Organization leaders say legacy planning can have an impact after life

Charity organizations rely on donations to operate, and provide information, and raising awareness of an issue.

They fundraise in a variety of way, but one way to support them is to provide them with consistent funding through and endowment, or legacy.

Michael Mazza, executive directer of the Terry Fox Foundation, said gifts of any amount made through legacy donations allows them to commit to long-term cancer research.

Mazza said gifts of any amount made through legacy donations allows them to commit to long-term cancer research.

“Scientists need dependable funding and our legacy program can play a vital part in helping stabilize that funding to ensure that they have the money they need as they investigate the ideas to create solutions against cancer,” Mazza said.

The Medicine Hat Health Foundation helps support health care initiatives in the community.

The foundation’s executive director Heather Bach said donating in one’s will is a great way for those who can’t in life.

“It’s a great way to give back and leave a legacy,” Bach said.

“Perhaps you want your family name recognized annually and that’s where endowments would be great because your family name would buy something every year, annually,” she added.

“Your name would continuously be brought up back into your favourite charity.”

Holly Stadnicki, executive director of Big Brother Big Sisters of Medicine Hat and District, said they hope to see their endowment fund grow to support their program.

“We never spend the original gift, but we do receive the interest that’s garnered from that gift,” Stadnicki said.

“That goes a long way to supporting youth mentoring programs through Big Brothers, Big Sisters.”

Bach said they are starting to see more donations being made in wills.

“There’s a wealth transition happening right now,” Bach said.

“Our boomers are leaving and so there’s larger and larger gifts right now. That are starting to occur,” she added.

“I don’t think it’s going to be forever, but it is an interesting time that we’re seeing in the charitable sector where people are leaving larger gifts.”

Mazza said they encourage people to look at their legacy.

“What’s the impact that they want to have with their estate? And so estate giving can be an incredibly powerful tool that people can put that money to what they care about the most,” Mazza said.

Consulting with an accountant or a financial advisor can give you a clearer picture on the potential tax benefits available when considering a legacy gift, she added.

by Jesse Gill

Organization leaders say legacy planning can have an impact after life

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