Leave a Legacy for Tomorrow
St. Paul’s Hospital Foundation is pleased to accept a wide variety of planned gifts; we urge you to speak to your financial advisor to learn more about the most effective and advantageous way of creatively supporting St. Paul’s Hospital Foundation with a legacy gift. Types of legacy gifts include:
A Gift in your Will - A bequest in your Will costs nothing during your lifetime but provides a lasting legacy.
A Gift of Life Insurance - Give an existing policy or name St. Paul’s Hospital Foundation as a beneficiary.
A Gift of RRSPs or RRIFs - The gift may be tax-beneficial to either you or your estate. Make St. Paul’s Hospital Foundation the direct or named beneficiary of a RRSP or RRIF and the donation’s tax credit may dramatically reduce or eliminate the tax liability to your estate.
Spirit of Life
We would like to honour and recognize donors who intend to make a planned estate gift to St. Paul's Hospital. You will be recognized in the Spirit of Life panel in our Hospital's Donor Alcove in the May following the year in which the Foundation receives an individual's intent to make an estate give to SPH Foundation.
A Gift in Your Will
Preparing a Will by leaving a bequest is a simple and thoughtful act that reflects your care for others and a vision for the future. A bequest in your Will costs nothing during your lifetime but provides a lasting legacy and assures a bright future for health care in this province - a future in which groundbreaking research and discoveries save lives.
If you would like to support St. Paul's Hospital in your Will, you can set aside a certain dollar amount or designate a percentage of the residue of your estate (the remainder of the estate once all designated gifts have been made and administrative expenses and taxes have been paid) for St. Paul's Hospital. You can also bequeath a specific piece of property like a home, securities (for instance, stocks or mutual funds) or other financial assets. The tax benefits derived from these gifts are often quite substantial.
If you intend to leave a gift in your Will - large or small - to St. Paul's Hospital Foundation Inc. (our legal name), the process is very straightforward and costs nothing during your lifetime. It is simply a matter of preparing a Will and discussing with your lawyer what your intentions are.
To learn more about leaving a bequest, please consult your financial advisor or call the Manager of Major Giving at 306-655-5832 or email email@example.com.
A Gift of Life Insurance
You can give an existing policy, donate a new policy, or name St. Paul's Hospital as a beneficiary. All are tax-beneficial to either you or your estate.
You can give a gift of life insurance to St. Paul's Hospital for relatively little cost. A gift of life insurance can also offer immediate tax savings and ensures that your entire estate passes directly to your heirs and your favourite charity. There are 3 ways you can give life insurance:
- Give an existing life insurance policy: You can designate St. Paul's Hospital Foundation Inc. (our legal name) as the owner and beneficiary of an existing policy that you no longer need and receive a charitable receipt for its cash surrender value. If further payments are required on the policy, you will receive a charitable donation receipt for all payments made after the policy is assigned to the Foundation.
- Donate a new policy: You can purchase a new life insurance policy and designate St. Paul's Hospital Foundation Inc. as the owner and beneficiary. In doing so, you will receive a charitable donation receipt for the full amount of all annual premiums paid.
- Name St. Paul's Hospital Foundation Inc. as a beneficiary of a policy: Any death benefits paid directly to St. Paul's Hospital Foundation under the policy will entitle the donor's estate to a donation receipt. As death benefits are paid directly to St. Paul's Hospital Foundation, probate taxes can be avoided and the risk of creditor claims against the estate can be minimized.
If you would like to share with us your intention to give a gift of life insurance to St. Paul's Hospital, please contact the Manager of Major Giving at 306-655-5832 or email firstname.lastname@example.org. Sharing this information allows us to include you in our Spirit of Life Honour Roll, a special program that honours those who have made a future gift to our hospital. We also respect your wish to remain anonymous should you prefer this.
A Gift of RRSPs or RRIFs
Make St. Paul's Hospital the direct or named beneficiary of a RRSP or RRIF and the donation's tax credit may dramatically reduce or eliminate the tax liability to your estate.
Did you know that the assets held in a Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF) become fully taxable income to one's estate in one's year of death (unless a beneficiary designation allows the plan to be rolled over to a spouse or dependent child)? However, if St. Paul's Hospital Foundation is made the direct or named beneficiary of the RRSP or RRIF then the donation tax credit will dramatically reduce or eliminate the tax liability.
You can name St. Paul's Hospital Foundation as the direct beneficiary of a RRSP or RRIF, and your estate is then entitled to a donation receipt for the amount paid out on death. As this asset passes directly to the Foundation, probate taxes can be avoided and the risk of creditor claims can be minimized. All you need to do is visit your financial advisor or financial institution and ask them to change the beneficiary designation to St. Paul's Hospital Foundation Inc (our legal name).
If you are interested in learning more about the benefits of making these types of gifts, please speak with your financial advisor or contact the Manager of Major Giving at 306-655-5832 or email email@example.com
A Gift of an Annuity or Charitable Remainder Trust
Make a contribution of cash or other property to St. Paul's in exchange for a guaranteed lifetime income with tax benefits.
Charitable Remainder Trusts offer you a guaranteed lifetime income along with substantial, immediate tax savings. A gift of trust is made when you decide to make St. Paul's Hospital Foundation the secondary beneficiary to an irrevocable trust. The primary beneficiary (or the income beneficiary) includes you, and if applicable, your spouse. To set up the trust you irrevocably transfer assets (usually cash) to a trust and then specify St. Paul's Hospital Foundation Inc. as the recipient of these assets upon your death. The trust will pay income earned on these assets to you (or other income beneficiary) during his or her lifetime and then distribute the capital to the foundation upon the death of this income beneficiary. As the capital of the trust (the amount that was originally contributed) is not accessible, you are entitled to an immediate tax receipt for the present value.
Throughout your lifetime (or for a stated period of time) you will receive a predetermined amount of the trust; upon death, St. Paul's Hospital Foundation Inc. (our legal name) will receive the remainder of the trust. The benefits to you as a donor:
- You are entitled to a donation receipt that can be used to reduce taxes;
- You retain the income generated by the property;
- You are free from investment decisions;
- Probate and other estate costs can be avoided;
- As the assets pass outside of the estate, they are not normally subject to challenge.
For more information, please consult your financial advisor or contact the Manager of Major Giving at 306-655-5821 or email firstname.lastname@example.org.