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 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 scholarships. Others may choose to help healthcare institutions, environmental causes, arts organizations, or programs that support vulnerable members of the community. Whatever the cause, legacy gifts allow people to make a statement about what mattered most to them.
Giving is at the heart of Elgin-St.Thomas Community Foundation Getting to know donors in Elgin–St. Thomas has shown me the value of saving, hard work, and moderate living. Many are surprised to discover that those habits have created more wealth than they will spend in their lifetime. Giving should never compromise financial security or family plans, so I encourage donors to work with a financial planner to understand what is available to help others. While gifts through a will, RRIF, or life insurance create a meaningful legacy, starting a charitable fund now allows donors to see their impact firsthand. Even if future giving directions are uncertain, a fund provides an immediate tax receipt and flexibility to grant over time. Call or stop by for a chat. Tracy Robinson There are several ways to structure a legacy gift. The most common approach is to include a charitable bequest in a will. Other options may include naming a charity as a beneficiary of a life insurance policy, retirement fund, or investment account. Because everyone’s financial situation is different, it’s always wise to discuss plans with a lawyer or financial advisor to ensure that wishes are clearly reflected. Beyond the financial and tax benefits, legacy giving offers some- thing even more meaningful: the opportunity to leave a legacy. It allows individuals to be remembered not only for what they achieved in their lives but also for the positive impact they chose to make on others. A legacy gift becomes part of a community’s story, helping organizations grow, supporting neighbours in need, and strengthening the institutions that bring people together. In the end, legacy giving is about more than money. It is about investing in the future and ensuring that the community we care about continues to thrive for generations to come. And perhaps most importantly, it reminds us that making a lasting difference does not require extraordinary wealth, only the desire to give back. A common misconception about legacy giving is that it requires a large amount of wealth. In reality, legacy gifts come in all sizes. Many people choose to leave a small percentage of their estate to charity, while others designate a specific dollar amount. Even modest gifts can have a significant impact when combined with other donors’ gifts. For example, leaving just a small portion of an estate, such as one or two percent, can provide meaningful support for a local organization while still ensuring that the majority of the estate goes to family and loved ones. For charities, these gifts add up and often provide essential funding for programs that benefit the entire community.
Page 10 Real Living • Spring 2026
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