you’re older? 

Absolutely!

When it comes to risk management, it’s all about anticipating those “what if” scenarios that life may throw our way. 

Let’s consider a scenario: you’re in the early stages of a relationship, and you start pondering, what if the unexpected occurs to either you or your partner? It’s not just about the emotional toll; there’s a significant financial aspect to consider. Your surviving partner and any children you may have could face a substantial financial burden.

During this phase of life, it’s crucial to think about securing enough life insurance. This insurance can serve as a safety net, allowing you to pay off your mortgage, cover your children’s education expenses, and provide financial stability for your partner.

As you grow older, your priorities naturally shift. You might find yourself wondering how your passing could impact your partner’s retirement plans. 

Will their income decline due to a reduction in survivor pension benefits? This is where life insurance comes into play again, potentially bridging the income gap and ensuring your partner’s financial well-being if you were to pass away prematurely.

We strongly recommend engaging in a thoughtful discussion with your financial planner to explore these “what if” scenarios. Together, you can craft a personalized risk management strategy tailored to your unique circumstances. 

And keep in mind life is ever-changing, so it’s essential to revisit your plan whenever a life event occurs that might alter the answers to those crucial “what if” questions. 

Till next time,

Betty-Anne Howard / Athena Wealth and Legacy Solutions

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