A planned or future donation, sometimes called a legacy gift, is a gift from your estate. It means you can support the hospital without impacting your finances today, while receiving tax benefits now and later. Your gift could have more of an impact than you have ever imagined. If you have decided to remember Sechelt Hospital Foundation through a planned or legacy gift, please let us know. You will be invited to join our Legacy Circle and to participate in special learning and recognition events. Gifts through your will, life insurance policies, publicly traded securities, retirement funds, charitable remainder trusts, and gifts of property, art or other valuables are all considered planned gifts and can create a lasting legacy through careful financial planning.
Please speak to your financial advisor, and contact us if you’d like to have a discussion regarding the options available and how your gift could be used to enhance health care in our community. Your kindness and forethought will help keep the best medicine local.
Ensure your Will is current. Create a list of everything you own—your home, assets, vacation property, antiques and jewellery. Include your business interests and investments like RRSPs or RRIFs, segregated funds, stocks and bonds, bank accounts, and life insurance. Also choose an executor, and a guardian if you have young children. Meet with a lawyer and your tax planner.
If you could do anything with your money, what would you do? How would you best help your family or your community? Consider the people and organizations that have special meaning to you: ask yourself what you would like for your legacy.
Philanthropy is “the love of others”. By supporting Sechelt Hospital Foundation, you help create a better future for your neighbours, family and friends. Tell your family about your charitable giving; help them understand what is important to you, and let them share in the joy of your philanthropy.
A charitable bequest is a gift specified in your Will. It can be a certain sum of money, a particular asset, or a portion of your estate. A bequest made to Sechelt Hospital Foundation generates a tax credit that offsets the tax otherwise payable on up to 100% of your net income in the year of death. Any unused credits can be carried back one year. These credits may result in significant income tax savings and a corresponding increase in your net estate.
By naming Sechelt Hospital Foundation as the beneficiary of your RRSP or RRIF, you make a valuable gift which will offset the tax that your estate would otherwise pay on these assets. Be sure to discuss this option with your financial advisor or lawyer as there are some key issues to consider before choosing to donate these assets. Learn More
Paying modest premiums now can make for a significant gift in the future. You may donate either a new or existing policy and receive tax benefits during your lifetime. If you name Sechelt Hospital Foundation as a beneficiary of a policy you own, your estate can obtain tax benefits. You can also use life insurance, payable to your heirs, to offset the value of other charitable gifts you have made. Learn More
An endowment is a gift that provides a perpetual stream of income to the Foundation. Establishing an endowment now or through your Will allows you to create a trust in which your gift is invested in perpetuity and only the interest is spent on the area to which you designate your gift
A gift of property including real estate, jewellery or art is an attractive way to make a substantial contribution to Sechelt Hospital Foundation while seeing significant tax and income benefits. There are many ways to make this donation: you can give the property outright, place it in trust, retain the use of it for life, or gift it by your Will. Learn More
Donating publicly-traded securities such as stocks, bonds and mutual funds provides a tremendous benefit to you and Sechelt Hospital Foundation. If you donate securities to the Foundation, you will not pay capital gains tax on the transfer (compared to paying tax on 50% of the capital gain if you sell the shares and donate cash). You will receive a charitable tax receipt for the fair market value of the shares on the date they are transferred to the Foundation, and you can use that receipt to offset other taxes. You may donate securities during your lifetime or through your Will.
Specific Bequest: You donate a specific dollar amount or piece of property, such as real estate, stocks, bonds or works of art.
“I give the sum of (bequest amount or description of other property) to Sechelt Hospital Foundation to be used for such objects and purposes as the Board of Directors shall from time to time determine.”
Residual Bequest: You donate all—or a portion of your estate—to the beneficiary after your debts, taxes, expenses and other bequests have been paid.
“I give the residue of my estate (or percentage of the residue of my estate) to Sechelt Hospital Foundation to be used for such of the objects and purposes as the Board of Directors shall from time to time determine.”
Contingent Bequest: Your gift takes effect only if the primary intention cannot be met (e.g. if the primary and alternate beneficiaries do not survive the donor).
“If neither (name of primary beneficiary) nor (name of alternate beneficiary) survives me for 30 days, then I give (describe amount of cash, property, percentage of residue or other gift) to Sechelt Hospital Foundation to be used for such of the objects and purposes as the Board of Directors shall from time to time determine.”
Where the Purpose is Unrestricted
As with all gifts, the Board of Directors of the Foundation, working with Sechelt Hospital, has the discretion to determine the best use of funds to ensure that gifts are applied to the area of greatest need, thus maximizing their value.
Where You Have a Special Interest
In a specific area of the hospital, you may wish to restrict the use of your gift. Since no one can anticipate the changes and developments that may occur in the future, we recommend that you include a “power to vary” clause to ensure your gift will deliver maximum value to the hospital’s patients. In this instance please incorporate the following into your Will clause:
Whatever the form of the bequest, it may be for an unrestricted or restricted use.
“… to be used for (specify specific purpose) provided, however, that if the circumstances make the specified use of this bequest impractical or undesirable, the Board of Directors is authorized to apply the bequest to other purposes that conform as much as possible to the spirit and intent of this bequest.”