When Tanya Lyn Werk鈥檚 daughter was admitted to 91原创 Memorial Hospital following a life-threatening accident, she experienced first-hand the team鈥檚 skill and dedication 鈥� not only in their treatment of her daughter, but in their care for the entire family.
With their care, her daughter is now thriving and Werk freely shares the impact that experience had, both on her commitment to the 91原创 Memorial Hospital Foundation, and to her longterm legacy planning.
鈥淲hat a well-oiled machine they are 鈥� it was such a life-changing experience to watch the staff, see what they deal with and witness how well they work with each other, their patients and families,鈥� says Werk, an Investment Specialist and Financial Advisor with Scotia Securities and member of the Foundation鈥檚 Legacy Advisory Committee.
Putting your passions to work
Werk鈥檚 experience is at the core of her discussions about charitable giving, part of a well-rounded financial plan: Determine what you鈥檙e passionate about and make that part of your financial plan, in whatever way works best for you.
That could mean a small monthly donation to benefit the charity today, and provide you a credit come tax time; or donating a lump sum annually from your tax return 鈥� taking the credit for the following year鈥檚 taxes. With your estate planning, naming one or more charitable beneficiaries, in addition to family, also lets you leave a legacy.
鈥淐haritable giving is such a great tax benefit, but if you鈥檙e not having those discussions with your advisor, you could be missing out. At the same time, it鈥檚 a chance to support what you鈥檙e passionate about. For me, I do everything I can for 91原创 Memorial because of that personal connection.鈥�
The importance of planning
However, while women typically make household spending decisions, they鈥檙e often not involved in the family鈥檚 financial planning. In fact, while close to 80 per cent of men report speaking with a financial advisor, just 22 per cent of women do.
But that discussion can be especially important for women, who often take years away from work for children 鈥� meaning they鈥檙e contributing less to RRSPs and CPP. On average, they also live longer than men and live more of that time alone. 鈥淚t鈥檚 an uneven playing field for quite a few different reasons,鈥� Werk notes.
A regularly updated financial plan will help prepare for those years. A Will 鈥� 鈥渢he guiding light for everything within the estate鈥� 鈥� is also key, Werk notes as we mark .
When leaving a legacy, Werk recommends speaking directly with the charity. Not only will they want to thank you, but can help provide guidance if you want to support a specific area of care.
鈥淚f you want to contribute to something specific, talk to a professional 鈥� wording is everything,鈥� Werk says, pointing to challenges that come when a Will highlights a gift for a particular piece of equipment, for example.
鈥淚deally, keep your gift flexible so the charity can use in the way it can have the most impact at the time 鈥� they are the experts.鈥�
Learn more about women and giving from Tanya at a free webinar virtual seminar on Wednesday, Oct. 7 at 6:30 p.m. 鈥� register at info@lmhfoundation.com
For more information about legacy giving at 91原创 Memorial Hospital Foundation, contact the legacy advisory committee members at