What are the Motivators for Charitable Giving? Think about it, what motivates you?
Everyone has their own reasons for wanting to make a difference. I have clients all the time who raise charitable giving with me as a desire for their Estate Plan. No matter how little a client has, “where there is a will there is a way”, so to speak. A client only has to raise this as a desire, and we will find a way to structure it for them so that it meets all of their expectations……and then some.
The following have been identified as the key reasons people give to charity:
- Relationship with a particular charity because of personal experience – perhaps the charity served them well through a difficult time;
- A wish to create immortality through a lasting legacy or wish to obtain recognition for themselves or a friend or relative or colleague;
- The innate desire to be a good person, to feel compassion towards other people and to feel like they have accomplished something great;
- A sense of social responsibility – a need to help others less fortunate and to be accountable to a society that has served them well (assisted them with achieving business success perhaps);
- Simply giving something back to the community; and finally
- Some simply appreciate the tax advantages – there are significant tax advantages in donating to charity, especially for higher income earners (talk to your Accountant).
All of the above are great reasons to think about charities in your Estate Planning process.
This is provided as information ONLY; it should NOT be construed as legal advice. You should consult with a lawyer to provide you with specific advice for your own situation. For more information on estate planning/incapacity planning and to discuss your specific circumstances, please contact Vanessa DeDominicis on 250-869-1140 or [email protected] . Vanessa practices in the area of Wills and Estates at Pushor Mitchell LLP in Kelowna and would be more than happy to assist you.
