How to include charitable giving in your estate plan
Even small donations can make a big local impact, and may not affect beneficiaries
This article was recently featured in the Campbell River Mirror and Comox Valley Record. Read more below.
When it comes to charitable giving, one of the most common myths Alitis Investment Counsel’s Associate Portfolio Manager and Alitis Wealth Planning’s Insurance Advisor Shawn Fetter hears from clients is that it’s only for the wealthy.
“With estate planning, many people worry that donating to charity will take inheritance away from their heirs. In reality, leaving money to charity means that you are adopting another child and disinheriting the taxman,” Fetter says.
This November, Fetter will be participating in a panel on charitable giving, presented by the Campbell River Community Foundation, discussing the various ways that an individual can give back to their community.
“I always ask my clients about their values, and then look for ways to tie those values into their financial plan. Take me for example: I’m 42, I have a family, a mortgage and we’re very grateful to have a home on Vancouver Island. When it comes to charitable giving, I think about the North Island Hospital Comox Valley (CVH) that provided tremendous care when my kids were born. I’ve gotten to know many people who’ve relied on CVH and Campbell River Hospital over the years and hear stories of parents who need to travel to Vancouver to get their child(ren) proper care. I could set aside funds in our estate to help pay for new medical equipment that would allow the hospital to provide that care locally. It may just be a small amount and won’t have an impact on our children’s inheritance — but it could have a big impact on the community.”
Community foundations are a great option if you want to donate locally, but don’t know where the need is greatest – just check out their vital stats reports. And while Fetter points out that most people don’t donate for the tax benefits, it’s still true that leaving money to a Canadian registered charity can have significant tax benefits.
“Community foundations have the finger on the pulse of local communities and are aware of programs that we may not even know exist. There are not any tax credits by donating to a non-profit, but if you leave money to the community foundation, they can offer an official donation receipt for tax purposes and then disburse the funds to the areas in your community that have the greatest need.”
How the two sides of Alitis work together to offer better options
Charitable giving is just one piece of your financial plan. As Fetter says, finances are complex, and it takes a team to deliver solutions — which is why he loves being a part of the qualified team at Alitis. To ensure regulatory compliance, clients may actually work with two separate arms of the company: Alitis Wealth Planning, regulated by the BC Insurance Council and Alitis Investment Counsel, regulated by the BC Securities Commission.
“We also adhere to privacy laws, so even when a client’s information is being transferred from me at Alitis Wealth Planning to me at Alitis Investment Counsel, we’re sure to get our client’s consent — as nonsensical as it sounds to transfer information from me to me!”
New Comox Valley Office Opening Soon
Alitis is just weeks away from opening their new office in the Comox Valley, and Fetter is looking forward to getting more face-to-face time with clients, co-workers and other professionals.
“To successfully help people with their finances requires collaboration with lawyers, accountants, mortgage brokers, realtors, charitable foundations and more. Having that local office means we’ll have space where we can collaborate!”
Find Alitis Investment Counsel and Alitis Wealth Planning at 103-695 Aspen Rd in Comox.
Our Clients are Our Focus
At Alitis, we take pride in investing similar to a pension fund, yet catering to the everyday investor. That means our clients can rest easier knowing our risk-mitigating approach will be with them long term – regardless of how markets are performing.
We’ve developed a deep level of trust with our clients, because over the past 12 years, we’ve delivered on what we promised them – solid returns and less volatility. Our high client retention rate speaks for itself and we work to help ensure that our clients do not need to worry about the next stock market fluctuation that could throw their financial future into question.
Our Team at Alitis
Our dedicated team at Alitis has over 250 years of collective industry experience. But what makes us unique is the high level of integrity that every team member brings to the table.
Along with experience and integrity, each team member at Alitis shares the same commitment to our clients. At the end of the day, we measure our success based on the success of you reaching your financial goals.
If you’re interested in investing with Alitis, let’s have a conversation:
