More than 125 million US and Canadian citizens over the age of 18 do not have the most basic end of life document prepared. Add outdated Wills to that number. This leads to the next question. What percentage of Canadians have considered their after-tax estate and have taken steps to reduce the tax and leave more to their families? The statistics aren’t good. 70% of Canadian families fail to preserve wealth from one generation to the next.
An Estate Plan is much more than a Will. An estate plan looks at strategies to reduce taxes owing. A gift to charity is one of the strategies that can reduce taxes and becomes a Win/Win.
Many Canadians are unaware of strategies that can re-direct money that would otherwise go toward taxes to causes they are passionate about and that give their lives meaning.
What if you could make a far greater impact to a cause that you feel a deep connection to? What if you could make a significant donation to an organization so in line with your purpose that it excites you?
A well-planned estate is a wonderful gift. A neglected estate can leave chaos.
Whether you want to leave your money to your spouse, your kids, your favorite charity, or your cat, you show them who and what you value by being mindful. Mindful Money Management helps you share your values with your loved ones.
There was a gentleman in my office one day and he believed he knew what would happen when he died. He didn’t think he had much and he was sure it would just go to his family when he died. There were some tax implications that he had not considered.
When we applied ☺Mindful Money Management we found he could leave more to his family. A gift to his favourite charity meant leaving a lot less to the government. All it took was repositioning assets. The gift to charity helped to show his family that giving was important to him. He voted for his values with his money! He just needed a little help to weigh the options.
Here’s a link to an interview I did with Tom Deans author of Willing Wisdom. Tom talks about using your Will to communicate your Values to your family. I think you’ll enjoy it.
A Death Built With Care with Tom Deans
Imagine, if you found a way to make a far greater impact than you ever thought was possible.
People get excited about giving when they can see the possibilities. ☺Mindful Money Management puts you in control. People who are mindful make a difference, by leaving more to their families, more to charity and as little as possible to the tax man.
Join Mindful Money Management. Become mindful and vote for your values even when you leave your money behind.
Imagine what it would be like if we all became mindful. Mindful Money Management makes that happen when you spend, invest and donate to create a better world.
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How are you voting for your values? I’d love to learn about the impact you plan to make. Please feel free to contact me at [email protected] with your comments and ask to be included on the guestlist for my next Mindful Money Management Zoom Workshop. See you there!