You can't take it with you

Jamie Golombek, Vice President of Tax and Estate Planning at Aim Trimark Investments, talks tax.

The old saying goes ‘you can’t take it with you,’ and the
North Bay and Area Community Foundation want North Bay residents to start seriously thinking about their legacies.

Foundation Chair Jack Burrows welcomed Jamie Golombek, Vice President of Tax and Estate Planning at Aim Trimark Investments, as guest speaker at a luncheon Wednesday talk to area lawyers, financial planners and charitable organization members about tax implications of estate planning.

Golembek, who writes a weekly column called “Tax Expert” in the National Post, told the professionals taxes are complicated but there are huge benefits to be realised by both the community and their clients with planned giving.

“People don’t appreciate the benefits of charitable donations, but it is your job to show them,” he says.

He also told the room that it is important to show clients that they don’t have to be super rich to be a benefactor and that a yearly charitable donation of $1,000 works out to $11 off a pay check per week.

Golombek also pointed out that people also have the option of giving their life insurance policy or Registered Retirement Savings Plan, stocks or bonds to charity as well.

He also indicates that by developing a plan with an estate lawyer or planner, the person has control over where their dollars are donated in their community.

Local Estate Lawyer Selma Colvin said it is very important that people plan for the future.

“People need to have a will,” she states.

“We need to advise them along the way and take into account their assets and objectives for their families and charities.”

Burrows said the foundation hosted the lunch in order to get the word out to professionals that the foundation is up and running, and offers a variety of ways for their clients to leave a charitable legacy.

“It’s a service we haven’t had in North Bay before,” says Burrows.

“We’ve done our all the home work and want to make sure people know what we do.”

Burrows added that the foundation has received a $5,000, but that he aims to build on the amount as the campaign grows.

The North Bay and Area Community Foundation is a public foundation monitored by a board of directors and can be reached at 495-3737.