Bequests - Estate Gifts by Will
Eugene Oliarnyk’s memory lives on at the George Jeffrey Children’s Centre
We are extremely grateful that Eugene Oliarnyk made a gift of lasting significance by remembering George Jeffrey Children's Centre in his will. In recognition of Eugene’s generosity the Seating and Mobility Assessment Room has been name in his memory. As well, Eugene has been recognized on the Campaign for the New George Jeffrey Children’s Centre Donor Wall in the main lobby of the new Centre.
Glenn Beitz, Estate Trustee, Bob Speer, Board President George Jeffrey Children's Foundation, June Bryant, Niece of Eugene Oliarnyk and Mary Anne Comuzzi, Director of Development George Jeffrey Children's Foundation
A charitable bequest made to the George Jeffrey Children's Foundation will help support our continued mission to raise the necessary funds to support the efforts of the George Jeffrey Children's Centre. The Centre provides treatment to children and their families faced with physical and developmental disabilities.
For more information about planning a gift, contact Mary Anne Comuzzi at 625 6052 or email macomuzzi@georgejeffrey.com
Acceptable Assets:
Gifts funded with cash or cash equivalents
Publicly listed securities including mutual funds
Proceeds from retirement plan accumulations (RRSP's and/or RRIF's)
Gifts of Real Estate
Gifts of other tangible property
Benefits to the George Jeffrey Children's Foundation:
Generally, easy to administer
The expectancy of future gift is known, provided that bequest wording is not changed
Benefits to the Donor:
Revocable during the donor's lifetime
Donation receipt for use in final income tax return against 100% of taxable income
Satisfaction of providing for a future gift while retaining full control of property
Most Appropriate For:
All individuals (any age), but especially older persons with few or no heirs
Common Questions & Answers:
Q: Is making a will difficult?
Ordinarily it's quite simple. The process begins by listing assets and most important personal possessions (nothing should be overlooked!), and the persons, institutions and causes for which an individual would like to provide. Then a lawyer should be consulted to review intentions and draft the final document in proper language.
Q: What if a client changes their mind later on?
A will is fully revocable when you are alive - you retain control and can easily make revisions should your wishes or circumstances change, either by having a new will drafted or adding a codicil to an existing one.
Q: Does a charitable bequest provide a tax benefit?
For most people, yes. At death, your estate is entitled to a donation receipt for the full value of a bequest, providing a significant tax credit on their final tax return. For example, Mrs. Milton, a widow, leaves $10,000 to George Jeffrey Children's Foundation and the remainder of her estate to her two children. Her bequest results in a tax saving of $4,500 (assuming a combined tax credit of 45 percent). If she had left the $10,000 to her children instead of giving it to the Foundation, taxes would have consumed $4,500 and only $5,500 would have passed to the children.
Q: Does a charitable bequest have to be in cash?
No, your client may also give publicly listed securities, real estate or artworks. Because a charitable bequest is creditable up to 100 percent of income in the year of death, the tax credit will almost always exceed tax on the gain, resulting in some tax savings. Whether the bequest consists of cash or other property, any portion not usable because of the 100-percent-of-income limit can be carried back to the prior year, again subject to the 100-percent limit.
Q: What is the best way to make a bequest to the George Jeffrey Children's Foundation?
A bequest may take any of several forms. Consider these possibilities:
- A general bequest is for a certain dollar amount of property, usually cash: "I give to the George Jeffrey Children's Foundation the sum of $100,000 to be used for its general purposes."
- A specific bequest directs that the Foundation is to receive a specific piece of property: "I give... 500 shares of XYZ stock..."
- A residual bequest designates all or a portion of whatever remains after all debts, taxes, expenses and other bequests have been paid: "I give... fifty percent (50%) of the rest, residue and remainder of my estate..."
- A contingent bequest takes effect only under certain conditions: "In the event that my wife does not survive me, I give to the George Jeffrey Children's Foundation the sum of ..."
Q: How will a bequest be used?
Most bequests will be contributed for general purposes, but a donor may also make a restricted bequest to be used for a particular purpose or program. Subject to some limitations, a donor may specify that the principal of a bequest is to be held as endowment, and perhaps as a named endowment in their name or as a memorial to another. You will want to confer in advance with a representative of the George Jeffrey Children's Foundation to ensure that your wishes can be met and that the bequest provision is properly worded.
Q: A person wishes to name George Jeffrey Children's Foundation in their will.
At the request of the donor, a Foundation representative would be happy to meet with you and the donor to discuss their intentions for giving.
For more information or assistance with making a bequest to the George Jeffrey Children's Foundation, please consult your professional advisor.