Planned Giving
Every legacy gift, regardless of the amount, makes a significant impact on patients receiving health care services in our region.
A legacy gift is a planned donation to a social profit, given through a will or other designation. Each person can make this decision in their financial planning process, taking into account their charitable wishes and values. Consider leaving a legacy with the Northern Lights Health Foundation. A legacy gift is a wonderful way to ensure the continued health and wellness of those living in our community for generations to come.
Bequest in your will
- A will helps avoid possible legal tangles, family arguments, estate distribution delays and excessive tax liabilities.
- A will lets you distribute your money and property exactly as you wish, thus securing your family’s financial future as well as acknowledging friends and organization
- Unrestricted bequest – Let the Health Foundation Board of Directors allocate your gift in a program or area deemed to be of greatest need.
- Restricted bequest – Has a specified purpose. You may, for instance, specify the gift be used for a particular program. A portion of your gift (up to 10%) will be allocated to support the operational expenses of the Northern Lights Health Foundation.
Tax Benefits
A bequest to the Health Foundation can also provide a tax benefit to your estate. The estate will get a tax receipt for the full value of the bequest. That receipt will reduce the tax payable by the estate. If the total receipt cannot be used for tax purposes on the donor’s final tax return, the excess may be carried back to the previous tax year and used to claim a refund.
Wills can be complex and should be drafted with the help of a lawyer. A lawyer, tax accountant or estate planner can help you set up your will to minimize taxes and probate fees on your estate.
Process
If you are thinking of including the Health Foundation in your will, we would like to meet with you or your lawyer to review the terms of the bequest, particularly if it is restricted, to ensure that we will be able to comply with your wishes.
For more information on how you can leave a legacy to the Health Foundation, please contact us.
Why my brother left a legacy
John had a strong faith in his religion and a strong personal sense of obligation to give back to his local community…
He named the Northern Lights Health Foundation in his will.
Fort McMurray was home to John MacDougall for nearly 40 years. He was known as an educator in the community, an active, engaged citizen and a happy, healthy and helpful man. In October 2012, his life took an unexpected turn and he faced many challenges after receiving the diagnosis of stage 4 pancreatic cancer. There were options for treatment in Alberta, but rather than head to Edmonton, John chose to stay in his home community and battle his illness. He felt it was important to remain home, close to friends and family, during this time.
John’s sister Veronica says, “John was active in the community and taught at Good Sheppard Elementary School for years. As a teacher, he felt he had been given many opportunities and considered himself to be one of the luckier residents here. He always had great enthusiasm for the city of Fort McMurray. He was healthy. He did not stray from this way of living when life put a burden in front of him. My brother John shouldered it, like many things in his life, by being reasonable and looking at the challenge he faced straight in the eye.” Veronica shared that John’s siblings were overwhelmed and is disbelief over his diagnosis. John was eventually hospitalized.
“From the outset of his diagnosis, he received the best care possible. Our family appreciated the kindness and care expressed to him throughout his ordeal. We have the utmost respect for Dr. Van Heerde and the rest of the medical staff who took care of him. Everyone was wonderful with him and he recognized some of the nurses who he had taught. Sadly, he passed away only a few weeks after his diagnosis on November 6th, 2012, but the medical team made his final weeks as comfortable as it could have been for him,” says Veronica.
John had a strong faith in his religion and a strong personal sense of obligation to give back to his local community, which he did so in many ways throughout his life. He named the Northern Lights Health Foundation in his will.
Thank you John. Your gift leaves a legacy for health care locally.
Frequently Asked Questions
Can I leave a legacy gift to the Northern Lights Health Foundation and still take care of loved ones?
Yes, estate planning helps Canadians to support both loved ones and the causes they care about. Legacy giving has significant advantages and tax benefits that professional advisors can share with you. For example, did you know that when you donate appreciated assets like stocks, certain real estate, and other investments, your estate will not pay tax on the accrued capital gains and the charitable receipt will be for 100% of the full value? If you have specific amounts you want to leave to your family and friends, you can name the Northern Lights Health Foundation as a residual beneficiary. This way, your family and friends receive their gifts first and any remaining money will be your gift to the Foundation.
Will a legacy gift limite the amount of money I have to live on now, and into retirement?
Estate gifts are future gifts, and only given after you pass away. They are made from whatever is left in your estate, so do not affect the money you need to live on now or in retirement. When you take account of all your assets, you may be very surprised. Giving to charity actually opens up possibilities that more people should consider.
Do I have to have a will to make a legacy gift?
It is best to have a will in place. Without a will, your estate will be settled according to provincial laws without regard for your wishes. Legacy giving will be covered by the terms you set out in your will, and this way you can be certain the proper designates will receive your gift. There are a few exceptions of assets that can designate charitable beneficiaries outside of your will (thereby avoiding probate and making less work for your executor). These include insurance policies, trusts, and registered accounts like TFSAs, RRIFs and RRSPs, and donor advised funds. The host financial institution has you sign a beneficiary form, and upon your death, the account is closed and the proceeds are issued to the charity or charities you have named. Once the funds are received, a charitable tax receipt is issued for your estate.
Do I have to let the Foundation know about my plans or can I remain anonymous?
The Northern Lights Health Foundation respects and honours all requests for anonymity. It is, however, very helpful for us to know of your intention to make a legacy gift in advance. When we know, we can be certain that we will be included as a legacy gift after your passing and can truly honour your philanthropic vision.
