Every legacy gift — regardless of the amount — has a huge impact, and you don’t have to be wealthy to create a legacy. Gifts of three, five, or ten per cent of what remains from your estate, after deducting expenses and specific gifts to friends and family, can do so much.
Take the time to carefully consider your options and be sure to plan your gift in consultation with a qualified financial advisor.
By planning your legacy giving now, you gain peace of mind knowing that an organization you are passionate about funding will continue to receive support after you have passed.
There are several ways to approach legacy giving:
Bequests
A bequest is a gift given through your will. You can leave instructions indicating how the capital, interest, or both, may be spent. Here is a simple example of how to include a specific bequest in your new will, or add a codicil to your existing will:
“I give the sum of ($amount) to WISH Drop-In Centre Society.”
Estate Residue:
You can also leave instructions regarding your estate, for example:
“I give all (or __%) of the residue of my estate to WISH Drop-In Centre Society.”
Endowments
Endowments are a meaningful way to remember a loved one, or a special occasion. An endowment is a donation of money, or property, that is invested to generate income providing support to your favourite charity for years to come. This method of giving allows your donation to have an impact over a longer period of time than if it were given as a single gift.
Life Insurance Policies
With the gift of life insurance, you can make a bigger contribution that you ever thought possible! You can choose to donate the ownership of your life insurance policy to WISH, providing you with an immediate donation receipt, or retain ownership of the policy and name WISH as a beneficiary, which will provide a donation receipt to your estate. Please consult an insurance advisor that is familiar with charities to learn more.
Charitable Gift Annuities
Charitable gift annuities are safe investments that offer significantly higher returns than conservative options like GICs. They enable you to make a significant charitable donation and increase your annual income, which can work especially well for philanthropists over 65 years of age.
Using an annuity, instead of a bequest, can simplify the estate process and reduce probate. Once it’s set up, an annuity requires no investment management. Perhaps best of all, it allows you to see the impact of your giving within your lifetime.
You may also be interested in establishing a Charitable Remainder Trust, which is similar approach to charitable giving while generating income.
Stocks & Other Gifts of Property
If you have stocks, bonds, fine art, real estate or other assets that are worth more now than when you acquired them, you can maximize your tax benefit by transferring them directly to WISH. With this type of donation, you receive fair market value for your gift based on the gift date, and in most cases, avoid capital gains taxes on the appreciated value.
We would be honoured to be included in your legacy giving plans. For more information on leaving a legacy, please email [E-Address: development | wishdropincentre] or call 604-669-9474 (Ext. 123).
This information does not constitute legal advice. Please consult a lawyer or financial advisor to plan your legacy giving.