Philanthropic & Charitable Giving
At Pharus Wealth Advisory Group, we understand the importance of giving back. Many of our clients, like you, are passionate about supporting charitable causes that resonate with their values. We’re here to guide you through the process of making your philanthropic efforts as impactful as possible.
Together, we can explore various strategies to ensure your charitable contributions make a lasting difference. Whether you’re looking to support your community today or leave a legacy for the future, we’re committed to helping you achieve your vision.
Here’s how we can assist:
Donating Appreciated Securities
This approach involves transferring stocks, bonds, or mutual funds that have increased in value directly to a charity. It’s a win-win; you avoid capital gains tax on the increase in value since purchase, and the charity receives a larger gift than if you sold the assets and donated the after-tax proceeds.
Contributing Non-Cash Gifts
Donating valuable items like artwork, real estate, or shares in a business can significantly benefit both you and the charity. You may receive a tax receipt for the fair market value of the gift, and the charity can either use or sell the asset to support their work.
Setting Up a Charitable Gift Fund/Donor-Advised Fund
Think of this as a charitable savings account. You contribute cash, securities, or other assets to the fund and receive an immediate tax deduction. Over time, you can advise on how the fund’s assets are distributed to charities.
Including Charitable Bequests in Your Will
By leaving a portion of your estate to charity in your will, you can make a substantial contribution without impacting your finances during your lifetime. This can also provide significant tax benefits to your estate.
Naming a Registered Charity as a Beneficiary
Designating a charity as a beneficiary of your RRSP, RRIF, pension, or life insurance policy is straightforward and can have considerable tax advantages. Upon your passing, the charity receives the funds directly, and your estate gets a tax credit.
Private Foundation
If you’re considering a more hands-on approach, like establishing a Private Foundation, we can guide you through the process. This allows you to create a lasting family legacy, maintain control over the investment and distribution of funds, and potentially involve future generations in philanthropy.
Pharus Wealth Advisory Group is here to help you navigate these options and tailor a charitable giving plan that aligns with your values and vision for the future.
