Reacting to disaster; how you can helpSubmitted by Agrawal Associates on May 31st, 2017
May 31, 2017
When a disaster happens, Canadians spring into action. We donate our time, skills, material goods, and financial support for people and organizations in need. We understand the importance of community and that being part of the community means contributing what we can.
However, we also know that a huge influx of support can sometimes hinder long-term relief efforts. News reports of warehouses full of furniture for people who don’t have homes can make us feel unsure about where — and how — we can best contribute.
Providing constructive support
One solution to this problem involves building your financial plan with consideration for the organizations, charities and people you want to support. This strategy allows you to provide constructive, meaningful, and often tax-efficient funding to the individuals and groups who need it most.
Whether it’s the devastating floods which ravaged much of Southern Alberta in 2013, the fires that forced over 80,000 people from their homes in Fort McMurray in 2016, or the flooding in parts of British Columbia, Ontario, and Quebec this Spring, your contributions can have an impact.
While we can’t often predict disasters, strategic giving can ensure your preferred organizations are supported and ready to help when the need arises. Philanthropic planning also enables you to offer continued support when the news cameras have left. One year after the wildfires in Fort McMurray, there are still Canadians impacted by the disaster. Families are waiting for permits to re-build their homes, insurance settlements are still in process, and people have lost their jobs when companies closed permanently.
Considering intentional giving
Supporting charities and organizations important to you is something that can continue after you’ve passed. Building intentional giving into your financial plan gives you a number of advantages. There is a unique opportunity to identify causes that are important to you through the process of building your estate plan. Your advisor can help ensure your giving is strategic and aligned with your long-term values and priorities.
This alignment will protect you from being swayed by emotion and potentially falling victim to illegitimate fundraisers. Advance planning can give you the peace of mind of knowing that you are doing as much as you can for what you believe in, and that your long-term financial goals are protected.
Your financial advisor can help you choose the right options for planned giving. Gifts of assets, cash, trusts, or donor advised funds are all options that your advisor can assist you with. They can make recommendations for which options are right for your financial plan and the causes you want to support. An added benefit is that this can also maximize the tax efficiency of your gift.
The associate consultants at Agrawal Associates are able to assist you with coordinating intentional philanthropic giving into your financial plan. This is just one of ten areas that make up your entire financial plan, and contribute to your happy, healthy, wealthy life.