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WHAT ARE SOME WAYS I CAN LEAVE A LEGACY GIFT?

There a number of options available and each will have different types of tax benefits. The Carleton County Historical Society (CCHS) encourages you to talk to your professional advisor (ie. your lawyer, accountant, etc.) because while everyone’s needs vary, your advisor can help you decide which option(s) will work best for you and your family. Here are some of the ways to make a legacy gift:

CHARITABLE DONATIONS

A distribution from your estate to the CCHS through your last will and testament. There are different kinds of bequests, for example, general, specific and residuary. For each it is important to use very specific language to indicate the precise use of your assets and to successfully carry out your final wishes.

CASH DONATIONS

An amount made out to the CCHS. Gifts of cash are available for immediate use in the form of cash, cheque, credit card or pre-authorized contributions paid monthly.

GIFT OF SECURITIES

A cost-effective opportunity to transform an asset into immediate and significant support for the CCHS. Securities can include stocks, bonds, mutual or segregated funds. By donating publicly traded securities, you eliminate the capital gains tax that becomes payable if you were to sell the appreciated securities on the market and donate the proceeds from the sale to the CCHS.

GIFT OF LIFE INSURANCE

This is made when you name the CCHS as the beneficiary. It is a cost-effective opportunity to transform modest premium payments into a significant gift for the CCHS. When donating a life insurance policy to the CCHS, the best option for you will depend on whether you seek tax relief during your lifetime or for your estate. The benefits are that a smaller current cash investment is leveraged into a larger future gift; you or your estate receives a charitable tax receipt and you receive tax savings in your lifetime or for your estate.

RETIREMENT FUNDS (RRSPS OR RRIFS)

These are one of the best ways to grow wealth during your lifetime but one of the worst ways to transfer wealth to the next generation, as they are among the most heavily taxed assets. Registered assets can only be rolled over to a surviving spouse but are taxed if transferred to children or next of kin unless a child has a disability. Gifts of retirement plans are made when you name the CCHS as the beneficiary. This means that upon your death the CCHS would receive the proceeds and your estate will receive the charitable receipt. This receipt will counterbalance your final tax return, transforming any final tax liabilities you have when you die into a charitable gift.

ENDOWMENT

A donation made by way of cash, marketable securities, RRSPs, mutual funds, etc. which are held in perpetual trust. A designated portion of income earned by the endowment is used as directed by the donor. The donation remains intact, making it an everlasting gift. Named endowments may be established with a minimum donation of $10,000. Endowments may be general in nature or for a specific area or purpose. Donors play a major role in ensuring a consistent flow of funds for the future by establishing endowments.

GIFT OF AN ANNUITY

This is made when you make a contribution of cash or other property to the CCHS in exchange for a guaranteed lifetime income or for a stated interval of time.

CHARITABLE REMAINDER TRUST

A gift of trust is made when you decide to make the CCHS the secondary beneficiary to an irrevocable trust. The primary beneficiary includes you and if applicable, your spouse. Throughout your lifetime (or a stated period of time) you receive a pre-determined amount of the trust; upon death, the CCHS receives the remainder of the trust.

GIFT OF RESIDUAL INTEREST

This is made when you decide to give the property in which you reside or any other property to the CCHS. You can continue to use and enjoy the property throughout your lifetime. You will receive a charitable tax receipt for the present value of the property when the gift is made. Upon death the charitable organization receives the deed of the property.

GIFT OF REAL ESTATE

This is made when you leave property, buildings, land or a place of residence that you own to the CCHS. This type of gift can be given immediately or specified in your will. You will receive a charitable tax receipt to be used in your final income tax return.

GIFT IN MEMORY OF A LOVED ONE

This is any type of gift given to remember a close friend or family member who has passed away. Perhaps they lived with a certain disease and you would like to make sure other people in the future can receive further care.

For more information or to arrange a meeting at your convenience please contact:

Phone: 506-328-9706

Email: cchs@nb.aibn.com

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