Issue link: http://publications.winnipegfreepress.com/i/669595
Make yours a living legacy. When you invest in United Way's endowment, the Tomorrow Fund, your gift goes right to work here in Winnipeg, changing lives today and for generations to come. For more information or to discuss your goals for legacy giving, contact Sonya Bertoncello-May at 204-924-4291 or email sbertoncellomay@unitedwayw y innipeg.mb.ca ww w w w .UnitedWayWinnipeg.ca/tomorrowfund amount, a particular asset or a fixed 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. For example, 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 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 your 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 and 90 you can receive tax-free income. If an annuity is started when you are between the ages of 65 and 74 you can receive partially tax-free income. Where the income is totally tax-free, you will receive a donation receipt equalling 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. 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 favourite place or community organization your loved was exceptionally involved with and you would like to leave a gift in their memory. This type of gift ensures their legacy is always remembered by a charitable organization that has touched their heart. << CONTINUED FROM PREVIOUS