PLANNED GIVING AND BEQUEST
MAKING A DIFFERENCE FOR FUTURE GENERATIONS
You and I donate money to charities each year to help support causes we care about. Perhaps, like me, you have sometimes thought about providing a more substantial and enduring expression of your charitable wishes.
I’ve learned that by planning ahead, there are ways you can provide a much greater gift to the charity that is closest to your heart – a gift that will keep on helping those in need beyond your lifetime.
You can make this gift without depriving yourself or your family of needed capital income. And, in fact, there may be definite tax benefits for you and your estate.
I can’t think of a more deserving cause for your life’s gift than to help create a society without domestic violence where everyone is safe and respected. Every day, there are women and children being victimized in what should be the safety of their own home. The devastation caused by this type of violence ripples out into society immeasurably affecting your family, friends and associates.
HOW YOU CAN PARTICIPATE THROUGH PLANNED GIVING
Provide for those near and dear to you first
Open your heart to the loved ones who need your help
This booklet outlines ways that you can provide for a substantial lifetime gift to Jeremy’s Memorial Foundation Against Domestic Violence, without any financial burden to yourself or those you love. Obviously, including a charity in your plans must take into account your personal objectives, your own retirement needs and the future comfort and security of your beneficiaries. These must have priority.
Thoughtful estate planning now, in consultation with your lawyer, accountant and a professional adviser may greatly benefit your family as well as allowing you to assist Jeremy’s Memorial Foundation. Unfortunately, statistics show all too few Canadians have the foresight to plan ahead.
One key reason for planning is to minimize the impact of taxes, and therefore provide more funds for your retirement and/or family. Charitable bequests can be a significant help in reducing the tax bite. Depending on the method you choose, the tax advantages may start right away, or result in long‐term benefits for your estate. This is where professional advice is so valuable.
Your will: So essential… and a simple way to give
Whatever your age or financial circumstances, there is no better time than now to plan the disposition of your assets through a will, prepared by a lawyer.
The procedure for including a bequest to Jeremy’s Memorial Foundation in your will is quite simple. If you have not prepared a will (or your will is badly out of date because of changed circumstances), we hope this brochure will encourage you to take action without delay.
There are important benefits, and the cost is reasonable.
THE MYTHS ABOUT WILLS
Statistics show that the majority of adult Canadians have no will. Ask your friends. You are likely to hear all kinds of reasons for not having one:
“Only the rich need a will. That’s not me!”
“My wife will automatically inherit everything when I die, won’t she? Why bother with a will?”
“The government will make a fair division of my property when I die.”
“I made a will when I was younger. That’s good enough.”
“I’m too young to need a will. That’s just for older folks.”
“Most of my assets are in joint ownership…I don’t need a will.”
“I don’t have any dependents… why do I need a will?”
All of these are myths; the fact is every adult needs a will if they want their money and property to be distributed according to their wishes on their death.
Leaving it up to the government or the courts to decide who gets what can delay settlement of your estate for months or even years, and cost a great deal in administration.
You can spare your family trouble (and possible dissention), ensure government gets no more than its fair share…and enjoy more peace of mind…by making a will soon.
WAYS YOU CAN INCLUDE THOSE WHO NEED HELP IN YOUR WILL
Leave any amount you feel comfortable with in cash or property to continue your support of Jeremy’s Memorial Foundation Against Domestic Violence.
You may leave to Jeremy’s Memorial Foundation the amount remaining after provision for your family, and for other bequests.
You may, of course, designate your gift or bequest for a specific use or program.
Other means of Planned giving that may suit your financial plans
Gifts of Securities
You can assign securities like stocks or bonds to Jeremy’s Memorial Foundation as a direct gift and receive a charitable receipt for the fair market value (within usual limitations).
Jeremy’s Memorial Foundation Against Domestic Violence is registered with CanadaHelps (www.CanadaHelps.org). This charitable foundation facilitates the safe and secure transfer of securities, gifts and donations of all kinds.
Giving securities allows you to make a substantial charitable gift without cutting into cash reserves, and may result in a net tax saving. It is wise to discuss this with your financial advisers.
The gift of securities or other property can also be used to fund a Joint Life and Survivor Gift Annuity, which would mean you and your spouse will receive an assured regular income for the rest of your lives, while having the benefit of certain tax advantages. After the death of the surviving spouse, your gift continues to help others in need long past your lifetime.
Gift of Life Insurance
A life insurance bequest is a safe and affordable way to make a larger gift to a charity than you would normally be able to afford. A comparatively modest annual premium contributes to a substantial gift to the charity. You can then use the premiums as a tax credit, within the restrictions for charitable gifts.
The entire amount for the insurance policy goes tax‐free to Jeremy’s Memorial Foundation upon your death. Since the insurance is outside your estate, the bequest does not deplete the money or other assets available to your family or heirs.
There are a number of life insurance options. The most usual way to do this is for you to purchase a policy naming Jeremy’s Memorial Foundation Against Domestic Violence as the irrevocable beneficiary. You pay the premiums to the insurance company, and a receipt is sent to you annually for tax credit purposes for the amount of the premiums. If you already have an insurance policy, you can request a change of beneficiary to Jeremy’s Memorial Foundation Against Domestic Violence. Ask your insurance agent for information.
Gift of Property
Cash is not the only kind of gift which can benefit your favourite charity. You may decide you wish to deed your home or other property you own to provide future funds to support the cause you deeply care about. You receive a tax credit for the legally appraised “fair market value” of the property (appraisal costs are born by the donor). This can have significant capital gains tax implications.
In the case of a private dwelling, you may gift it to Jeremy’s Memorial Foundation Against Domestic Violence now, retaining the right to live in it as long as you wish or until your death. Alternatively, the “fair market value” of the property may be used to fund an Annuity, so that the donor receives a lifetime income. Naturally, Jeremy’s Memorial Foundation retains the right to accept or refuse gifts of property.
WHAT IS THE NEXT STEP?
You may wish to take this brochure and discuss the options with your legal or financial advisers. If you would first like more details on any of the methods of gifting suggested here, please contact Jeremy’s Memorial Foundation by phone at 604 275-7234 or email firstname.lastname@example.org.