A new project called How to Leave A Legacy is being led by Spirit of the North Healthcare Foundation (SNHCF) in a bid to better guarantee the financial future of non-profit organizations.
"Many people want to leave a positive legacy that goes beyond helping reduce the carbon footprint," said Peter Wouters.
Wouters is a tax and estate planner with Empire Life Insurance who shared his expertise about making wills and planning estates during a visit here this week.
The Ontario visitor made presentations to 35 members of the Estate Planning Council of Prince George, which included financial, investment, planning and law firms, who are encouraged to talk to clients about including charitable legacies during estate planning.
An evening session attracted more than 30 representatives of non-profit charitable organizations such as the Hospice and Canadian Cancer societies, YMCA and Child Development Centre, who learned how left legacies can better insure their future.
Wouters said the trend these days seems to have changed from keeping up with the Joneses to "how much more can I give away than you?"
"The whole focus is moving from success to significance," said Wouters, noting, a concern of many people is being forgotten and not have made any difference after a lifetime spanning 75 or more years.
He said it's a simple thing to leave a financial bequest guaranteed to go the charity of your choice through a life insurance policy set up as a charitable legacy.
Don Gowan, executive director of SNHCF said the potential impact of such legacies could be staggering.
"We, as a charitable group, know how nice it is when we get this every once in a while, but imagine what a difference it would make if we had a couple of hundred of these legacy life insured policies?"
Wouters said only 40 to 44 per cent of Canadians have wills, and only seven per cent of those have made a bequest.
The easiest way to ensure a legacy is to save a portion of pay cheques on a regular basis, said Wouters. He said working people typically evenly distribute 30 per cent of their pay to Registered Savings Plan, insurance policy and charity of their choice, and spend the remaining 70 per cent.
Wouters said financial difficulties being encountered by the Hart Pioneer Centre is a perfect example of how legacies can create solid bases to prevent doors closing on charitable groups.
These days non-profit groups cannot depend on grants, donations or handouts from governments, he said.
The SNHCF wants to partner with other charitable organizations to help them help themselves, said Gowan.
He said the hope is to transform the How to Leave a Legacy project into a movement throughout the community and region.
"We have the information for those interested," said Gowan who can be reached a SNHCF office in the University Hospital lobby or at 250-565-2301.
