Why more Canadians are leaving a gift to charity in their Wills
We are lucky. Supporters of Huntsville Hospital Foundation are thoughtful individuals, who share a concern for Huntsville Hospital and are committed to building a better future.
Often people think about contributing to the causes they care about with monthly donations or volunteering time, but there is a growing number of people who are going one step further to leave a gift to charity in their Wills. These are ordinary Canadians who’ve realized they can make a powerful contribution that will last for generations to come, without taking away from the resources they or their families need.
This new mindset among Canadians of all ages has been triggered, to some extent, by the intensity of recent global events and the realization that it’s possible to do more just by giving in a different way.
When you look into it, you may be surprised to learn that a donation of as little as a 1% of your estate can result in a bigger contribution than you ever thought possible. You are still leaving 99% of your estate to support your loved ones, and you’re not using any of the money you need now.
The best part is that leaving a gift in your Will can be a very simple process. Here are a few suggestions that can help you take the next steps:
- Calculate your donation. You can determine how much you want to leave to charity, and how much you want your loved ones to receive, with a simple calculation. You can make that calculation using the Legacy Calculator tool developed by Will Power, a national public education campaign designed to inspire Canadians to think differently about charitable giving.
- Discover the tax benefits. Did you know the Canadian government has created some of the best tax incentives in the world to encourage more giving to charity, especially from your estate? This article illustrates how a couple’s financial advisor helped them give big to charity and take advantage of the tax benefits, all while leaving a sizeable inheritance for their daughters.
- Ask a financial advisor. Consulting a financial expert can help you maximize your donation and ensure it works in your favour. There is also a handy guide available to start the conversation with your advisor here.
- Find out how to keep the love going. Learn how a gift in your Will to Huntsville Hospital Foundation would be used to advance Huntsville Hospital here. Or you can contact Katherine Craine, 705-789-4756 to find out more.
Who would have thought of a Will as a powerful tool to make change in the world? But more and more Canadians are harnessing the power of their Wills to become larger-than-life philanthropists who continue to inspire others and make an impact on the future.
Leave a Legacy With Your Bequest Today.
Using a variety of legal tools and sound planning, you can guarantee future funding for your local hospital here in Huntsville. It means you promise your children and their children the same access to advanced healthcare that you enjoy. It means you look beyond today to inspire others with your commitment to a bright tomorrow.
Legacy Giving and a gift of assets in your estate declares you as part of Huntsville Hospital Foundation’s Legacy Circle. And that means the world to us and everyone who lives and visits here. If the Huntsville Hospital Foundation is in your will, we would love to celebrate you, include you in the benefits of the Legacy Circle and recognize the impact you make to support Huntsville Hospital with a gift and recognition. If you would like to learn more about legacy giving at Huntsville Hospital Foundation, please click here for our pamphlet or scroll below for more planning tools and the contact page.
Legacy Giving Flexibility
After providing for your loved ones, there are many ways to include a Legacy Gift to Huntsville Hospital Foundation. Discuss what works best for you with your advisors to make legacy gift. It can be a percentage of your estate, a specific amount, or what’s left over after you’ve made specific directions for your loved ones. If you’re not planning to update your Will, that’s ok, you can simply include a codicil in your Will outlining your wishes. The Foundation team will provide support when and where required.
Disclaimer The Legacy Giving information on this website is provided for general information purposes only. It is not intended as a substitute for professional advice and assistance from your lawyer, financial advisor, or tax consultant. We recommend that you discuss your plans with your lawyer and/or financial advisor before proceeding with a legacy gift.
For answers to common legacy giving questions, download our legacy giving FAQs.
Legacy Giving Options
Gifts Through a Will
Bequeath a donation of property, assets and/or cash and a tax receipt will be issued to your estate for the market value of the bequest. Bequests can be specified amounts, percentages of an estate, or the residue after other commitments have been met. Read More.
Gifts of Life Insurance
There are three ways to give through Life Insurance: 1. Donate an existing policy; The Foundation is made owner of the policy. 2. Purchase a new policy and transfer ownership; a tax receipt is issued annually to the donor for payments of premium. 3. Donate the proceeds of a policy; the donor retains ownership of policy and designates charity to receive some or all of the insurance proceeds. A tax receipt is issued to the estate for the proceeds paid to the charity upon the death of the donor. Proceeds are not subject to probate fees. Read More.
Gifts of Securities
A donation of securities is a cost-effective opportunity to make a difference for Huntsville Hospital. Donating publicly- traded securities eliminates the capital gains tax that becomes payable when selling securities on the market and in turn the proceeds are donated to Huntsville Hospital Foundation during your lifetime or as part of a legacy gift. Read More.
To transfer securities electronically, please complete this form, Charitable Donations Securities form and deliver to your broker and to the Foundation as well with your complete information for tax receipting. Click here for a sample Securities tax savings chart.
Gifts of Charitable Life Annuities
Transfer cash or marketable securities in exchange for a current income tax deduction and lifelong income. This donation method allows for an immediate gift to the Foundation, and the Foundation will in turn make fixed annual payments to you for life from the remaining funds. A minimum of $10,000 is required for a gift annuity.
Gifts of Charitable Remainder Trusts
Donate all or portions of your remaining trust assets to ensure that your gift is not subject to probate, estate taxes or possible challenges to your will. Entering into a trust agreement with the Foundation today provides income to you or your beneficiaries now and until the termination of the trust, and provides an immediate tax benefit. Read More.
Gifts of Real Estate
You can make a gift of real estate to the Foundation, either outright or as part of your estate, and receive a charitable tax receipt for the fair market value of the property. If the gift is a principal residence no capital gains will be triggered. The Gift of Residual Interest is another way of making a gift of property. You can donate the asset, which the Foundation will eventually receive as part of your estate, but still live in and enjoy it throughout your lifetime. Read More.
Gifts of RRSP or RRIF Accumulations
One key advantage of planned giving is that you can defer your gift. This gives you the opportunity of providing larger gifts, without impacting your existing finances or lifestyle. Naming the Foundation as the beneficiary for RRSPs (Registered Retirement Savings Plan) or RRIFs (Registered Retirement Income Funds) usually eliminates the tax on this investment. Upon death, the proceeds go to the Foundation and the Estate receives the tax credit. Read More.
Gifts of Endowment Funds
Establish an endowment fund to recognize an individual or group and create a living legacy to which your family and friends can also contribute. Donations to the endowment are invested, and the interest generated from this capital provides an ongoing source of income for the charity of your choice. Endowing funds is a popular way of memorializing or paying tribute to individuals. It also allows a donor to perpetuate their support after death to an area that was important to them.