FREQUENTLY ASKED QUESTIONS AND ANSWERS ABOUT LEAVING 'THE GIFT OF A LIFETIME'
How do I leave a gift to L'Arche Lethbridge?
It's easy. You can arrange for a gift in several ways, the most common being a charitable gift through a bequest in a will. Many people set aside a certain dollar amount. Others leave a percentage of their estate or any assets left over after their family has been provided for. Some people donate something they own, like a car or their home. Others leave a paid-up life insurance policy, securities, retirement account or other financial investments.
Must I have an estate in order to leave a gift?
Everyone can leave a gift. 'Estate' is simply a word used to describe everything that you own at the time of your death. Most people leave an estate when they die, even though they may not have a great deal of wealth.
Do I have to include my wish to leave a gift to L'Arche Lethbridge in my will?
A charitable bequest will not take effect unless you state your intention in your will. Without a will, you lose control over your property after death. Your property and finances are settled according to provincial laws whether or not they coincide with your wishes or those of your family.
Do I tell L'Arche Lethbridge that I have left a gift?
That is up to you. We would like to know in advance so we can recognize your generosity. We can also tell you about opportunities for giving for a specific purpose.
Who can help me arrange for a gift?
Check with a professional advisor such as a financial or estate planner, lawyer, accountant, trust officer or insurance agent and talk with him or her about leaving L'Arche Lethbridge a donation. A professional advisor can tell you about the tax benefits of planned giving and help ensure you are getting the maximum tax and legal advantages allowed for your 'Gift of a Lifetime.'
A Bequest to Your Will
There are many ways to do this. Here are some examples, but your financial advisor may have additional suggestions that provide tax advantages for your situation.
- A specific bequest names a specific item or amount such as, '500 shares of X stock', or '$75,000' in the will to go to L'Arche Lethbridge.
- A residual bequest means all or part of the estate goes to L'Arche Lethbridge after other needs are taken care of such as other bequests, taxes, etc.
- A contingent bequest takes effect only if certain conditions occur such as a spouse predeceasing the donor.
Gifts of Life Insurance Policies and Proceeds
A gift of life insurance may help you give a larger gift than otherwise possible and it also offers tax advantages. You can donate a policy you now own or you can buy a new policy naming L'Arche Lethbridge as the beneficiary. If there is a specific program of L'Arche Lethbridge you wish to see supported you can do it using life insurance; this allows you to make a significant gift for a very low monthly payment that can be tax deductible.
Charitable Gift Annuities
Charitable Gift annuities allow you to give to L'Arche Lethbridge and to also receive something back. A portion of your donation is used to purchase a commercial annuity from a licensed insurance company with income from that annuity going to you for a certain time or for the rest of your lifetime. The balance remaining becomes the gift to the L'Arche Lethbridge.
Gifts of Publicly Listed Securities
Gifts of securities such as shares, bonds, mutual funds, etc. are another way to support L'Arche Lethbridge. The tax savings on the capital gains associated with securities when they are gifted may make this a very attractive option for some people.
Charitable Remainder Trusts
This financial agreement allows you to make a gift to charity and in return you receive income for as long as you live from the trust. There may be a minimum investment required to establish the trust and a trust institution manages it. If you have accumulated substantial assets over your lifetime, the tax considerations may make this an attractive option for managing those assets and donating to L'Arche Lethbridge.
Contact Information
For more information on The Gift of a Lifetime planned giving program, contact the L'Arche Lethbridge office at 403-328-3735 and ask to speak to Doug Wiebe.
