As the name implies, planning ahead to leave a gift in your will is one the most thoughtful ways to help others and leave a lasting impact on your community. There are many kinds of planned gifts such as simple bequests in a will or estate plan, annuities, charitable trusts, pooled income, life insurance and life estates.
Besides a direct gift outlined in your will, here are a few other ways you can make a planned gift:
- Insurance Polices provide an easy way to make a significant future gift without reducing the value of your estate. Have the Hospice named as your owner or beneficiary of an existing or new policy. You receive a tax receipt for the cash surrender value (if any) of the policy and further receipts on future payment of premiums. Alternatively, you may simply name The Dorothy Ley Hospice as the beneficiary of your insurance policy and at the end of your lifetime, the proceeds are received by the Hospice and a donation receipt is issued to your estate.
- RRSP and RRIF Plans can also indicate the Hospice as a beneficiary.
- With Charitable Remainder Trusts, assets are transferred to an irrevocable trust with a trustee to manage the assets. On termination of the trust, The Dorothy Ley Hospice receives the remaining assets. The advantage is that you receive an immediate tax credit for your future donation.
- Charitable Gift Annuities allow you to make a contribution to the Hospice and in exchange, you receive guaranteed lifetime annuity income. Depending on your age, this income will be partially tax-free or even fully tax-free.
Giving a Planned Gift is an important decision that requires thoughtful planning. If you wish to take advantage of this kind of legacy giving, we suggest you seek legal and accounting advice to ensure your specific wishes are carried and that your estate enjoys the tax benefits of your generosity.
For more information about giving to The Dorothy Ley Hospice, please contact a member of our Resource Development team at (416) 626-0116, send an e-mail or donate online.