Master Your Life Recovery Road

CH1 MYL EP0043 Planned Giving – Save Tax, Save the World with Ben Fortier



Episode Highlight

Join Leaha Mattinson and Greg Bird as they speak to Ben Fortier about planned giving –
allocating your wealth to a good cause and saving on tax in the bargain!

Quotable Quotes

 36.53 – 37.08: “What makes them sad, what makes them mad, what makes them glad – these are going to be things that lead you towards the types of charities that you should be involved in and those are the things that kind of capture your attention, capture your heart and you’re willing to give your money to that.”

37.09 – 37.10: “Money is emotional.”

47.26 – 47.38: “I encourage people to really get out there, and whatever has grabbed your heart, tell the world about it because that’s also a way of giving to that charity and making an impact as well.”

55.41 – 55.47: “Don’t keep everything you do from a charitable standpoint completely a secret. Let other people come along that journey with you.”

Takeaways

Ben’s journey in finance (4.30)

Ben claims that even though he didn’t dream of being an insurance broker while growing up, he always loved finance, economics, and working with business owners and professionals. He conducted some career research and with the help of his mentor, Mike Deboski found his way to the field he is in today. Greg has collaborated with Ben at PPI and considers him one of the best advisors in using life insurance to create legacies.

Food For The Hungry (7.35)

Ben’s mentor got him involved with Food For The Hungry, which finds the right businesses to bring prosperity to communities in developing nations. He encourages listeners to donate to its strong community-focused initiatives. He went with the organization to Cambodia in 2016, and it was a selfless, emotional experience to see the difference in the communities which were receiving help, and it inspired him to do more on his return.

Community banks (15.40)

One of the initiatives that captured Ben’s attention is the community-based banks created to help finance community initiatives. In this system, the members of the community put money into a bank account from which individuals can borrow at an interest rate. This helps members with money earn interest and gives members in need easy access to loans. Ben shared a story of hope instilled in one such member for his family’s future due to this scheme.

Give with insurance (21.05)

Ben explains that with life insurance policies, you pay premiums regularly and a large sum is paid to your beneficiary after you pass away. There are two types – temporary/term policies which are for a fixed period of time, and universal/whole life policies which last for the entirety of your life. The former is good for income replacement or loans, but not for planned giving. He shares an example of switching the latter over to a charity and saving tax too.

Alberta tax laws (26.15)

Ben informs that in Alberta, you can get up to 50% tax credit for your donations, which can have a significant impact on your return. He mentions deemed disposition tax, which states that you are deemed to have disposed of everything you own the day before you die. This means that if you own a business, the government will own most of it when you die, because your estate will have to pay tax to inherit its shares, but you can prevent that with planned giving.

Permanent policies (31.47)

Ben points out the value of having a reliable payout with permanent policies. If you want to stop paying premiums for a permanent policy, you can transfer the policy to a charity, and get a tax receipt for the premiums you have already paid. Speak to an advisor about getting a permanent policy, changing a temporary policy to a permanent one, and applying for a life insurance policy based on your health.

Give For Generations (36.20)

Ben is also involved with Give For Generations, helping high-net-worth individuals weave their philanthropic passions into their financial planning. When Ben’s father passed away, he began Fortier Family Foundation as a donor-advised fund, which donates to different trusted charities. It provides charitable tax benefits and helps you create a long-term legacy of giving in your family without burdening them since your life insurance will keep funding it.

Keep giving! (44.49)

Ben wants the Fortier Family Foundation to continue giving to charities based on causes his father supported. He encourages the listeners to find charities that resonate with them and make a big impact by channelling their wealth into those causes. He also urges us to talk about the causes we support, as that can bring more interest and support, and therefore donors to the cause!

Stay in touch! (47.50)

For more inspiration on planned giving, reach out to Ben on http://www.deboski.com/ or on Instagram @benfortier77. He advises doing your own research and then contacting a financial advisor to help you with your philanthropic quests. He signs off with the lyrics of the song ‘Everything is Awesome’ from The LEGO Movie, to show how everything is cool when you’re part of a team of givers!

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The brainchild of Leaha Mattinson (after she received the diagnosis of an chronic, incurable neurological, genetic illness), Master Your Life endeavours to bring meaningful solutions and clarity to a world that can be chaotic and confusing!

Master Your Life - Recovery Road Episode 14 - Planned Giving - Save Tax, Save the World with Ben Fortier and Greg Bird