Leave Your Legacy Today
Planned Giving means leaving a gift that will make a difference to patient care for years to come.
A planned or future gift, often called a legacy gift, has the advantage of not impacting your finances today and offer tax benefits now and tomorrow.
People who have identified themselves as leaving a future gift to the Foundation are members of our Legacy Society. Plan for your legacy and become a member now.
Having a valid will in place is vital to ensuring your estate benefits the people and causes that matter most to you. When planning for the future, please consider including a gift to Lions Gate Hospital Foundation. Your gift could become something larger than you ever imagined and something more meaningful than you ever thought possible.
Gifts through your will, publicly traded securities, life insurance, retirement funds, and charitable remainder trusts are just some of the ways you and your family can create a lasting legacy through thoughtful financial planning.
Gift Options to Consider:
1. Wills and Bequests
A charitable bequest is a gift left in your estate plan; your Will or Trust. A bequest is an especially meaningful way to leave a legacy of excellent health care to your family, friends, and community.
After providing for your loved ones, please consider a charitable bequest to Lions Gate Hospital Foundation:
- You can gift a specific amount or piece of property.
- You may also gift a ‘residual’ benefit or percentage of your estate to the Foundation.
To explore these and other possibilities, please contact your lawyer or financial advisor.
2. Publicly Traded Securities
Stocks, bonds, and mutual funds – these investments, accumulated over the years, may have grown significantly in value. When you sell these investments, a considerable capital gains tax may result if the current selling price is higher than their original cost.
Canadians who donate publicly traded securities to a registered charity pay no capital gains tax on the appreciated value of these securities.
By donating publicly traded securities to Lions Gate Hospital Foundation, you will receive significant tax benefits:
- You will pay no capital gains tax on the appreciated value of the shares.
- You will receive a tax receipt for the full market value of the donated securities.
In addition, you can direct the proceeds from the donated securities to a department in the Hospital or other facility (see list on home page) in North Shore health care.
3. Life Insurance
You may have an existing or paid up life insurance policy that you or your family no longer need. Consider gifting the life insurance policy to Lions Gate Hospital Foundation. Any life insurance gift does not form a part of your estate and is exempt from probate fees.
Such a gift can provide immediate and annual tax savings, as premiums paid for the policy may be eligible for tax credits. Or, by designating Lions Gate Hospital Foundation as a beneficiary of the policy, any death benefits paid to the Foundation will result in a donation receipt that can be used on your estate return to reduce taxes.
4. Retirement Funds
One of the simplest ways to leave a legacy to Lions Gate Hospital Foundation is to name the Foundation as a beneficiary of your RRSP or RRIF. At the end of your lifetime, the Foundation would receive all or a portion of the RRSP or RRIF proceeds. Because this gift does not pass through your estate, your estate will pay lower probate fees. Additionally, a donation receipt will be provided to help further reduce income taxes owing on your final tax return.
Do you want your gift to keep on giving for the benefit of your family, friends, and community? You can establish an endowment fund whereby the capital is invested and the income from your investment is used to support an area of health care that is important to you.
Funds can be endowed for a specific program or department and can be named in your honour of a family member or friend.
A gift of $10,000 is the minimum required to establish an Endowment Fund.
6. Charitable Remainder Trusts
With a Charitable Remainder Trust you designate an amount that is then used to create a trust. The net income generated by the trust is paid to you or your beneficiary. The principal of the trust is paid to LGH Foundation upon your passing.
Throughout the year the Foundation hosts estate planning seminars on topics such as ‘10 Steps to an Effective Estate Planning’.
Please contact Joanne McLellan to discuss how to plan your legacy gift:
Director of Planned Giving