Finance Cash gifts – self-explanatory. You take out your chequebook and start writing. Such gifts have the benefit of being an immediate, tangible benefit that’s perfectly suited to address immediate needs. Help with regular expenses – An excellent way to give a leg up to kids and grandkids just starting out in life. For example, you may offer to pay a young graduate’s cellphone bill for a few months or to pick up the rent payment as they try to land their first “real” job. Or maybe chip in for the grandkids’ daycare expenses if your adult children are feeling financially stretched. Targeted gifts for big-ticket items – think tuition payments, maybe a car you don’t need any more, or funding the plane tickets for the kids and grandkids to come and visit you at your winter Sunbelt getaway. Mortgage contribution – something more and more families are doing in today’s high-priced housing market. This could be a great way to give a partial or early inheritance to adult children, providing you with the ability to make an immediate impact on your child’s life, at a time when they need it most. Gift of financial property – in-kind gifts of securities, real estate, art and other collectibles, or even life insurance policies can be an excellent way to make a significant financial impact on family members or a charity. Be careful, though: such gifts may incur tax on any accrued gain up until the time you give it. More on that below. Bequests in a will – a common way to give is to make it part of your estate plan. Doing so obviously eliminates the risk of a gift impacting your current lifestyle and, when you name a registered charity as the beneficiary, it usually generates a tax deduction for your estate, which can reduce tax owing on other assets. Private foundation – an option for ultra-highnet-worth families looking to make a longterm giving commitment to causes which they care deeply about. Foundations are a complex subject, one that demands careful consideration and professional guidance, and which are best suited to gifts of $1 million or more. But they can be an excellent way to leave a lasting legacy in which your entire family can participate. Think about how any of the above may line up with your goals and purposes as expressed above. Keep in mind that your approach can shift and evolve over time, or as your situation changes. The form of your gift After you have a rough idea of what you want your gift to achieve, it’s time to consider what form that gift might take. The following list highlights some of the more common giving options, both for giving during your lifetime and as part of your estate. CSANews | WINTER 2024 | 27
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