PLANNED GIVING
Here are a few ways you can make a planned gift
As the name implies, planning ahead to leave a gift in your will is one the most thoughtful ways to help others and leave a lasting impact on your community. Giving a Planned Gift is an important decision that requires thoughtful planning. If you wish to take advantage of this kind of legacy giving, we suggest you seek legal and accounting advice to ensure your specific wishes are carried out and that your estate enjoys the tax benefits of your generosity.
For more information about Planned Giving, please contact a member of our Fund Development team at (416) 626-0116 or send an email to donorrelations@dlhospice.org.
Give a Gift in Your Will
Benefits:
- Most popular type of legacy gift, often referred to as “bequests”
- Easy to do by contacting your lawyer
- Flexible gift that can be altered during your lifetime
- Reduces the taxes payable on your estate as your estate receives a tax receipt
Wording For Your Will
To give a specific amount
“I give to The Dorothy Ley Hospice, 220 Sherway Gardens, Toronto, M9C 0A7 the sum of ten thousand dollars ($10,000) to be used for the benefit of The Dorothy Ley Hospice.”
To give a percentage of the estate
“I give to The Dorothy Ley Hospice, 220 Sherway Gardens, Toronto, M9C 0A7, twenty percent (20%) of the rest, residue and remainder of my estate to be used for the benefit of The Dorothy Ley Hospice.”
To give a specific asset, such as shares in a company
“I give to The Dorothy Ley Hospice 500 shares of ABC Co. Inc, to be used for the benefit of the organization.”
“I give to The Dorothy Ley Hospice 500 shares of ABC Co. Inc, to be used for the benefit of the organization.”
“In the event that my brother does not survive me, I give $10,000 to The Dorothy Ley Hospice to be used for the benefit of The Dorothy Ley Hospice’s highest priority needs …”
To designate your gift for a specific purpose:
“I give to The Dorothy Ley Hospice, 220 Sherway Gardens, Toronto, Ontario M9C 0A7, the sum of fifty thousand dollars ($50,000) to be used in support (specific program e.g. bereavement/grief – day program etc.)”
We suggest that you add a “Power to Vary” clause, for example “If at the time of my death it is impossible, impractical or inadvisable to apply the gift to this purpose, The Dorothy Ley Hospice may at their discretion direct the gift to a similar purpose.”
Life Insurance
Benefits:
- Make a large gift in the future with a small amount today – i.e. pay it forward
- Can be set up to provide tax benefits now and during your lifetime
- Two ways to give, each with advantages, that your financial planner can advise you on:
- Make The Dorothy Ley Hospice the owner and beneficiary of a new or existing life insurance policy
- Name The Dorothy Ley Hospice as a beneficiary of a new or existing policy
- A gift of Life Insurance is not subject to probate and estate fees
- You can choose from a full range of products, price ranges and payment methods to suit your situation
RRSPs/RRIFs
- Name The Dorothy Ley Hospice as a direct beneficiary for your RRSP, RRIF or Canada Pension assets and receive tax benefits for doing so
- Choose a specific amount or a percentage of your RRSP or RRIF
- Speak with your financial institution to add The Dorothy Ley Hospice directly on your plan documents
- If you are comfortable, contact The Dorothy Ley Hospice to inform us of your gift. This helps us plan for the future with more comfort and confidence
- Make The Dorothy Ley Hospice the owner and beneficiary of a new or existing life insurance policy
- Name The Dorothy Ley Hospice as a beneficiary of a new or existing policy
Donating Securities
Donating securities is a convenient way to give that offers favourable tax benefits for donors. As returns on investments increase over time, those capital gains are taxable, except if you choose to donate such investments directly to a registered charity. By donating securities directly to The Dorothy Ley Hospice, you avoid capital gains tax and are eligible for a tax receipt for the fair market value of your gift.
Not only does this method of giving offer smart financial solutions, but it can also represent a meaningful investment in helping The Dorothy Ley Hospice achieve our mission of fostering hope and dignity through exemplary care, advocacy, education and research for individuals living with the challenges of life-limiting or loss.
