Leaving a Legacy: Investing in a Healthy Tomorrow
The Foundation is supported by generous donations from individuals who believe in the Foundation and its goals. These gifts are necessary to meet critical and immediate needs. Planned/Legacy giving is becoming more popular as a way of providing for future needs.
Established through sound estate planning, planned gifts provided the donor with the satisfaction of knowing that their gift will improve the level of healthcare for generations to come.
About Leaving a Legacy
A legacy is a lasting statement of your generosity and kindness and an opportunity to say that you believe in keeping healthcare strong in southwest Saskatchewan.
An up-to-date Will is essential and an opportunity to reflect on what matters most to you. It provides you with the security of knowing that your possessions and estate will be distributed in line with your wishes and values. You can support the work of a charity – like the Dr. Noble Irwin Healthcare Foundation – and your loved ones. A gift in your Will can provide tax benefits that you pass on to your beneficiaries, a gift to the Foundation could increase your gift left for your loved ones.
The information is general and does not constitute legal or financial advice. We strongly encourage you to seek professional legal advice before deciding upon your course of action.
Benefits of Legacy Giving
People give for different reasons and in different ways. For some it is a way to ensure their name lives on, for others, it is a way to ensure that their favourite charity can continue its important work, while for some it allows for ease on tax implications that come with the transfer of their estate to their loved ones. Below are some of the benefits of legacy giving:
- It provides you with an opportunity to make a large contribution to the healthcare industry of southwest Saskatchewan in a way that might otherwise be impossible in your lifetime.
- It would be a contribution that would live on for you and your loved ones to be proud of.
- Your estate will receive a donation receipt for the full value of your bequest. The tax credits will reduce taxes owing on your final tax return. This helps increase the remaining value of your estate for your beneficiaries.
- When you include a bequest in your Will you have the right to change it or remove it at any time without having to re-write your Will.
- You can give without compromising your current financial needs.
In the last five years legacy gifts have made an extraordinary difference for the Dr. Noble Irwin Foundation. These gifts have made possible the purchase of:
- the CT Scanner
- the Telemetry System
- the walk way cover
- Cardiac care equipment
- Home care equipment and more
How to leave a legacy
Your Will is the ultimate expression of the values and beliefs you hold in life. It is about your interests and passions, not merely your assets. We are moved when a donor’s last wishes include the Dr. Irwin Healthcare Foundation. We are committed to fulfilling your wishes. Making a bequest is easy and does not require you to re-write your existing will to add a charitable gift. Speak to your legal advisor about the process of adding a codicil to your Will.
Your Bequest Options
Charitable Bequests can come in many forms, often consisting of cash, property, or securities such as stocks, bonds, and mutual funds. Please see the below list to see which option best fits your preferences and plan.
You designate an exact dollar amount, percentage, or particular asset, such as stock of a certain company to be donated to the Dr. Noble Irwin Healthcare Foundation.
Contingent bequests take effect when you name the Dr. Noble Irwin Healthcare Foundation as an alternate beneficiary. Your gift is given to the Foundation only if other beneficiaries in your Will pass on before your passing.
Name the Dr. Noble Irwin Healthcare Foundation as the beneficiary of all, or a percentage of your estate after all debts, taxes, admin expenses and specific/legacy bequests have been paid. This type of gift leaves a percentage rather than a fixed amount to the Foundation, because of this inflation will not reduce the value of your gift.
Options for your Assets
Retirement Saving Plan – RRSPs or RRIFs
Giving the gift of your retirement plan savings RRSPs (registered retirement savings plans) or RRIFs (registered retirement income funds) can reduce the taxes on your estate and protect its value for your beneficiaries. You also have a significant impact on the life-saving work done at the Dr. Noble Irwin Healthcare Foundation.
If you are not survived by a spouse and have no dependent children or have made previous arrangements for your children, leftover retirement funds can make a great charitable gift because the tax credit will help make up for the taxes, that would otherwise be payable on the transfer or distribution of funds.
A gift of life insurance allows you to make a substantial donation to the Dr. Noble Irwin Healthcare Foundation at a moderately low cost, all while protecting the value of your estate for your beneficiaries and possibly saving on taxes. The gift of life insurance also gives you many options on how you would like to include in the Foundation.
- Option 1: Name the Foundation as the beneficiary of a new or existing life insurance policy. Your estate will receive a tax receipt for the proceeds of the policy.
- Option 2: Purchase a new policy with the Dr. Noble Irwin Healthcare Foundation as the owner or beneficiary. You will receive annual tax receipts for the premium payments.
- Option 3: Transfer ownership of a paid-up policy with the Foundation as beneficiary. You will receive a tax receipt for the current value (“fair market value”).
- Option 4: Transfer ownership of a partially paid-up policy with the Dr. Noble Irwin Healthcare Foundation named as owner and beneficiary. You will receive a tax receipt for the fair market value of the policy and annual tax receipts for the ongoing premium payments.
Charitable Gift Annuities
A charitable gift annuity (CGA) is a contract between you as a donor and the Dr. Noble Irwin Healthcare Foundation with the following terms: As a donor, you make a sizable gift to the Foundation, in return, you become eligible to take a tax deduction for your donation, plus you receive a fixed stream of income from the Foundation for the remainder of your life.
The annuity rate (your guaranteed income) will be based on the age of each beneficiary but is often higher than the investment return you would have otherwise received on the donated assets. Also, a significant portion of your annuity income payment will be payable to you tax-free.
Gifts of Property
A gift of property, also called a “gift-in-kind” refers to donations of such tangible assets as real estate, special collections, cultural property and works of art.
A gift of property may be kept and used by the Dr. Noble Irwin Healthcare Foundation or it may be sold. The donation receipt is issued for the fair market value of the donated property as determined by an appraisal. Please note that these gifts require the Foundation’s approval in advance before acceptance.
Charitable Remainder Trusts
A charitable remainder trust (CRT) is a trust that generates a potential income stream for you, as the donor to the CRT, or other beneficiaries, with the remainder of the donated assets going to the Dr. Noble Irwin Healthcare Foundation.
Donors who establish a CRT will receive a generous donation receipt today for the present value of their gift (the “charitable remainder”) which the Foundation will receive when the trust terminates.
The Legacy Giving information on this website is provided for general information purposes only. It is not intended as a substitute for professional advice from a lawyer, financial advisor, or tax consultant.
We recommend that you seek the advice of a professional before moving forward with legacy giving.