$30 million: a transformational gift to SickKids

Are you helping your clients’ with their aspirations to leave a legacy?

In the US, about 80% of charitable giving is done through advisors. The numbers are nowhere near as high in Canada, but the trend of giving through the advisory channel is on the rise. Philanthropy is playing an increasingly important role in financial planning and advisors need to be prepared to address this topic with their clients. You play a critical role in influencing your clients to make important decisions that will help them to leave a legacy.

Are you ready? If not, get informed. Integrating gift planning into the overall wealth management plans of your clients is key to future success with your clients. They expect advisors to understand different donation strategies and help them to maximize their charitable gifts while minimizing their tax burdens.

Canadians are a giving people. Just consider this recent example

Believed to be the single largest private gift to paediatric cancer in North America, a transformational gift of $30 million was donated to The Hospital for Sick Children (SickKids) in October 2010. The gift will establish the Garron Family Cancer Centre and allow SickKids to help more children survive their cancer diagnosis.

“We are privileged to support one of the most respected children’s hospitals in the world,” said donors Myron and Berna Garron. “Our son was treated for cancer at SickKids for many years and we will never forget the dedication and level of care he received. We are confident this gift will lead to more positive outcomes for cancer patients and their families.” “The Garron family has had a 40-year relationship with SickKids,” said Ted Garrard, President and CEO of SickKids Foundation. “Their past support and this magnificent new donation demonstrate the family’s deep commitment to philanthropy and to making a real difference in paediatric cancer care and research.”

In 1975, the Garrons’ son Michael passed away at the age of 13 from synovial sarcoma, a rare, soft tissue cancer. Michael received treatment at SickKids. In addition to this donation, the Garron family, through the Michael Albert Garron Foundation, has donated more than $1.3 million to SickKids in support of vital equipment to support cancer diagnoses and research projects to find new treatments for cancer patients. “The impact of donations, such as the one from the Garron family, is immeasurable,” said Dr. James Whitlock, Chief of Haematology/Oncology at SickKids. “This gift helps SickKids stay at the forefront of paediatric cancer care and research and will ultimately help children with cancer to live longer, more fulfilling lives.”