Building an enduring plan for a lasting legacy
One of life’s greatest rewards is sharing your wealth with others. Managing assets to take care of one’s own needs and wants is one thing, but it takes additional planning and knowledgeable guidance to help ensure your financial and personal legacy makes an enduring difference in the lives of loved ones or a favourite charity.
Having an estate plan to control the distribution of your assets benefits everyone – you, your family and the causes you care about – and can help mitigate potential pitfalls in the future. Our experienced team can consult with your legal and accounting professionals to help develop a personalized plan that not only protects your assets but also helps you share your wealth with the people and charities you care about most.
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The Steele Wealth Management team understand your passion, determination, and commitment to making the world a better place, and we can provide you with the tools to achieve your goals. We can work with you to create a legacy using The Raymond James Canada Foundation’s Charitable Giving Fund.
Within the private foundation, we can manage your giving in accordance with your wishes with discretion and confidentiality. We believe that strategic charitable giving is an essential part of a successful financial plan. Working with the foundation lets you seamlessly incorporate strategic giving into your overall financial plan, without the administrative burdens of running your own private foundation. Strategic means you can reap the benefits of donating today, while creating a giving plan for tomorrow.
A Charitable Giving Fund provides you with immediate tax benefits, the potential to grow your initial gift, and the freedom to recommend grants to qualified donees that matter to you. Click here for more information.
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Think of it this way: if you don’t plan for your estate, it will inevitably be done for you. Most often the province will intervene, which can take a toll in taxes, time and additional emotional stress for loved ones. That is why it is important to develop an estate plan while you have the ability to do so yourself.
We are here to make legacy planning a positive, life-affirming endeavour that leads to the preservation of your family values and your assets transferring efficiently and according to your wishes. We have access to experts in trusts and estates, insurance, and philanthropy and can consult with other professionals – such as your legal and accounting professionals – to help ensure a well-coordinated approach and that your wishes are communicated to all involved.
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There are various instruments that work within your overall estate plan to provide certainty and control over everything you’ve worked for and accumulated during your lifetime, regardless of asset level. Examples include wills, trusts, insurance policies, and continuing/enduring powers of attorney for property or protection mandates.
Using instruments such as these can give you the confidence of knowing that your estate will be handled as you wish. Well-documented estate plans may also help your family avoid the court’s involvement in appointing a guardian for property in the event of incapacity. Thorough documentation can also speak to specific assets such as business interests or gifts to family members, while other investment vehicles can create a family legacy with a charitable gift.
Our team works with you to help ensure your wishes are informed and that you can communicate effectively with your personal team of professionals.
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Making charitable giving part of your financial and estate plan enables you to support the charities and causes you love, now and in the future. Moreover, having the right charitable giving strategy can help further your overall wealth management plan.
There are many ways to make strategic charitable giving part of your overall financial plan, each with its own level of control and tax benefits. Some options provide immediate or future tax deductions while others can provide a continuous income stream. In any case, our goal is to help ensure strategic and tax-efficient giving so that your charitable gifts don’t fail, and your estate or charitable beneficiaries receive what you intended with your gift.
Our knowledgeable team can provide recommendations that not only benefit you now but provide the opportunity to shape the way you wish to be remembered.
This information is general in nature, and is intended solely for the purpose of illustrating conceptually how a particular estate planning technique might work, based on various assumptions. Whether the planning technique is appropriate for you will depend on your goals and your specific situation. Raymond James does not provide advice on tax, legal or mortgage issues. These matters should be discussed with an appropriate professional.
