Exercising Accidental Philanthropy™
Attention: Insurance Advisors, Estate Planners, DAF Fundholders and Aspiring Philanthropists.
Please join me on Oct 1st from noon to 1.30pm for a special Zoom event presented by the Oakville Community Foundation.
My presentation “The New Philanthropy – Helping Clients Maximize Giving and Minimize Taxes” will explain several unique giving strategies to create transformational charitable legacies that also help preserve family wealth.
I will also share some little-known philanthropic strategies available exclusively to DAF Fundholders and Charitable Foundations.
Creative Charitable Gifting Strategies
The latest issue of Foundation Magazine contains my second article on Strategic Philanthropy, published under my column banner "The Accidental Philanthropist™”
"Creative Charitable Gifting Strategies" describes several effective and often-overlooked ways for generous people to support the causes they care about in the most cost and tax-effective manner.
Timing IS Everything
A few years ago I was introduced to a wealthy real estate family with an extensive property portfolio assembled over 2 generations.
Lots of real estate, no estate planning - and not surprised.
Getting them properly organized in the most tax and cost-efficient way would be a complex and time-consuming and something we love to help clients with.
It’s EASIER THAN EVER to buy every kind of Life Insurance.
With COVID outbreaks and Delta variants dominating the news, people are more aware than ever of their mortality.
Amid the doom and gloom there’s good news for anyone buying Life Insurance.
You can now get up to $5 million of Life Insurance with NO medical, NO in-person meeting, NO blood and urine samples, all in a 15-minute phone call.
A great interview on the Tonic Talk Show
Had a great interview last week with Jamie Bussin, publisher of Tonic Magazine and host of the Tonic Talk Show
It’s a weekly show with an expansive approach to health and wellness that airs on Zoomer Radio FM 96.7 and AM740, and The Tonic Talk podcast.
We discussed financial stress and how it impacts mental and physical health for everyone.
I shared my recommendations: Start with "planning" first versus "investing" with a focus on preserving what you have, maximize income and optimize tax efficiency.
Having a financial coach, a financial plan and getting proper life insurance in place has never been more important and can provide the peace of mind we all deserve in the age of COVID.
I love hearing about philanthropic gifts inspired by our activities
I love hearing about philanthropic gifts inspired by our activities and facilitated by insurance advisors, financial professionals and others.
Here’s an actual email received from Sean Jones, an advisor I mentor, who approved of this post to encourage other advisors to do the same:
"Hey Mark,
Happy Canada Day!
I hope you are well.
I have my first philanthropy case!
Elderly couple, just sold a house and have some ‘never spend money’.
We set up a Joint and Last To Die $700,000 PAR policy with an annual premium of $40,000.
We named the charity as owner and beneficiary in order to get a charitable tax receipt for each premium, essentially bringing down their actual cost to only $20,000/yr for 10 years. Every year they will save $20,000 in taxes from the premium charitable receipt AND more importantly, they are being recognized by their favourite charity while they are alive, for creating a gift that will grow to well over $1M. Thanks for telling me that it would have cost even less for them if they paid premiums with appreciated securities or flow through shares. What a wonderful legacy for them to share with their children and grandchildren!
I’m really excited about this case and many others I'm working on just like it, thanks to your inspiration!
Stay well,
Sean Jones"
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A shout out to my dear friends Frank De Lio and Mauro Arturi
A shout out to my dear friends Frank De Lio and Mauro Arturi, Senior Executive Directors who lead a group of more than 500 advisors in the FML Organization of Experior Financial Group.
We’ve spoken over the last few years about developing an advanced training program for their top advisors to learn how to work with HNW and UHNW clients.
Our 2 hour kick-off session yesterday was attended by 2 dozen of the top Executive Directors in the FML Organization!
Mark was interviewed today by Jeff McArthur on Global News Radio AM640 Toronto.
We discussed the findings of a just-released RBC survey that indicates retirement levels are expected to surge after the pandemic.
(By the way….when does ‘after the pandemic’ happen?)
