Your Gift for Tomorrow Will Have an Impact on the Medical Care We Can Provide for Future Generations
Planned Giving is a special way for you to incorporate your desire to support our healthcare system in Niagara Falls with your estate plan. Depending on how you structure your panned gift the benefits to you can be immediate or at a later date. Reducing taxes or eliminating Capital Gains from your financial portfolio are only two of the ways you will benefit from your planned gift.
Always consult with your professional advisor (estate lawyer, accountant, insurance representative, or financial planner) before making any planned gift.
With a little bit of planning you can leave a gift to the GNGH Foundation that will benefit your heirs, your estate and your community. Here are a few suggestions:
Bequests,
Your Gift Through Your Will
When your last Will and Testament is drafted, you will of course want to provide for your next of kin and loved ones first. After their needs have been addressed, you might want to direct a portion of your estate towards helping others — creating a lasting memorial to your values and achievements.
A bequest through your Will ? the most common type of future gift ? is a commitment made through your Will to be distributed by your estate upon your death. In making a Will, you exercise your right to choose what to do with your accumulations of a lifetime.
A bequest may be a specific piece of property, sum of money, or a portion of your estate. You can designate in your Will how the GNGH Foundation will use your gift.
[Note: Technology and equipment needs change quickly in the field of healthcare and staff change locations or fields of expertise, therefore you will want to ensure that your gift will be received by the GNGH Foundation in a way that it can be put to use. It is always recommended that you speak with the GNGH Foundation staff for proper wording when making a gift through your Will as these gifts may not be realized for years to come. Improper wording could make your gift unusable.]
Bequests also offer many practical benefits. For one, you retain full control of the gift for the duration of your life. You will find that bequests are eligible for tax credits and can considerably reduce the amount of taxes paid on an estate after death. Donation receipts are issued for the amount of the bequest which typically results in a tax credit on your final income tax return.
Securities, Company Shares
Your Gift Through Securities, Bonds & Company Shares
2006 Federal legislation allows you to transfer ownership of your securities, bonds or publicly traded company shares to the GNGH Foundation without having to pay capital gains, plus you get the tax credit for the fair market value of the items.
Always consult your financial advisor or stock broker before you transfer ownership of securities, bonds or publicly traded company shares. Cashing in the item and making a gift of the proceeds from the sale will trigger capital gains taxes which may negate the benefit of your charitable gift. Ask him or her to explain all fees associated with either the transfer or sale of these assets.
Life Insurance
Your Gift Through Your Life Insurance Policy
The gift of a life insurance policy can provide significant support to the Greater Niagara General Hospital Foundation, while only costing a fraction of the value of the gift. Plus, it has no effect on the rest of your estate — your beneficiaries still receive everything you have allocated to them through your will.
There are a couple of options in how you may choose to apply a life insurance policy when making a charitable gift.
Name the GNGH Foundation as beneficiary of a life insurance policy. Upon death, the proceeds pass outside your estate providing both privacy and protection from estate administration taxes (also known as probate fees) and the charitable tax receipt issued by the GNGH Foundation will alleviate the tax burden on your estate.
Or, you may choose to transfer ownership of a life insurance policy (new or existing) and continue to maintain premium payments on that policy. With the GNGH Foundation designated as the owner and beneficiary, all premiums paid on the policy by the donor are deemed to be a charitable donation and will produce a charitable donation deduction on the donor’s annual tax return in the year the premium is paid. However, there is no tax benefit at the time of death.
RRSPs or RRIFs
Your Gift Through Your Registered Retirement Plan
Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs) can also provide an excellent way to further your charitable interests.
Naming the Greater Niagara General Hospital (GNGH) Foundation as the beneficiary of your registered retirement savings plan or retirement income fund is easy to do and can be highly beneficial. You can also choose to name the GNGH Foundation as the primary beneficiary, or as a secondary beneficiary in the event that your spouse or other primary recipient should pass on before you.
It is not necessary to amend your will in order to take advantage of this option, and designating a charitable beneficiary does not affect your own use of the retirement funds in any way.
When you name the GNGH Foundation directly as beneficiary of your registered retirement plan, your estate will save probate fees because it transfers outside of your estate.
Your gift is treated as a charitable donation in the year of death and is eligible for a tax credit on your final tax return, and/or the one immediately preceding the final return. The tax credit may completely offset the taxes payable on the proceeds Annuities, Charitable Remainder Trusts,
Real Estate/Property
Your Gift Through Property/Real Estate
You may have property or other valuable items (artwork, jewelry, etc.) that you wish to donate. Please check with the GNGH Foundation staff before cashing these items in if you wish to use the proceeds as a way of making a gift to the Foundation. There may be specific benefits to transferring ownership of these items directly to the Foundation. Together with your financial advisor, accountant, lawyer or insurance broker we can ensure you get the greatest benefit from your generosity while making an impact on the GNGH Foundation’s ability to purchase new or replacement equipment at the Greater Niagara General.
Please note, all items of property require third party evaluation to assess fair market value.
Tax receipts are given at the time the item transfers ownership and are written at the fair market value on the date of transfer.
Real estate property also requires an environmental assessment prior to transferring ownership.
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Accepted Currency
