Your charitable giving contributes to excellent health care. A planned gift for the future creates a legacy to ensure the best health care for generations to come. By leaving a planned gift to London Health Sciences Foundation (LHSF) in support of London Health Sciences Centre (LHSC), you will be part of our Donors for Tomorrow Society - and the special people who make a commitment to building bridges to a healthy future.
NOTE: When you are doing any kind of estate or legacy giving it is always helpful to reference our Charitable Registration Number 89478-1475-RR0001 to eliminate any confusion.
For your convenience, we have outlined below the types of Planned Giving methods:
Bequests are gifts made through your Will. You can leave a specific amount of money, a piece of property or a portion of your estate residue. Since you can claim up to 100% of your income on your final tax return and carry back any excess to the previous year, the tax relief created by an estate gift can be significant. The cost for an experienced estate lawyer to create a well-drafted, valid Will is small, given the peace of mind provided by knowing it is done properly.
The most flexible wording is to leave your gift "to London Health Sciences Foundation for its general purposes." Alternately, you may designate your gift to a specific area, in which case we can work with your lawyer to create the correct wording. Most importantly, sharing your intentions will allow us to thank and recognize you now, while also allowing us to plan for the future.
Life insurance can benefit both the donor and LHSC when the Foundation is named beneficiary. Upon death, the proceeds pass outside your estate, providing both privacy and protection from estate administration taxes (formerly known as probate fees) and the charitable tax receipt issued will alleviate the tax burden on your estate. It is also possible to donate a new or existing policy during your lifetime, irrevocably making the Foundation both owner and beneficiary, in which case you will receive a charitable tax receipt from LHSF for the fair market value or cash surrender value on the policy when donated, as well as for any future premiums you pay.
A Charitable Gift Annuity is an attractive option for older donors, allowing them to collect annuity payments for the rest of their life, while at the same time benefiting LHSF. Part of the donor's gift (typically up to 25% of the total value) is an immediate donation to the hospital for which a tax receipt is issued. LHSC then uses the remaining funds to purchase a commercial annuity on the life of the donor and that annuity pays the donor income, largely tax exempt, for their lifetime.
Donating certain publicly traded securities "in kind" (or in their current form, unsold) to the Foundation, either while you are alive or through your estate, will exempt you (or your estate) from paying tax on the capital gain triggered by the donation. In addition, you receive a charitable tax receipt for the fair market value of the gift, making this strategy an exceptional way to maximize your tax savings while supporting LHSC in a significant way.
Please have your broker call us at 519.685.8409 to advise us of your securities donation. We will provide the brokerage account information and answer any questions.
When the Foundation is designated as beneficiary of your RRSP or RRIF, the proceeds are paid directly, bypassing your estate and avoiding estate administration taxes. The charitable tax receipt issued will eliminate most if not all, of the very significant tax generated by the realization of your registered plan on your death.
There are other planned gifts such as Charitable Remainder Trusts and donations of real estate or cultural property, which are more complex. Our Planned Giving staff can work with you and your advisors to create this type of meaningful gift.
Information contained herein is correct at the time of writing, is general in nature and is not intended to represent legal or tax advice. It is recommended that you consult your own tax and legal advisor(s) with respect to your particular circumstances when doing your tax or estate planning.
For more information on Estate Giving, contact:
Colleen DeJager, TEP