A recent FP Canada survey says 40% of Canadians aged 55+ cite saving for retirement as their top source of financial stress.
Sharon Halpern, of blessed memory
My AMAZING sister-in-law Sharon Halpern, of blessed memory, wife of my brother/partner Phil, died of cancer earlier this month.
Her obituary appears below, this video tells her story best
Beloved wife of Phil, devoted mother, and mother-in-law of Denni and Mike Hubley, Aaron and Marlene Freedman, loving stepmother of Billy and Melissa, Bobby and Madison Halpern, proud and doting bubby of Gavin and Adley Freedman, Jack Hubley, Haven, Hart, Hudson and Jack Halpern.
She loved and lived for her family, and we all loved her.
Sharon was one of a kind, smart, caring, compassionate and generous.
She led a difficult life, and raised 2 great kids, Denni and Aaron, as a single mother, lived frugally, attended night school to get her MBA, and then became an accountant, first a CGA then CPA.
Sharon was a self-taught expert in computerized accounting systems, in the early days before personal computers, and joined the teaching faculty of York University and Seneca College.
During her 21-year battle with ovarian cancer, Sharon was Xena the Warrior Princess, fighting for her life.
She would not surrender to the cancer, no way; her courage, strength and determination knew no limits.
Always in forward gear, powered by a relentless will to live, she led a cancer peer support group at Gilda’s Club, researched new treatments, networked with the cancer community, always learning more, attending cancer conventions, counselling fellow cancer patients, and advocating for herself: more treatments, another chemo, a new clinical trial, more radiation, another surgery.
Along the way she beat the odds at every turn and met so many doctors who marveled at her survival and grueling journey.
Sharon the accounting professor was so well-organized, she kept meticulous color-coded records of all the treatments, surgeries, lab reports, and scan results.
While fighting to live, between treatments and recoveries, while all of that was going on, Sharon and Phil lived life to the fullest, welcomed 7 gorgeous grandchildren, spent wonderful time with family and friends, and traveled extensively at every opportunity.
Despite those many challenges, Sharon was never a complainer, didn’t feel sorry for herself, and refused to fold. She inspired so many people with a unique persistence and positive attitude, tenacity, dignity, patience, and grace.
She will be missed by many.
Many thanks to the countless doctors, nurses, and health professionals she met along the way.
A family graveside service was held on Sunday June 13th
If you desire, a donation can be made to Hill House Hospice (905-737-9308) where she received exceptional care in her final days.
GREAT event last week for supporters of @St. Joseph’s Health Centre Foundation.
As a member of St. Joe’s Promise Legacy Council, it’s especially gratifying to share ideas that raise money for the hospital while helping people convert taxes to charitable gifts.
Winning Portfolio? Use the prescribed rate loan strategy
Investor’s Digest of Canada published Mark's article “Use the prescribed rate loan strategy"
The article explains a tax minimization strategy for high-income earners to take advantage of the lower tax rates of other family members with less or no income.
Fundraising In Challenging Times
Delighted to announce that Steve Lloyd, Publisher of Foundation Magazine, has invited me to write a regular column on Philanthropy.
My column is called "The Accidental Philanthropist”.
Here is my inaugural article “Fundraising In Challenging Times”.
Create YOUR Family Legacy: Maximize Giving, Minimize Taxes
As a member of the Promise Legacy Council at St. Joseph’s Health Centre Foundation , I’m really looking forward to my zoom presentation to supporters next week: June 16, 2021 from 10-11 A.M.
The event is titled “Create YOUR Family Legacy: Maximize Giving, Minimize Taxes”
I will explain how we create ‘Accidental Philanthropists™ and present several great strategies to be remembered for leaving more to charity and family instead of a large sum to the tax department.
A brand new, fully outfitted ambulance donated to Magen David Adom in Israel
Most people celebrate their birthday with cakes and gifts.
Ryan Walsh decided to MAKE a great gift to celebrate his 40th birthday.
Last week he donated a brand new, fully outfitted ambulance to Magen David Adom in Israel.