Legacy giving is a wonderful way to support the things you care about most—now and after you are gone. For many donors, it can also be an important part of estate planning that requires thoughtful consideration often involving family and financial advisors.
A bequest of cash or property through your will to the Burnaby Hospice Society can be a tangible expression of appreciation for the services the we offer and a gesture that might not be financially possible during your working or retirement years. There are several ways to make a bequest to the Burnaby Hospice Society:
If you are planning to have a will drafted for the first time, or are considering making changes to your current will, your financial advisor can include a bequest to Burnaby Hospice Society.
Charitable gifts made in a will are deemed made in the year of death. Therefore, the charitable tax receipt is issued to the estate and can offset any tax owing from it. The information you provide is kept strictly confidential. You are not obligated to maintain your bequest should your circumstances or intentions change. A bequest is a revocable gift and you can modify or amend your will at any time.
To help us plan for the future, please let us know if you have already made a bequest to the Society. We would welcome the opportunity to thank you for your legacy.
You can maximize the value of your estate by naming the Burnaby Hospice Society as a direct beneficiary of your Registered Retirement Savings Plans (RRSP) or Registered Retirement Income Fund (RRIF).
If the beneficiary of your RRSP is someone other than your spouse, common law partner, or a financially dependent child or grandchild, the proceeds of the RRSP will be taxed as ordinary income on your estate. However, if a charitable organization is named a beneficiary, the total amount of the RRSP (or designated portion) will be given directly to the charity and will not be subject to probate. Your estate will receive a charitable donation tax receipt for total amount that has been gifted through your RRSP.
To include the Burnaby Hospice Society as a beneficiary of your RRSP, please contact your financial advisor or financial institution to update your beneficiary designation.
Insurance gifts are cost-effective and allow donors to give a larger gift than they may have thought possible. When you name a charitable organization the beneficiary of a life insurance policy, the benefits of that policy will go directly to the charity upon death and your estate will receive a charitable tax receipt. A gift of life insurance is separate from your estate value and has no effect on its assets.
There are two ways that you can use a life insurance policy to benefit the work of the Burnaby Hospice Society:
The advantages of using a life insurance policy to make a legacy gift are:
A charitable gift annuity is an irrevocable between you and a charity, under which you contribute cash or other property in exchange for a specified, guaranteed, tax-preferred income paid at regular intervals for life. Depending on age, all or a substantial portion of the annuity payments may be tax free.
Gift of residual interest is an arrangement where an item of value is deemed to the Burnaby Hospice Society but the donor retains the use for life or a term of years. The donor is entitled to a tax receipt for the assessed fair market value of the property at the time the gift is made.
A charitable remainder trust can be made during a donor’s lifetime or established within a will. Under this type of planned gift, the donor makes a gift to the Burnaby Hospice Society through a trust agreement. If the property generates income, the net will be paid to the named beneficiaries.
If you are interested in more information on legacy giving options, please contact us. We also strongly encourage you to consult with your own financial advisor and family when making your estate plans.
When including a gift to the Burnaby Hospice Society in your will or any other document it is extremely important that you use our correct legal name: Burnaby Hospice Society. Since many charities have similar names, changing or leaving out even one word can lead to confusion. It could even result in costs to your estate, or your gift failing.
To avoid this, when planning your gift please make sure you use our full legal name:
Burnaby Hospice Society
Charitable Registration Number: 129481388-RR-0001
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