Paul Nazareth, VP of Community Engagement at CanadaHelps, has devoted a distinguished career in philanthropy to strengthening the charitable sector. He spoke to the annual education/networking day for the 14 hospital foundations we partner with in Bayshore's Healthy Tomorrows.
Some of what he said is pretty shocking. People worry more about who gets the dog than who gets their cash. Sometimes a cat is the beneficiary of a fortune. We have a problem talking about what we're giving and why. Many fabulously rich people live a lifestyle that inhibits them from making the kind of charitable contribution they otherwise would. Paul says we really need to get the family around the dinner table and talk about the things that are important to us, like our hospitals. We need to share with our children what kind of legacy we want to leave and why. Because without that philanthropic conversation, how will they know our aspirations or be able to help us realize them?
Just a few of the surprises he sprung on hospital fund raisers...you know all about "the sandwich generation." Well now, lots of Canadians find themselves in "the club sandwich generation!" "Planned giving" has only been around since1965 and yet virtually all the books on the subject are out of date! For those over 60, our wealth is in assets, not cash. Most of us are richer than we think but we need sound and empathetic financial advice on how we can leave a legacy, be better off tax wise and make the family happy at the same time.