Planned Giving

A Legacy Gift

Making a Will is not only a sensible thing to do – no matter what your age, or size of estate – it is also the loving thing to do.

A Will avoids legal tangles, family arguments, delay and possible additional taxes.

A Will enables you to distribute your money and properties exactly as you choose; securing your family’s financial future, acknowledging individuals and organizations by specific bequest.

A bequest is often referred to as the ‘Ultimate Gift” because it is a gift of cash or property that you make in your Will. It is one of the most common ways that individuals can choose to make a planned gift and it takes one of the following two forms.

• An unrestricted bequest allows the recipient to use the donor’s gift where the need is greatest.
• A restricted bequest is a gift with a specific purpose. The donor may, for instance, specify the gift to be used for a particular area at Shepherds of Good Hope (i.e. Women’s Outreach or Soup Kitchen etc.)

A bequest to Shepherds of Good Hope can also provide a tax benefit to the donor’s estate. The donor’s estate will receive a tax receipt for the full value of a bequest made to Shepherds of Good Hope Foundation in his/her Will. That receipt will reduce the tax payable by the estate.

If the total bequest cannot be used for tax purposes on a donor’s final tax return, the excess may be carried back to the previous tax year.

A lawyer, tax accountant or estate planner can help set up a Will to minimize taxes and probate fees on an individual’s estate.

Everyone knows that gifts to charities are receipted for tax credit purposes. Seventy five percent of one’s taxable income can be offset by charitable tax credits. Any unused tax credits can be carried forward for five years. However, for charitable gifts made in your Will, the limit is one hundred percent of your net income in the year you die and also one hundred percent of your net income for the year immediately prior. Because of the tax advantages, it is often possible to make a much larger gift in your Will than during your lifetime without affecting the amount to your family. In effect you are donating your taxes – the taxes your estate would pay without the charitable deduction.

For more information, please contact:

Anna Silverman
Executive Director of Foundation
613-789-8210 ext. 247
asilverman@shepherdsofgoodhope.com

Charitable Registration # 130724255RR0001