Death and Taxes: Are They Really a Sure Thing?
The Financialist • Issue 118 • July 2013
BY PAT MCGUIRE CFP CLU ChFC
Have you ever thought of the concept of immortality? Immortality could be defined as having perpetual life, an everlasting timeframe, or it could be a person who is remembered enduringly throughout time for his/her contribution to humankind.
Dante was a major Italian poet of the Middle Ages. He has also been called “The Father of the Italian language.”
Galileo would be celebrating his 450th birthday next February. His observations of our solar system revolutionized our understanding of our place in the universe.
Michelangelo was one of the greatest sculptors of the Italian Renaissance Period and one of the greatest painters and architects to have ever lived.
Johann Sebastian Bach is regarded as one of the greatest composers of all time due to the quantity and quality of his works.
These four individuals would surely fall under the definition of immortal. Their contributions to our world will never be forgotten. Their legacies all have one common thread; they have made a meaningful difference in the lives of subsequent generations.
You may be wondering, what does this have to do with death and taxes?
Each of us has the capability to leave a legacy of meaningful impact for future generations. With proper legacy planning, Canadians often have the capacity to redirect any and all taxes payable to CRA to their favorite charities instead. This can be accomplished through professional financial planning using tools such as life insurance, wills, and trusts. Yes, we can take control where our social capital contributions are deployed rather than leaving the government to decide!
Once you have moved from success to significance, would your legacy be: medicine – funding research to find a cure; the arts – helping someone accomplish their dream of performing on Broadway; nature – making sure that our beautiful surroundings will be enjoyed for centuries to come; or education – giving back to your alma mater for providing you with the education that allowed you to get to where you are today?
We have the capacity to make a difference in the lives of future generations. Be empowered and ask your Rogers Group Financial advisor what can be done so that you can take the meaningful steps to ‘beat’ death and taxes through creating a legacy.