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Estate Giving

Leaving a gift to St. Mary's in your will is a simple and meaningful way to make a lasting impact on the health of your community.
An estate gift helps you to:
  • Achieve your philanthropic goals SMGHF-contact-info.png
  • Invest in the future health of your community
  • Meet your personal and financial goals
  • Offset your income tax and/or eliminate estate taxes

There are several ways to leave a gift to the hospital in your will:

  • Leave a specific dollar amount or a portion of your estate
  • Identify a gift of publicly traded stock, bond, mutual fund or security
  • Name St. Mary’s General Hospital Foundation as a beneficiary of your life insurance policy
  • Designate St. Mary’s Hospital Foundation as the beneficiary of your RRSP/RRIF or other pension plan

The list below provides options to consider. Be sure to speak to your financial advisor and discuss your charitable intentions with loved ones. Once you have settled on the best path to move forward, contact your lawyer to update your will.

Here are some options to consider:

  • Leave a gift in your will

    After you've taken care of the people clsosest to you, a gift in your will can ensure St. Mary's will be there to provide care for generations to come. 

    Leaving a gift in your will (or what’s called a charitable bequest) allows you to make a future gift to St. Mary’s. It can come in a variety of forms: a specific planned amount, a percentage of your estate, all or a portion of your estate’s residue (the undistributed remainder of your estate).

    Once the gift is made, your estate will receive a tax receipt for 100% of your gift and this can reduce or eliminate estate taxes.

    Making a bequest is simple:

    1. Determine with your professional advisor which type of planned gift will make the most philanthropic and financial impact.
    2. Speak to your lawyer about drafting your will, an essential step to protect your family’s future and to ensure that your assets are distributed according to your intentions, or adding a codicil to your existing will to include a bequest to St. Mary's General Hospital Foundation.
    3. Include the appropriate bequest wording in your will - SAMPLE WORDING FOR YOUR WIL
    4. Inform the Foundation of your bequest to receive thanks and become a recognized member of the Cornerstone Society.
  • Gifts of Stock

    Do you have a stock that you purchased years ago and if you were to sell it today you would pay capital gains tax?

    Donating securities (which includes stocks, bonds, mutual funds, etc.) directly to St. Mary’s Hospital Foundation is a tax-efficient method of charitable giving.
    When publicly traded stocks or shares are transferred directly to our Foundation, as the donor, you will no longer pay tax on the capital gains. It will not affect your cash flow and provides you a significant tax break…today!

    Here’s how it works:
    When shares of a listed company are transferred directly to our Foundation, the donor pays no tax on any capital gains, compared to the usual 50% taxability. A donation receipt is issued for the full value of the shares transferred, which, in most cases, will eliminate the capital gains tax and can be used to reduce other income taxes.

    The process for transferring securities is quite simple.

    1. Meet with your financial advisor to select the appropriate security to transfer
    2. Download the Stock Transfer Form
    3. Return the stock transfer form and the transfer can be processed electronically.
    4. Once the securities are received by the Foundation, a receipt will be issued for the market value on the day of the transfer.
    You can also donate securities (stocks, bonds, mutual funds) in your will.
     
    Example
    If you purchased $1,000 of securities several years ago and they are currently valued at $10,000, here is what your donation will look like:
     
      Sell securities and donate the after-tax proceeds Donate securities through St. Mary’s
    Original Cost of Securities $1,000 $1,000
    Current Market Value $10,000 $10,000
    Capital Gains $9,000 $9,000
    Tax on Capital Gains $4,500 $0
    Donation Amount After Tax $5,500 $10,000
    Your Charitable Tax Credit $2,530 $4,600
     
    The above chart assumes a 46% marginal tax rate. This is for illustrative purposes only and does not constitute legal or financial advice. Seeking professional advice before deciding upon your donation strategy is recommended. 
  • Gifts of Life Insurance

    A gift of life insurance provides a great opportunity to turn modest premium payments into a significant gift for St. Mary’s General Hospital.  This form of gift can provide you benefit in your lifetime, or through your estate.

    There are many advantages to choosing to donate your life insurance policy:

    • You will receive a charitable tax receipt either for the fair market value of the policy or receive receipts annually for the policy payments you've made.
    • You can choose to receive tax savings during your lifetime, or have this applied to your estate.
    • You will be making a smaller investment today that will provide a larger future gift to St. Mary's.
    • You will receive recognition during your lifetime through St. Mary’s Cornerstone Society.

    Before taking the next step to donate a policy, you will need to decide if you seek tax relief during your lifetime or for your estate.

    There are a few ways to donate Life Insurance:

    1. Name St. Mary’s General Hospital Foundation as the beneficiary of a life insurance policy and your estate will receive a tax receipt for the proceeds (or annual premiums) of the policy.
    2. Start a new policy with St. Mary’s General Hospital Foundation named as the owner and beneficiary and receive annual tax receipts for the premium payments.
    3. Transfer ownership of a paid up policy, with St. Mary’s General Hospital Foundation named as beneficiary.  You will receive a tax receipt for the fair market value of the policy.
    4. Transfer ownership of a partially paid-up policy with St. Mary’s General Hospital Foundation named as the owner and beneficiary.  You continue to pay the premiums but you will receive a tax receipt for the fair market value of the policy and annual tax receipts for the ongoing premium payments.

    Steps to donate:

    1. Discuss with your financial advisor or insurance provider which method of donating life insurance makes the most sense for you.
    2. Contact St. Mary’s General Hospital Foundation and your insurance provider if you wish to transfer ownership of a policy, create a new policy or change the policy beneficiary to St. Mary’s General Hospital Foundation
  • Gifts of Retirement Funds

    Your retirement funds are among the most heavily taxed assets you own - in some cases, over 50%. By donating your RRSP’s, RRIF’s or other pension funds to St. Mary’s General Hospital Foundation, you can reduce your estate taxes.

    Retirement funds are often a great way to grow wealth during your life but they are one of the worst ways to transfer wealth in your estate because they are heavily taxed. The tax burden can be considerable. In order to reduce your taxes, you can name St. Mary’s General Hospital Foundation as a full or partial beneficiary of your RRSP, RRIF or other pension plan.

    The advantages include:

    • You will be assigning a future gift to the hospital, but retain ownership and use of the fund during your lifetime.
    • You can offset your estate taxes and reduce probate fees.
    • You are able to donate and still provide for your family by naming more than one beneficiary.

    Making a gift of RRSP’s or RRIF’s is simple:

    1. Talk to your financial advisor to learn more and see if this is a good option for you.
    2. Request a change of beneficiary form from your plan provider.
    3. Change the beneficiary information on the plan document by naming St. Mary's General Hospital Foundation as the beneficiary of all or a portion of the RRSP or RRIF, and return the document to your plan provider.
    4. Inform the Foundation of your gift to receive thanks and become a recognized member of the Cornerstone Society.

Please notify St. Mary’s General Hospital Foundation that you have made a gift in your will.  You will be recognized as a member of St. Mary’s Cornerstone Society; a dedicated group of supporters sharing a strong desire to ensure that St. Mary’s General Hospital will always be able to provide innovative, compassionate and lifesaving care.

Learn more about the Cornerstone Society

For more information about estate giving please contact:

Susan Dusick
President & CEO
sdusick@supportstmarys.ca
519-749-6878