Leave a Legacy
Make a lasting impact on patient care
A legacy gift (gift in your will) helps to ensure that those who come through St. Joseph's doors in the future will receive the same exceptional, patient-centred care people experience today.
Your thoughtfulness could make it even better.
Anyone can leave a legacy gift to ensure great health care for the future. A professional advisor familiar with your personal circumstances can provide guidance as to what type of gift might be best for you.
Your legacy gift will bring new technology and equipment, fuel medical research and support programs that help people live life to the fullest. You can direct your gift to meet highest priority needs or to a particular area of care.
We would be delighted to speak with you about including St. Joseph’s in your Will. There is no obligation and your discussion will remain private and confidential. Please contact Jennifer Parraga by email or call 519-646-6085 ext. 64562.
How to leave a legacy gift
There are many ways to leave a gift to support future care and research across St. Joseph’s through your estate plan. Some of the most common types of legacy gifts include:
A gift in your Will
A bequest in your Will can be included in a new Will or added to an existing one through a codicil. It may be:
- A specified dollar amount, percentage amount or share of your estate.
- A residual gift – what is remaining after you have provided for loved ones.
- 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.
A gift of Life Insurance
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.
- 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. - 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. - 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.
Donation of Securities
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.
Donation of Property
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.
Gifts of RRSP or RRIF
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.
Charitable Gift Annuity
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.
Legacy donors — Peter and Beth Whatmore
Peter and Beth Whatmore are connected to St. Joseph’s in so many ways.
Beth is a born-and-raised Londoner who values having expert care just around the corner. Peter has been a volunteer, a Board member and a dedicated fundraiser for St. Joseph’s for more than 35 years. Their family and friends have received excellent care at St. Joseph’s. They’ve seen the dedication of the doctors, nurses, staff, and management firsthand.
That’s what motivated them to make a special commitment to health care in their community.
When Peter first joined the Foundation’s Board of Directors, the couple decided to make a gift of life insurance, to support programs that benefit generations to come. Years later, upon re-visiting their Wills, the Whatmore’s decided to include a gift to St. Joseph’s there as well.
Peter and Beth know their legacy gift will lead to great things in the future – from detecting and treating cancer more effectively and improving care for those with dementia, to reducing the risk of suicide. Today, the Whatmore’s feel proud of the lasting effect they’ll have on health care, for their friends and family in London and the community beyond.
It’s amazing what a little bit of money can do to help. Both of us want to ensure that generations to come will continue to receive superb treatment and compassionate care when they need it most.
—Peter Whatmore, legacy donor
Things you need to know
Our legal name is St. Joseph’s Health Care Foundation of London
Our charitable registration number is BN 11918 3390 RR0001
If you already have a Will, you do not need not rewrite the entire document to include a bequest to St Joseph’s Health Care Foundation. Instead, a simple clause known as a codicil can be used to amend your Will. Of course, we strongly recommend that you consult with your lawyer or estate planner.
Our contact information can be found here.
Will Power
St. Joseph's is a proud partner of Will Power
Will Power is a national movement, made up of charities, financial advisors and legal professionals across the country, working together to show Canadians that they have the power to make a difference through their Will.
The Canadian Association of Gift Planners research shows that only 5 percent of Canadians leave a charitable gift in their Will. The goal of the Will Power campaign is to work closely with Canadian donors to raise that figure to 8.5 per cent by 2030, which could translate into as much as $40 billion to advance the causes Canadians care about. Imagine the difference we could all make!
WillPower.ca has simple tools to guide Canadians through the process of leaving a charitable gift in a Will, and to help you better understand the impact they can make. The legacy calculator tool can help you see your potential impact and the free guide to speaking with your advisor can help you start the conversation with your financial advisor.
Leaving a LegacyIf you want to know more about making a gift in your will, or other types of legacy giving, send us your questions and someone will get back to you quickly.
