Leave a Legacy -
Other Planned Gifts
Gift Annuity
A Gift Annuity
is an irrevocable gift from capital. This type of
Legacy gift may appeal to donors who wish to make a gift but require
income from their capital for the balance of their life. A Gift Annuity
is arranged to provide you with an income for life and the STEGH
Foundation with an immediate gift.
This gift is attractive when you consider a portion or all of the income
will be tax free, depending upon your age at the time you arrange your
gift.A Gift Annuity gives the donor a fixed rate of return which varies
depending upon the donor’s age, and the STEGH Foundation receives a gift
from the excess of the purchase price of the annuity. An income tax
credit is issued which reduces the donor’s income tax liability.
Charitable Remainder
Trusts
A Charitable Remainder Trust (CRT) is an irrevocable legacy gift a donor
makes by transferring cash or other assets (property) to a Trustee who
then holds and manages it. If the asset is income producing, the net
income will be paid to the donor for the remainder of their life or for
a specific term. Upon the death of the donor, the Trust will distribute
an amount to the STEGH Foundation.
Benefits:
▪
Allows you to make a larger gift than might otherwise have been possible
▪
Tax savings – an income tax receipt will be issued for the present value
of the future gift
▪
Provides a lifetime income
▪
Reduces probate and other estate costs
▪
Reduces or eliminates capital gains
▪
The satisfaction of making your gift and if desired, being recognized
while living
RRSP’s & RRIF’s
Registered Retirement
Savings Plans and Registered Retirement Income Funds
Gifts made through registered retirement
savings plans (RRSP’s) and registered retirement income funds (RRIF’s)
are a popular way to offset taxes owing on funds at the time of death.
When you name the St. Thomas Elgin General Foundation directly as
beneficiary, your Estate will save probate fees. 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.
Residual Interest Gift
Residual
Interest is an irrevocable gift of an asset (eg. real estate or art)
that you make now
to benefit the STEGH Foundation and have the freedom to continue to
enjoy the use of the asset for the remainder of your life. You will
receive an immediate income tax receipt for the appraised market value
of the donated asset.
Benefits:
▪
Allows you to make a larger gift than might
otherwise have been possible
▪
Tax savings – an income tax receipt will be issued for the present value
▪
Does not impact on your lifestyle – you retain usage of the asset
▪
Reduces probate and other
estate costs