Leave a Legacy

A bequest in your Will can be included in a new Will or added to an existing one through a codicil. It may be:

1. A specified dollar amount, percentage amount or share of your estate.
2. A residual gift – what is remaining after you have provided for loved ones.
3. Can be distributed if you wish when the last spouse passes away.

A charitable gift through your estate can often reduce the taxes assessed against your estate and may actually increase the inheritance you are able to leave to your family and friends.

One of the simplest and most affordable ways to make a significant gift is through a gift of life insurance. As this type of gift is not subject to probate, the resulting charitable donation receipt provided to your estate may help to reduce any taxes that may be owing.

There are a number of options that may provide benefits to you during your lifetime or to your estate.

1. Name St. Joseph’s as the owner and beneficiary of a new life insurance policy
   Pay the monthly or annual premiums and receive a charitable donation receipt each year for the premiums paid until such time as the policy is paid in full.
2. Name St. Joseph’s as the owner and beneficiary of an existing life insurance policy
   Transfer ownership of an existing policy to St. Joseph’s Health Care Foundation. If the policy is fully paid up you would receive a charitable donation receipt for the fair market value (FMV) of the policy, or you can defer the donation receipt to your estate. For a policy where premiums are still owing, you would receive a charitable donation receipt for the FMV of the policy as well as an annual charitable donation receipt for your ongoing premium payments until the policy is paid in full.
3. Retain ownership of a new or existing policy and make St. Joseph’s as a full or partial beneficiary
   When the proceeds of the policy directed to St. Joseph’s Health Care Foundation are received from the insurance company, the Foundation will issue a charitable donation receipt to your estate. Premiums paid on these types of policies are not eligible to receive a charitable donation receipt during the donor’s lifetime.

A gift of publicly traded securities made “in kind” during your lifetime or through your estate where you donate the securities directly to a brokerage account of St. Joseph’s Health Care Foundation ensures that you or your estate will not pay tax on any capital gains. You or your estate will receive a charitable donation receipt for the price of the shares on the day they are received into the Foundation’s brokerage account.

You can give the property outright, place it in trust to retain the use of it during your lifetime, or gift it through your Will. As these types of gifts can sometimes be more complex, our legacy giving staff will work with you and your advisors to design this meaningful gift.

You are able to enjoy your retirement savings during your lifetime and direct any remaining funds to support care and research at St. Joseph’s. As this type of gift is not subject to probate, the resulting charitable donation receipt provided to your estate may help to reduce any taxes that may be owing.

This allows you to make a gift to St. Joseph’s, while at the same time securing guaranteed income for life. An annuity consists of two parts: a gift to St. Joseph’s Health Care Foundation for which you receive a charitable donation receipt and a guaranteed stream of income for you and your surviving partner. 

A minimum of $50,000 is transferred to St. Joseph’s. At least 20 per cent is counted as an immediate donation to St. Joseph’s, for which you receive a charitable donation receipt. The remainder is used to purchase an annuity from an insurance company providing guaranteed income.