August 16, 2017
Leaving A Legacy
The dictionary would define Legacy as a gift or a bequest, that is handed down, endowed or conveyed from one person to another. It is something descendible one comes into possession of that is transmitted, inherited or received from a predecessor.
The idea of leaving a legacy is the need or the desire to be remembered for what you have contributed to the world.
Leaving a Lasting Legacy is sometimes prompted when there comes a point in people’s lives in which they begin to think about what value they have added to the world.
Giving a bequest gift in your will allows you to make a major charitable contribution which may not be possible to make during your lifetime. The benefits of this are:
• Reduced taxes – the Charity will issue an official receipt for the full value of the Will bequest. This receipt can then be used to reduce the tax payable on your final return.
• Flexible and revocable – A charitable gift can be made for any amount and is revocable at any time should your financial situation change.
• Leave a lasting legacy – Your charitable gift will make a real difference to such things as children and communities affected by poverty or other needs; leaving a lasting legacy for you, your family, or anyone you wish to honour.
How does this work?
• A Will bequest can be as simple as a sentence or two naming the Charity in your Will or adding a codicil to your existing Will.
• You can designate a specific dollar amount, a particular asset or a fixed percentage of your estate to a designated charity. You can also request that the principal of your charitable bequest be held in an endowment.
• The designated amount will be donated to a designated charities most urgent needs or you can direct your bequest towards a particular purpose or program.
If you would like to learn more about how my experience and skills may be able to help benefit your nonprofit, or a nonprofit you may be associated with, please do not hesitate to get in touch with me as I would be pleased to meet and discuss the opportunity of working together.
I hope you enjoy my postings and find this information useful. Please follow the link at: https://raveresults.ca/blog/ as I welcome your comments on my Blog.
Mitchell Ravvin, BComm, PFPC, CFRE
Rave Results Inc.
7436 21A Street SE
Calgary, AB T2C 0V9
Rave Results Inc. is a professional fundraising service specializing in assisting mid-size nonprofit organizations. Areas of expertise include: Donor Development, Major Gift Fundraising, Sponsorship, Planned Giving, and both Annual and Capital Campaigns.