Harry and Jasprit Dhothar welcomed their first three children into the world at their local hospital in Surrey, however when complications arose during Jasprit's fourth pregnancy, the Maternal Fetal Medicine team at BC Women’s Hospital + Health Centre was there to help.
The hospital is one of Canada’s biggest and busiest obstetrical centres, welcoming more than 6,000 newborns annually – 20 per cent of all babies born in British Columbia. In addition, the BC Women’s Neonatal Intensive Care Unit is the largest in the province and provides around-the-clock care for approximately 1,200 critically ill newborns from across B.C. and the Yukon.
After Jasprit gave birth at BC Women's, baby Chanan had a short stay in the hospital's Neonatal Intensive Care Unit, but at every step of their journey, the Dhothars felt supported and cared for by hospital staff. Today, Chanan is happy and healthy, and Harry is eager both to share their remarkable experience with the BC Women’s healthcare team, and to give back.
"We had such amazing care at BC Women’s Hospital, we wanted to be able to show our gratitude," says Harry, a Certified Financial Planner and volunteer with the BC Women’s Health Foundation's Legacy Advisory Circle, whose experienced professionals guide donors through the planning process of leaving a charitable gift in their will or estate plan.
How you can make a difference in the health of B.C. women and children
The Dhothars' experience is typical of many who choose to support the hospital through the BC Women’s Health Foundation, whether through regular donations in their lifetime, or through a legacy gift in their will, notes Harry, a Product Manager at Coast Capital.
While having an estate plan is important to ensure our loved ones are looked after following our passing, it's also a valuable way to give back to charities we care about.
"Sometimes you're not able to give right now to causes that are important to you, or you can't give as much as you'd like, but you can incorporate charitable giving into your will, while also providing for your loved ones," Harry explains. "It can be a meaningful way to leave a truly lasting legacy."
● Budgeted contributions – This can include donating specific assets or a portion of your estate to your chosen charities, such as cash, real estate or other valuable assets. Tax considerations are also important, especially when considering ways to minimize taxes for the estate – while consulting with a professional is always a good idea.
● Donor-advised funds – A donor-advised fund is a flexible and efficient way to support the causes you care about. You can contribute to the fund and receive immediate tax benefits, while recommending how the money is granted to charities over time. Donor-Advised-Funds are held under a larger public foundation and require advice from a financial professional to set up.
You can also include instructions in your estate plan to transfer assets to your fund after your passing. This allows your family or other trusted individuals to continue recommending grants, helping to carry on your charitable legacy.
● Family foundations – These can be a significant part of a financial plan, offering donation credits that allow you to write off up to 75 percent of taxable income – and up to 100 percent in the year of your passing. Beyond financial benefits, however, a foundation also brings family members into the decision-making process for grants, fostering shared purpose and legacy.
These options are possible while you’re living so you have the benefit of seeing your donated funds at work during your lifetime.
While donors have many ways to create a legacy for causes or organizations they care about, the nuances of different approaches make it essential to consult with a financial or legal advisor. Gift planning specialists with charities such as BC Women’s Health Foundation can also help you navigate the options to create a plan that aligns with your goals.
To learn more about legacy giving, visit https://bcwomensfoundation.org/ways-to-support/wills-and-bequests/