financial planning – FUNDING matters® Inc.

Why do I call Peter Gilgan a Power Donor®?

It’s simple, just imagine a world where everyone donated 1% of their net worth; if you are worth $1 million that would be a $10,000 donation to charity.

Now, imagine donating 8.3% of your net worth in your lifetime to charity using the same net worth calculation – your donation would be $83,000. Well that is just what Peter Gilgan, the founder of Mattamy Homes in Canada did today, adding to his philanthropic record by donating $30 million to St. Michael’s Hospital in Toronto. This donation brings his lifetime giving total to $150 million against his $1.8 billion in holdings.

What can Peter Gilgan’s giving teach us?

It shows that he could never conceive of how much to give if he did not undertake any planning for his finances, his estate and leading to his philanthropy. The same can be said for a recent donor to a local charity who took the time to understand that she lacked personal financial planning. She spoke with us at FUNDING matter inc. to say that she didn’t understand if she had enough money to live the lifestyle she was accustomed to while still providing for her heirs and leaving something to her favourite charities. After walking her through an illustration of a proper estate and financial plan, she quickly understood and saw first hand the looming tax that could be used for charitable giving. In the end she became a Power Donor®, actually donating more than 1% of her net worth to her favourite charities.

Each professional advisor can leverage their client relationships to help achieve them establish unique and inspiring legacies through philanthropy, much like Peter Gilgan’s recognized legacy of landmark donations to the charitable sector.

William Petruck

www.giftabulator.com

Money is often cited by relationship experts as the number one reason for relationship failure, in particular marriage. Why is money such a strong factor in determining one’s success in marriage, longevity and health?

Maybe it really isn’t money that is the major factor but that the underlying issues which relate to the money that are the problem.

How can couples get on the same page?

It is important for each partner to understand why the other feels the way they do and develop a mutual understanding. Whether it’s generosity or thriftiness, communication is the key to understanding one another’s views and unspoken preferences and bias.

When gifting is made, how are the spouse, children and charity taken into consideration?

Discussing money topics in detail is the beginning of the process. When I meet with lawyers, they tell me that couples often don’t have an idea of how to split up or allocate their life’s assets to family and community. In many cases this is the first time that the couple has given thought to who gets what. It’s not surprising then that 70% of individuals don’t have a current will.

I recently had dinner with an accountant who is acting as trustee for an estate that is being contested by two sisters in their 60s. They are not talking because they can’t agree on how to divide their mother’s antique teacups and fairly apportion her funds to her grandchildren. These sisters are literally throwing 60 years sibling friendship out of the window by failing to communicate.

Plan your estate through effective communication to ensure minimal headaches and heartaches for your loved ones and to minimize legal fees and taxation to benefit family and community.

wpetruck@fundingmatters.com
www.giftabulatorusa.com

Tag: financial planning

Peter Gilgan – Power Donor® Extraordinare

Grow A Relationship – Agree About Money