Legacy Gifts
Life Insurance Gifts
The desire to make a significant gift is often overshadowed by the overwhelming thought of the financial commitment required now. As well, the thought of using assets from the estate that would otherwise go to children or other beneficiaries may not be appealing.
Life insurance provides an alternative way of making a gift to the hospital through the Foundation and receiving recognition for the gift during the donor’s lifetime.
A person may have an old, paid-up policy taken out to cover an early mortgage or to provide extra insurance when children were young. Donating the policy to the foundation costs nothing since the premiums have already been paid. In return, the donor may receive a tax receipt for the cash value of the donated policy.
Another option is to take out a new, irrevocable policy with the Foundation as the owner and beneficiary. A tax receipt may be provided to the donor in the amount of the annual premium.
The third option is an existing insurance policy on which premiums are still owed. The donor continues to pay the policy premiums, which may be tax deductible, either to the insurance company or the Foundation. The Foundation must be the owner and beneficiary.
Gifts Through Your Will (Bequests)
The Foundation has received many bequests from thoughtful donors who remembered the Foundation in their will.
A bequest is a gift stipulated in an individual’s will, usually in the form of personal or real property. It is possible to plan a gift that will help ensure excellent health care while still making sure your family is well looked after.
Your estate will receive a tax receipt for the full value of the bequest – a significant tax benefit on a final tax return.
Types of Bequests:
Specific bequest indicates a specific amount of cash or a particular asset as a gift.
- Residual bequest leaves a percentage of your estate as a gift.
- Contingent bequest directs that Welland Hospital Foundation will receive all or a portion of your estate in the event of the prior death of other beneficiaries.
- Residual bequest subject to life interest indicates the Foundation as the ultimate beneficiary of your estate, or a portion of it, after certain other beneficiaries have had the use of the income from the estate for their lifetimes.
Stocks (Appreciated Securities)
Gifts of stock provide an alternative method for making a gift outside regular income sources. A gift of publicly traded securities, bonds or GICs can be donated to Welland Hospital Foundation.
Check with advisors
Welland Hospital Foundation recommends that you seek advice from your professional advisors: accountant, financial planner, insurance specialist or lawyer to choose the best gift planning options for your individual circumstances.
For a copy of the Foundation’s free Estate Planning Guide, generously sponsored by Bujold Associates Inc., contact the Foundation office at 905-378-4647, ext. 32324. This excellent resource is designed to help people organize information for their lawyer and family.
For more information, call Ang Climenhage at 905-378-4647, ext. 32324 or email: andrea.climenhage@niagarahealth.on.ca.