Legacy gifts, also known as planned gifts, are charitable donations arranged in advance, often through an estate plan, to be given after the donor’s lifetime, though some can happen sooner, including bequests (wills), property, life insurance, retirement funds, or trusts, allowing donors to make a lasting impact and potentially receive tax benefits.
Gift in Your Will
A will is the cornerstone to any estate planning. It’s also the last communication that you will have with your family and loved ones and it gives you the opportunity to reaffirm your priorities and values.
WAYS YOU CAN LEAVE A GIFT IN YOUR WILL:
THE BENEFITS:
Gift of Stock and Securities
When you donate publicly traded stocks, mutual funds, and other securities directly to a registered charity, you pay no capital gains tax and receive a tax receipt for the full amount of the gift. The tax receipt is issued for the market value of the assets on the day it is transferred to The Foundation of St. Joseph Seminary and Newman Theological College.
Gift of Life Insurance
With a relatively low personal investment, a large gift can be given when you name The Foundation of St. Joseph Seminary and Newman Theological College as the beneficiary and owner of a new or an existing life insurance policy. Any cash value attributed to the policy will be treated as a gift of cash and will result in a tax credit for the cash value amount.
Gift of RRSPs and RRIFs
The funds left in RRSP or RRIF can be used to make a lasting impact by naming The Foundation of St. Joseph Seminary and Newman Theological College as the beneficiary of these accounts. A tax receipt for the full amount of the charitable distribution will be issued to the estate to help offset taxes with this tax credit. With this option, you can retain ownership of the RRSP or RRIF and name the charity as the beneficiary only.