Legacy Giving Options
If you wish to “pay it forward” and extend your values beyond your own lifetime to provide hope and belonging for others in the future, there are several ways to include Our Place Society in your estate planning. Consult your legal and financial advisors and consider the following options:
A Gift in Your Will
A gift in your will (a bequest) is a meaningful and simple way to leave a legacy of love that will help Our Place Society provide much needed meals, shelter, and services in the future. Every bequest, regardless of the size, will make a difference to those struggling through tough times right here in our community. Another positive outcome is that your estate will receive a charitable tax receipt for the full amount of your bequest which can lower or even eliminate any income tax payable by your estate. There are many ways to include us in your will. Three of the easiest options include:
- A Specific Bequest: This can be either the simplest option of a pecuniary bequest (for a specific dollar amount) or a gift of property (e.g. real estate, artwork, or jewellery). Gifts of property are subject to our Terms of Gift Acceptance Policy. Please contact us at 250-940-5063 or firstname.lastname@example.org to discuss your proposed gift of property and ensure we accept it.
- A Residual Bequest: You can give all or a portion of what remains of your estate after specific gifts are distributed to other beneficiaries and estate fees and taxes have been paid. This option is often chosen by those who want to prioritize their loved ones in their will. Also, by choosing a percentage rather than a specific dollar amount, you won’t have to update the dollar amount in your will if your financial situation changes.
- A Contingent Bequest: This means your gift only takes effect if your primary intention cannot be met (e.g. your primary beneficiary has predeceased you).
Be sure to visit our Legal Information page for further details.
Life Insurance Policy
You can name Our Place Society as the beneficiary of your life insurance policy. If it is paid in full, you will receive a charitable tax receipt for the cash surrender value. If premiums are still owing, your tax receipt will be for the cash surrender value when the policy is transferred, and you will also receive subsequent tax credits for the annual premium payments you continue to make on the policy.
If you do not have a current life insurance policy, you might consider purchasing one and transferring its ownership to Our Place. Once the transfer is completed, all subsequent premium payments you make are treated as a donation, and you receive a charitable tax receipt to apply against your taxes owing. This option can enable you to make a significant charitable gift while having the ease of paying it in smaller installments. To find out more, it’s advisable to discuss this with your professional advisor or life insurance provider.
Another way for you to create a legacy gift is by naming Our Place Society as a beneficiary of your retirement funds (e.g. RRSPs or RRIFs) or of your TFSA (tax-free savings account).
To do this, you would change the beneficiary designation through the financial institution that holds the fund. You can even split the designation (on a percentage basis) between one or more people or charities. Because it’s so easy to set up (or make this change), this type of gift is sometimes referred to as the “five-minute legacy.”
Unlike leaving a gift in your will (which would be paid out by your executor as part of your estate settlement), naming a charity as a beneficiary of your retirement funds means the gift flows directly from the financial institution to the charity.
Your financial advisor may recommend you consider another legacy giving alternative as more appropriate for your estate planning (e.g. a Charitable Gift Annuity). If so, please contact us at 250-940-5063 or email@example.com to discuss.