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C R E A T E A L E G A C Y PHOTO: BURNABY HOSPITAL FOUNDATION on what their legacy will be, the how is the next consideration. LEGACY GIFTING STRATEGIES This is where consulting with a professional financial planner to ensure your personal and financial goals match is essential. "A professional can provide you with various options and advice," says Kristy James, president and CEO, Burnaby Hospital Foundation. "This can involve developing a strategy for charitable giving depending on your applicable assets." Different strategies will take advantage of various tax benefits, so it is important to be clear on how you plan to structure a charitable legacy gift to make the most impact. "The fact is, when you pass, your estate is likely to be responsible for taxes payable," James says. "Leaving a bequest in a will, appreciated securities or life insurance can reduce your personal taxes and increase benefits to your estate and its beneficiaries. "And, while leaving a gift in your will is an emotional and practical decision, we have often found that donors who consult a professional can find a new realization about how they can support their charity of choice, while also ensuring that their loved ones are taken care of." Professionals also help donors navigate the complexities of gift and estate planning and avoid unnecessary fees. "This grows your legacy and gives you peace of mind," Hikida says. "A professionally drafted plan will help ensure your estate is protected from potential costly legal challenges, which can result from something as simple as ambiguity in the language used." Consulting with a charitable organization prior to including them in your estate plans is highly recommended, especially if you intend to place any restrictions on the use of your gift. Otherwise, there is a risk that the charity may have to decline the gift in the future if the purpose can't be met. A named endowment fund can be established at Vancouver Foundation Leave a Legacy Supporting Burnaby Hospital makes a meaningful impact on health care for your friends, family, and generations to come. Learn how you can have a lasting impact: bhfoundation.ca/legacy (604) 431-2881 Ed's Legacy: "While working, I kept balance by prioritizing leisure time, especially through travelling. I'm glad Burnaby Hospital was there for me during two surgical procedures, so I could enjoy my retirement. It was because of excellent care from the medical teams at Burnaby Hospital, which led me to consider how I might give back to patients like myself." Ed attended Estate Planning seminars hosted by Burnaby Hospital Foundation and when he was ready, he found the process of leaving a gift in his will easy and uncomplicated. Continued on page 46