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Plan your financial legacy

Successful people often think about giving something back to the community, but may be not sure where to start or if they really have enough money to make a difference. Some worry that making ad-hoc donations to selected charities may not achieve the desired outcomes.

The reality is that you don’t need to be Bill Gates to create an ongoing legacy that can make a real difference to the community.

Planning your giving now allows you to maximise the personal, family, tax and community impact in your lifetime and beyond. There are many ways to do this including:

  • Setting up your own charitable foundation
  • Setting up a sub-fund of a community foundation

Establishing a charitable trust during your life gives you control and flexibility to give in a way that suits you and importantly, the ability to generate a sustainable income to the community. It also allows you to engage the entire family in your charitable activities or leave a legacy in your name.

These vehicles can be endorsed as deductible gift recipients (DGR), meaning that the foundation can receive tax deductible gifts, and is also usually income tax exempt. Importantly for many, trustees can manage their own investments.

This can seem like a complex area but if this is important to you, planning early can make a significant difference both in terms of the impact you can make and the tax benefits.

Good to know

Supporting causes close to your heart

The Edgar Foundation was established by Robert and Eileen Edgar, clients of FMD Director, Mike Reynolds in 2008 with $900,000 to support cancer research and related charities. Although it was established in the middle of the GFC, the fund has held its value across this period and has already provided gifts of over $150,000 since inception.


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