PODCAST

Investor Education: Maximizing Your Charitable Donations with Margaret Mason

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PODCAST July 16, 2020

 

Show Summary:

Host Mark Therriault is joined by Margaret Mason, a lawyer with 35 years of experience advising donors, charities and other tax-exempt organizations and their boards.

Mark and Margaret discuss the similarities and differences between donor-advised funds and foundations and how to create giving strategies for individual families. Margaret also shares invaluable insights on the importance of timing when it comes to giving, the variety of services that provide assistance to donors, what you should consider with regards to due-diligence when looking to give to charities, and what you need to know about tax benefits.

Key Takeaways:

[:15] About today’s episode with Margaret Mason.

[:42] Margaret speaks about her background as a lawyer as well as what she currently does on a day-to-day basis!

[1:20] Margaret outlines the different options clients have in regards to significant philanthropic planning.

[3:42] Margaret further elaborates on how the donor-advised fund works.

[4:38] The upsides and downsides of the donor-advised fund as compared to having your own foundation.

[6:44] What should someone consider when deciding where to give or when constructing a giving plan? Are there any services that they can use? How does Margaret recommend going about this?

[10:34] Margaret shares her tips and advice for individuals looking to do proper due diligence when it comes to looking for the right charities to give to.

[15:54] Margaret shares her thoughts about charities with large administrative costs.

[21:17] Margaret shares some of the interesting ways she has seen individuals get their families involved in charitable giving.

[23:29] Regarding the tax benefits to giving, is there a difference between a direct donation to a charity vs. making a contribution to a donor-advised account or foundation?

[24:56] Margaret gives some valuable advice in regards to making large donations to smaller charities.

[26:57] What would be the benefit of giving publicly traded security versus giving cash?

[29:34] Are there specific requirements with regards to giving certain amounts to a foundation or donor-advised fund?

[31:54] If someone wants to create a legacy account, is it correct to say that as long as they’re distributing over 3.5% on an annual basis, that the capital itself could stay in the account and continue to fund those annual distributions in perpetuity?

[32:25] Mark thanks Margaret for joining the podcast and providing her great insights!

 

Mentioned in this Episode:

Canada Revenue Agency – List of Charities

 

Guest Bio

Margaret Mason

Margaret Mason is a charities lawyer with more than 30 years of experience advising donors, charities and other tax-exempt organizations and their boards, often on highly sensitive and complex matters. In addition to advising on gift plans, incorporations, charitable registration, governance, fundraising and Canada Revenue Agency audit matters, she helps clients consider operational structures that allow them to navigate complex legal and regulatory environments particularly regarding the creation of multi-use affordable housing projects, social enterprises and international development.

For her full bio, visit: NortonRoseFulbright.com/en-ca/people/128925

 

About Your Host — Mark Therriault

Mark is the Financial Advisor and partner of Nicola Wealth — and your host for The Wealth Exchange podcast.

As a member of the Nicola Wealth Planning Team since 2006, Mark has become his clients’ trusted advisor. He prides himself on providing an exceptional experience to his clients while quarterbacking their financial affairs.

For his full bio, visit: NicolaWealth.com/Our-Team/Mark-Therriault

 

Disclaimer:

This presentation contains the current opinions of the presenter and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide legal, accounting, tax or specific investment advice. Please speak to your NWM advisor regarding your unique situation. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. NWM Fund returns are quoted net of fund-level expenses. Past performance is not indicative of future results. All investments contain risk and may gain or lose value. Projected returns are estimates only. Returns are not guaranteed. NWM is registered as a Portfolio Manager, Exempt Market Dealer and Investment Fund Manager with the required provincial securities’ commissions in Canada.