Why Doug and his wife, Barb, chose to include the St. Marys Healthcare Foundation in their estate plan
After 30 years in financial planning, Doug Holliday and his wife, Barb, knew they wanted to leave a legacy for St. Marys in their estate plan. “The hospital holds a special place in people’s hearts” and that is a tradition Doug and Barb want to see continue for generations to come. Here’s how their Legacy Gift ensures just that!
As a financial advisor, Doug Holliday spent most of his working career helping others plan their financial futures, and this often included walking them through the decisions that are made during the estate planning process. Doug sums up this process as a plan to transition your assets to the next generation. He always recommends thinking of “your favourite charities as your fourth and fifth children and build them into your plan accordingly.”
For Barb and Doug, choosing their organizations was easy – Doug had been involved with the St. Marys Memorial Hospital Foundation as a board member for over 20 years and is excited as the Foundation evolves to continue developing a model primary healthcare plan for this community. Their decision was solidified for Doug after the success of the Someone I Know campaign led to the expansion of the Tradition Mutual Centre for Wellness. Doug and Barb see the Centre and projects like it as the future of healthcare for this community. They also feel assured that their gifts given to the St. Marys Healthcare Foundation – an independent organization not at the whims of governmental shifts and legislative changes – will help support the health and wellbeing for generations of their family, friends and neighbours.
"The Wellness Centre and Hospital are significant pieces in talking to people about the future of primary care in St. Marys… We have no control over what happens at the hospital. Doug Ford may shut us down tomorrow, but he can’t touch this. That’s the distinction, and that is why we have to build on what we have done.”
– 5 STEPS –
If you are ready to start your Legacy Planning, Doug recommends taking these 5 steps:
- 1. Be comfortable with your financial situation – this most likely will mean working with a financial advisor to understand how best to transition your assets to the next generation.
- 2. Have the conversation with your family about your wishes – Doug wholeheartedly believes in “you living for you” and thinks this step is a personal preference, but recommends you consider it as part of your process.
- 3. Figure out what is important to you – Doug and Barb have used the estate planning adage of treating your two favourite charities as your fourth and fifth children. This guarantees that the things which are important to you are reflected in your estate.
- 4. Reach out to the St. Marys Healthcare Foundation – a Foundation representative will sit down with you to talk to you about the Legacy Gift process and how 100% of your gift will be used locally to support healthcare initiatives in the community.
- 5. Make it legal – this is perhaps the most important step.