Legacy Giving: Leaving a Lasting Impact in Your Community When people think about charitable giving, they often picture writing a cheque or donating to a cause during their lifetime. However, another meaningful way to support the organizations and institutions that shape our communities is through legacy giving. Legacy giving refers to a charitable gift that is planned now but typically given in the future, most often as part of an estate. These gifts are usually arranged through a will or estate plan and allow individuals to support causes that matter deeply to them long after they are gone. While the concept may sound complex, legacy giving is often simpler than people realize, and it can make a lasting difference. One of the greatest benefits of legacy giving is that it allows people to make a significant contribution without affecting their day-to-day finances. Because these gifts are typically arranged as part of an estate plan, they take effect later, allowing donors to maintain their lifestyle and financial security during their lifetimes. Another important advantage is the potential financial benefit for an estate. Charitable donations made through a will may generate tax credits that help offset estate taxes. This can reduce the overall tax burden and allow more of the estate’s value to go toward the people and causes that matter most. But perhaps the most meaningful impact of legacy giving is the difference it can make in a community. Local charities, hospitals, libraries, museums, community foun- dations, arts organizations, and social service agencies often rely on planned gifts to fund major projects and ensure their long-term sustainability. Legacy donations help organizations
Giving is at the heart of Elgin-St.Thomas Community Foundation Getting to know donors in Elgin-St. Thomas has taught me the value of saving, working hard and living moderately. When it comes to updating a will, some are surprised to find that doing these things has afforded a sizable nest egg that they will not spend in this lifetime. A desire to give should not compromise financial security or any gifts intended for family members. Working with a financial planner and reviewing current and anticipated expenses will provide a sense of what is available to help others. While naming a charity as beneficiary of a will, RRIF, or life insurance policy can provide a meaningful legacy gift and estate tax benefits, I also encourage prospective donors to consider starting a charitable donation fund now. These arrangements ensure that you see the good work your donations do in the community and what you value. Even when you don’t know where to direct gifts, setting up a charitable fund provides an immediate donation receipt with the ability to grant to charities over time. The minimum amount to start a fund is modest, and establishing it now creates a seamless transition to a designated fund, a successor advisor, or toward the community’s greatest needs. Call or stop by for a chat. Tracy Robinson plan for the future, invest in new programs, and expand services that benefit residents for generations to come. In many communities, some of the most important public spaces and services exist because of legacy gifts from people who cared deeply about where they lived. Parks, community centres, scholarships, and health initiatives have often been made possible by individuals who wanted to give back in a lasting way. Legacy giving also allows donors to reflect their personal values. For some, that might mean supporting education by funding
Page 28 Hometown St. Thomas • May 2026
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