Elke Rubach, Principal at Rubach Wealth and a member of RMHC Toronto’s Development Committee, is a leader in the finance industry, and a passionate supporter of families with seriously ill children. In her work, she helps families take a holistic approach to wealth management and financial planning, including estate planning.
“Giving to charity can come in many forms, and everyone can do it,” says Elke. “By planning for your financial future, you would be surprised by the impact you can have on a charity during your lifetime, and afterwards, as part of your legacy.”
What is planned giving?
Planned giving is a way of making charitable gifts during a donor’s life or death as part of their estate or financial plan. Looking at the whole picture when planning to make a charitable gift is the first step.
As a financial planner, I get the whole picture of my clients’ financial landscape and what they would like to do with their money considering their lifestyle, if they want to help their kids or give to charity. We build flexibility into the plans and our clients decide what is best for them while also being tax-efficient.
What are the different ways to give to charity through planned giving?
There are many ways to give to charity through planned giving. Donors can support charities by including them as a beneficiary in life insurance policies, leaving a certain amount of money in their Will, or by donating gifts of assets such as a portion of shares in a publicly traded company, real estate or artwork. When organizing a significant donation, it is best to make sure that charity has the capacity to accept that donation.
What are the tax benefits to leaving a charitable gift in your will?
There are different ways that donating could benefit donors depending on what they choose. Gifting securities is a tax-free way to donate to charity. Significant donations can also provide tax benefits, giving donors the opportunity to support a worthy cause while also accounting for their own financial situations. Budgets of any size can support a charity while also receiving tax benefits, whether it be through a multi-million-dollar donation or monthly donations.
What advice would you give someone who was just starting to think about gift planning?
Normalize having conversations about money. If you have never talked to your family about money, philanthropy is a great starting point. It is a great way to connect over shared interests and understand your family’s outlook on money.
Click here to learn more about how you can support RMHC Toronto and families with seriously ill children through planned giving.