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SPECIAL FEATURE Another option, particularly for estates with more than $5 million in funds, is to set up a private foundation, which is separately registered with Canada Revenue Agency and the donor manages the charitable returns and annual financial statements on their own. "We recommend speaking to a financial advisor before making any big decisions to understand the benefits of leaving a legacy gift, as well as the various ways to leave a legacy gift," Leland says. "There are several options that can benefit both you and the organization you're giving to." THE TAX ADVANTAGE Legacy gifts are eligible for a tax-receipt for 100% of the gift value, with some types of gifts providing tax benefits now, and some to the estate. This is an important consideration when deciding whether to provide a legacy during your lifetime or in your estate, after you pass. Both have advantages. "If there is a large estate tax exposure, many donors prefer to contribute in their wills to offset the tax," Zlotnik says. "Other donors want the charity of choice to benefit now and may use structured flow through shares to lower the cost of the gift dramatically." Many donors prefer to payout to their favorite charities a series of payments rather than a lump sum. "The advantage of this for some donors is that they may wish to support a particular program a charity is offering and that lasts for a number of years," Zlotnik says. "There could also be a concern about the current direction or management of a charity, and the donor may not want a single, one-time infusion of funds for fear of those funds being mismanaged." Additional giving options that involve more complex planning include the use of alter-ego trusts, family trusts, estate freezes, employee stock options, private company shares, the gift of real estate (a cabin property or residential home) and the use of the capital dividend account. "These options provide the opportunity for a reduction in taxes, security of income and capital in lifetime, ability to transition wealth and decision-making in a cohesive manner, and provide meaningful charitable legacies to beloved charities," Beard says. "Lastly, and without price, they may help maintain peace within one's family." CONSULT A PROFESSIONAL To facilitate this process, consult with an experienced financial planner and an estate lawyer. "The thought of drafting a will and your passing can be emotional and stress- ful," Lin says. "Consulting with a professional gives you the clarity and support you need to make an informed choice." C R E A T E A L E G A C Y " Legacy gifts are vital to the tremendous advancements we have seen over the years in kidney care. Legacy gifts will be key to even more discoveries in the years to come. We have the power to relieve the burden of kidney disease, but it's only possible with donors' help. " –RAMYA HOSAK, director of philanthropy, Kidney Foundation, BC & Yukon Branch. " Without a will, a donor's assets will be distributed according to law and that may not be what they want. And if that will is decades old or family situations have changed, it should be updated. " –HILARY BEARD, director, gift & estate planning, BC Children's Hospital Foundation KIDNEY FOUNDATION BC CHILDREN'S HOSPITAL FOUNDATION

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