Leave Your Legacy Today and Beyond
As Paul told the Philippians, “Forgetting what is behind and straining toward what is ahead, I press on toward the goal to win the prize for which God has called me heavenward in Christ Jesus” (Philippians 3:13-14). There’s no better time than today to start setting our sights on new goals that will, over time, develop a legacy worth leaving. Building a legacy worth leaving is made one decision at a time. Live to hear Jesus say, “Well done, good and faithful servant.” (Stowell, 2008)
For more information regarding charitable giving, contact Eric Morgan at 616.846.270, e-mail
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. Donations can be made to: Love INC of the Tri-Cities, 1106 Fulton Street, Grand Haven MI 49417.
Endowment Fund
Leave a legacy by making a donations to Love INC Endowment Fund through the Grand Haven Area Community Foundation.
Charitable Bequest
A charitable bequest is simply a distribution from your estate to a charitable organization through your last will and testament. There are different kinds of bequests. For each, you must use very specific language to indicate the precise direction of your assets, and to successfully carry out your final wishes. In any charitable bequest, be sure to name the recipient accurately. A bequest to “Love In the Name of Christ” might go to national headquarters, when you meant it to go to Love INC of the Tri-Cities. There are a few types of charitable bequests, for example:
- General Bequests are legacies left to certain people or causes that come from the general value of the estate, and are made by designating a specific dollar amoun, a particular asset or a fixes percentage of your estate to the cause of your choice.
- Specific Bequests are made when a particular item or property is bequeathed for a designated purpose. (i.e., instruments bequeathed to the local school district for use in music education; dollar funds to be used in the operation of a school or church.)
- Residuary Bequests are made when you intend to leave the residue portion (any left over property) of your assets after other terms of the will have been satisfied.
- Contingency Bequests allow you to leave a portion of your estate to a particular charity if your named beneficiary does not survive you.
Cash or Securities
A cash or security gift is an amount made out to a charitable organization of your choice. Gifts of cash are available for immediate use in the form of cash, cheque, credit card, or pre-authorized contributions paid monthly. They can also be given in the form of a general bequest in your will and testament.
Life Insurance
A gift of life insurance is made when you name a charitable organization of your choice as the beneficiary. This means that you control the policy, and the organization would receive the insurance proceeds upon death.
RRSPS or RRIFs
Gifts of retirement plans are made when you name a charitable organization of your choice as the beneficiary. This means that upon your death the organization would receive the proceeds and you’re estate will receive a charitable receipt. This receipt will counterbalance your final tax return, transforming any final tax liabilities you have when you die into a charitable gift.
Annuities
A gift of annuity is made when you make a contribution of cash or other property to a charitable organization of your choice in exchange for a guaranteed lifetime income (or for a stated interval of time). It is an agreement or contract between you and your organization of choice. Upon death, the charitable organization of your choice would receive the remainder of the original contribution. Depending on the time elapsed the organization of your choice may get more or less than the original contribution. If an annuity is started when you are between the ages of 75-90 you can receive tax free income. If an annuity is started when you are between the ages of 65-74 you can receive partially tax free income. Where the income is totally tax free, you will receive a donation receipt equaling the initial amount of your contribution minus your expected annuity income.
Charitable remainder of trusts
A gift of trust is made when you decide to make a charitable organization of your choice the secondary beneficiary to an irrevocable trust. The primary beneficiary (or the income beneficiary) includes you, and if applicable, your spouse. Throughout your lifetime or for a stated period of time you will receive a predetermined amount of the trust; upon death the charitable organization of your choice will receive the remainder of the trust.
Residual interest
A gift of residual interest is made when you decide to give the property in which you reside or any other property (art, valuables etc.) to a charitable organization of your choice. You can continue to use and enjoy the property throughout your lifetime. You will receive a charitable tax receipt for the present value of the property when the gift is made. Upon death, the charitable organization receives the deed of the property.
A gift in memory of a loved one
A gift in memory of a loved one is any type of gift given to remember a close friend or family member who has passed. Perhaps they lived with a certain disease and you would like to make sure other people in the future can receive further care. Maybe you know of a favorite place or community organization that your loved was exceptionally involved with and you would like to leave a gift in their memory. This type of gift ensures that their legacy is always remembered by a charitable organization that has touched their heart.
Real estate
A gift of real estate is made when you leave property, buildings, land, or a place of residence that you own to a charitable organization of your choice. This type of gift can be given immediately or specified in your will. You will receive a charitable tax receipt to be used in your final income tax return.
A gift to honor someone
A gift to honor someone is any type of gift given to honor a close friend, family member, or a person who you have great respect for. Perhaps you know of a charitable organization in particular that has helped your loved one along the path of life or that they felt strongly about. This type of gift ensures that their legacy will be always remembered by the charitable organization that has made a difference in their life, and that the organization continues to make a different in the lives that follow.
Special occasion giving
This type of gift is usually given to mark a special occasion such as a birthday, or anniversary. It could also mark other occasions like Christmas, Mothers/Fathers Day, Easter etc. Perhaps there is a particular day in which you would like to celebrate, or plan a gift. Planning a gift on a special day can add additional meaning to an already significant time.
References:
Leave a Legacy 2010, Great-West Life, London Life, Canada Life: Electronically retrieved April 2009 from: http://www.leavealegacy.ca/program/how/giving-options/
Daily Strength with Joel Stowell: Electronically retrieved April 2009 from http://www.rbc.org/bible-study/strength-for-the-journey/2008/01/01/daily-message.aspx |
