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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