“In this world, it’s not what we take up, but what we give that makes us rich”
Henry Ward Beecher
This thought-provoking quote urges us to reconsider how we think about prosperity: using our resources to benefit others is more rewarding than accumulating possessions and wealth for ourselves alone.
Henry Ward Beecher was an influential American preacher who lived from 1813 to 1887. He was a passionate advocate for ending slavery. He also championed women’s right to vote. Beecher believed that generous giving to help others truly makes us rich in the most meaningful ways.
For many people today, their most valuable assets are financial – savings, investments, properties and insurance proceeds. Finding meaningful ways to gift even a tiny portion of those funds to charitable causes can profoundly enrich lives. We can positively impact others in a lasting way that extends far beyond our finite lifetimes. The gift of generosity creates a legacy of good that continues.
Making carefully planned donations and gifts to charity as part of our Wills and estate plans is a powerful way to apply Beecher’s advice in a practical sense. Mindful planning helps you provide for the needs of your loved ones and allocate a portion of your remaining assets to the causes you care about most. Purposeful generosity allows you to leave a legacy that fully embodies your values.
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Giving Provides Purpose and Meaning
When creating or updating your estate plans, thoughtfully determine what resources your family will need to maintain financial stability and their current lifestyle. Take the time to realistically assess expenses, income sources, and future needs over the long term. Once you feel fully confident your family’s future is secure, consider leaving some of your remaining assets to your favoured charitable organizations.
Your generosity can unexpectedly add tremendous purpose and meaning to your life. Giving enables you to keep making a positive, helpful impact on the world even after your time on Earth has ended. After you carefully provide for your loved ones, you can look beyond your finite life span and continue doing good indefinitely through charitable giving.
Planning a sizeable charitable gift as part of your legacy can give you a renewed sense of fulfillment and deep satisfaction. Knowing that your thoughtfully planned donation will support vital work long after you’re gone can provide great comfort, joy and peace of mind.
Follow Henry Ward Beecher’s wise guidance – to give more to others in need and take less for yourself. Discover firsthand what forms of prosperity and richness matter most at the end of life’s journey.
Leverage Life Insurance to Increase Charitable Giving
Often, charitable estate gifts come from savings or appreciated real estate or securities. Another great option is to use life insurance policy benefits to fund a donation after your passing. The charity you name as the sole or partial beneficiary quickly receives the tax-free death benefit to support its vital efforts.
Life insurance helps you make a more sizable and meaningful gift than relying only on dispersing your other accumulated assets. Life insurance allows you to unlock an additional source of legacy giving.
If you prefer, you can direct the tax-free proceeds to your family to replace assets you donate from your estate. Both your loved ones and philanthropic causes can benefit from your mindful preparation.
Explore how your current or new life insurance policies could help you create or significantly augment a charitable gift in your estate plans. With some upfront strategic thinking and expert guidance, this financial tool could greatly amplify your intended donation’s scope and positive impact.
Create a significant legacy gift with a relatively modest one-time or recurring premium.
Significant Tax Incentives for Charitable Giving
Along with the deep personal fulfillment you’ll gain from charitable giving, you benefit from the substantial tax incentives that encourage philanthropy at death. These donations can give your estate a tax credit equal to up to 100% of your net income in the year you pass away. As an additional benefit, your executor can apply unused credits to recover taxes paid in the year immediately before your death.
Since registered charities are exempt from paying tax on capital gains, donating appreciated assets (e.g., stocks, bonds or real estate) lets you completely avoid owing tax on the increased value of those assets. Donating appreciated securities allows your estate to retain significantly more wealth than selling the appreciated assets and then donating the cash proceeds after paying capital gains tax. Making charitable giving a component of estate planning is a savvy tax strategy.
Be Purposeful In Your Philanthropy
Beecher’s insightful quote emphasizes that true prosperity comes from giving, not acquiring. His words compel us to thoughtfully incorporate charitable giving into our estate and legacy planning.
At Taxevity, we’re here to help you create an estate plan that responsibly cares for your family while also doing meaningful good through charitable giving. Let’s have an open discussion focused on your unique situation, hopes and ideals. Together, we can craft a personalized plan that achieves your goals.
Experience firsthand the profound joy of purposeful giving. Allow Beecher’s words of wisdom to guide your legacy. Discover how fulfilling it can be to look beyond your finite years and make giving back your enduring legacy.
Learn how the Will Power campaign helps you include a gift to charity in your Will and about the pros and cons of donating life insurance.
At Taxevity Insurance, we’re passionate about bringing clarity to complex financial decisions. Let us empower you with personalized strategies to achieve your goals. We focus on life and health insurance solutions to protect your business, your family, and your legacy.
