Planned giving is the process of donating gifts and a contribution that is arranged in the present and allocated at a future date. Commonly donated through a will or trust, planned gifts are most often granted once the donor has passed away.
A simple phrase in your WILL (a bequest) will create an incredible legacy. This gift will cost nothing during your lifetime, however on your demise, your gift keeps on giving to the Langley community. A Bequest can be included in a new will or added to an existing will or living trust through a simple amendment called a codicil.
Example: I give, devise and bequeath to the Langley Foundation, (Charitable #77010 8603 RR0001) the sum of $____, or _____% of my estate, or the *residue of my estate.
- A charitable receipt will be issued to offset estate taxes.
- * A residuary bequest involves allocating what is left over after all expenses, debts, and taxes incurred by the donor’s estate have been settled.
Real estate property consists of land, additional property on that land (such as buildings), and the property rights associated with that land. There are great tax advantages to gifting estate, however it is advised to contact the Langley Foundation prior to adding this gift to your Will to ensure we can accept this real estate property.
Donating securities is a great way to give because of the preferred tax treatment offered by CRA on these gifts. If you have capital gain in your investment, you can gift the actual security/stock instead of selling the investment and donating the cash. You will pay no tax on the capital gain and will receive a charitable receipt for the market value of the stock.
Please connect with Inga Warnock for broker firms.
Life Insurance
There are various ways you can contribute life insurance to the Langley Foundation. Generally, the gift falls into the following categories:
Paid-up Policy: You would transfer ownership and beneficiary of a PAID-UP policy to the Langley Foundation. You would receive a tax receipt for any cash surrender value of a paid-up policy. It is essential to review this with your accountant/financial planner.
Annual Paid Policy: You would transfer ownership and beneficiary of the policy to the Foundation and continue to make payments either annually or in a lump sum. You would receive a tax receipt for the paid-up annual premiums and upon your demise, the Foundation would receive the policy's value.
RRSP/RRIF/TFSA
This is a very simple planned gift. By naming the Langley Foundation as one of the beneficiaries of any of these appreciated assets, your estate receives a charitable receipt to offset any estate tax you may have.
RRSP – Retirement Savings Plan
RRIF - Retirement Income Plan
TFSA – Tax-Free Savings Plan
* Your financial advisor/bank will provide you with the Change in Beneficiary form