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Charitable Giving Success Story
Charitable donations are satisfying and can be as simple as writing a cheque to your favorite cause. But with proper planning, your generosity can go even further, creating an impact beyond your expectations.
This month we share a charitable donation success story.
Scenario
Our partner Francesco Laudadio created a financial plan showing that clients at a specific lifestyle expenditure level would have significant assets left over by the time they reach their life expectancy. The clients currently make annual cash donations and communicated a desire to leave a portion of their estate to selected charities that have significant meaning to them.
Solution
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Smith Falconer Financial Group created an annual, planned charitable giving program using a combination of life insurance and a Donor Advised Fund. Under the plan, donors receive a tax receipt for the amount of the policy premium and for the amount of the donation to their Donor Advised Fund.
Result
This strategy translates into significant tax savings each year for clients who donate appreciated shares, eliminating capital gains tax and reducing the income tax owed.
By donating to a Donor Advised Fund the client has the flexibility of receiving a tax receipt each year without having to commit to specific charities. The amount of 3.5% of the fund must be disbursed to a charity each year, or the clients can request a larger donation, giving them the satisfaction of seeing the results of their giving during their lifetimes.
Let us know if you'd like an introduction to learn if a Donor Advised Fund may benefit you.
Very best regards,
CIBC Wood Gundy
Smith Falconer Financial Group
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