Ways to Create a Legacy Gift

Gifts in Wills & Estates

There are many options when it comes to donating to Circle of Care through your Will or estate:

• you can specify a percentage of your estate;
• you can indicate a specific dollar amount;
• you can choose to bequeath an asset such as securities or mutual funds, for example; or
• you can direct that Circle of Care receives a portion of your estate only if the primary intention cannot be met (for example, if other beneficiaries have passed away before you).

Circle of Care encourages you to consult with an estate lawyer or financial planner as you prepare your Will, as they will be able to provide you with the best personal advice regarding tax benefits, gift amounts, and specific wording.

A Gift of Life Insurance

There are a few different ways that you can donate a life insurance policy to Circle of Care:

• Take out a new policy in Circle of Care’s name. You will receive a charitable tax receipt for the cash value of the policy and for any premiums you pay.
• Name Circle of Care as the beneficiary of an existing policy of yours. If you already have a policy that your family no longer needs for financial stability, you can name Circle of Care as the beneficiary. At the time of your death, Circle of Care will receive the proceeds from your policy and your estate will receive the tax benefits.
• Transfer ownership of an existing policy to Circle of Care. You will receive a charitable tax receipt for the cash value of the policy. If you owe annual premiums on the policy, you’ll still pay them, but you’ll also receive tax receipts in the amount of your payments.

We encourage you to speak with a financial planner regarding donating a life insurance policy.

Donating RRSPs or RRIFs

You can make Circle of Care the beneficiary of your RRSP or RRIF. You will retain ownership and use of the fund during your lifetime and receive a tax receipt for the value of the plan. By donating your RRSP or RRIF to Circle of Care, you can avoid probate fees by removing these assets from your estate, and reducing your overall estate taxes. You can choose to donate all or a portion of your retirement funds, and still provide for your family by naming more than one beneficiary.