Leaving a giving legacy is easier than you might think

From a simple bequest to a gift of life insurance, the options are many

Each year, local residents and organizations put their generous donations to work at Langley Memorial Hospital Foundation, helping provide the best medical care for their families, friends and neighbours.

But they may not realize how easy it is to also leave a legacy through their will, life insurance or registered investments.

“It’s an opportunity to leave a lasting legacy to an organization that is meaningful to you,” says Tyler MacLean, financial planner with G&F Financial Group and a member of the Foundation’s Legacy Giving Advisory Committee.

When it comes to Legacy giving, there are a variety of ways to give:

1. Bequest. Leave a bequest to the Foundation in your will, just like you would to any beneficiary. A bequest can be for any amount and doesn’t prohibit you from making additional bequests to other individuals or organizations.

2. Life insurance. Like a bequest in your will, you can name the Hospital Foundation or other charities as beneficiaries to your life insurance.

3. Registered funds. Similarly, you can identify a charity as the beneficiary of RRSPs and other registered investments, as you would an individual.

“These different options can really make a difference to what someone hopes to leave behind, and how they might distribute their legacy,” MacLean says.

Charitable donations can also help reduce tax bills, but it’s always best to speak with your financial advisor to come up with the best plan.

Did you know? Common questions about charitable giving

While we often give considerable thought to growing our investments through our earning years, how we might disperse those investments following our death can get missed.

Common misconceptions include the belief that estate bequests must go to a single recipient. In fact, you can have as many beneficiaries as you wish, MacLean explains.

“Sometimes people think they have to give everything to a charity OR to family, but you can do both.”

Concern about the amount of the gift can also arise, but MacLean emphasizes that all donations are both permitted and welcome. “A smaller gift from multiple donors can have a meaningful impact,” he notes.

A lasting legacy

While we often think of legacies in terms of the financial contribution, charitable gifts can also create an emotional legacy – a donor wall located right in the hospital provides an option for family to display and honour the name of a loved one, for example.

After a loss, a legacy gift can also help bring loved ones together in providing a common gift to a charity that meant a lot to mom or dad.

“If you’re not having the conversation with your advisor, bring it up,” MacLean suggests. “It helps the advisor to know it’s important to the you and the results can be really impactful.”

To learn more or donate today to the Langley Memorial Hospital Foundation, call 604-533-6420 or email info@lmhfoundation.com.

 

A donor wall in Langley Memorial Hospital provides an option for family to display and honour the name of a loved one.

Just Posted

VIDEO: Langley shoppers help charities while beating the Christmas rush

Annual Spread the Sparkle charity event at Willowbrook Shopping centre hosted hundreds Tuesday night

Langley school awarded funds to improve road safety has 216th interchange top of mind

Members from the community participated in a walkabout to identify road safety concerns

Carbon budget closer to reality in Langley Township

The council will consider a range of measures early next year

B.C. rider wins J.C. Anderson Legacy Medal to become national champion

South Surrey resident Emma Woo trains in Langley

Cloverdale ‘Ladies’ Night Out’ shopping event expected to draw thousands

Annual event kicks off the holiday shopping season in downtown Cloverdale

Three people deported after Surrey brawl caught on camera: RCMP

Police say they have been ‘actively engaged’ in the issue of youth fights in Newton since March

B.C. to advocate for frustrated, confused, unhappy cellphone users, says premier

Maple Ridge New Democrat Bob D’Eith to advocate for more affordable and transparent cellphone options

B.C. man who killed Belgian tourist near Boston Bar gets life in prison, no parole until 2042

Sean McKenzie pleaded guilty to second-degree murder of 28-year-old Amelie Christelle Sakkalis

Workers union calls strike vote in SkyTrain labour dispute

Mediated talks are scheduled to begin Nov. 28

‘Very disrespectful’: B.C. first responder irked by motorists recording collisions on cellphones

Central Cariboo Search and Rescue deputy chief challenges motorists to break the habit

Daily cannabis linked to reduction in opioid use: B.C. researchers

Researchers looked at a group of 1,152 people in Vancouver who reported substance use and chronic pain

Bids down, costs up on Highway 1, B.C. independent contractors say

Rally protests NDP government’s union-only public construction

Members of little people community applaud change to drop ‘midget’ term

‘It’s not about sensitivity,’ says Allan Redford, the president of the Little People of Canada

Most Read