More and more Ontarians are considering estate planning as another way to give to Central West Specialized Developmental Services. A legacy gift is a gift with lasting meaning – a gift of time that awards future generations with the support of their family, friends and colleagues who have been diagnosed with a developmental disability. Leaving a legacy gift is one of the most valuable ways you can help CWSDS continue to support our individuals well into the future. Your legacy gift would be a lasting statement of your generosity and care for members of the community and their future. A gift of which, you and your family can take pride.
Not only is giving a purely philanthropic gesture, it can reduce your taxes, add to your income, and increase benefits to your estate and its beneficiaries. Deciding what legacy gift is right for you is just as important as your decision to leave a legacy. See below to learn more about the many different ways you can give.
- Giving to Remember
- Gifts of Retirement Plan Savings
- Gifts of Life Insurance
- Charitable Gift Annuities
- Gifts of Property
- Gifts of Charitable Remainder Trusts
Leave A Legacy That Lives On
A properly prepared Will provides you with the security of knowing that your possessions and estate will be distributed in line with your personal values and wishes. When planning your Will, it is important to decide your personal goals and the needs of your beneficiaries. Once decided, a bequest in your Will is one of the easiest ways to make a legacy gift. With the help of an advisor, you can include language in your Will specifying what gifts are to be made to family members, friends or CWSDS as part of your estate plan.
Your Bequest Options:
Charitable Bequests can take many forms and consist of cash, real property, and/or services like stocks, bonds, and mutual funds.
Residual Bequests name CWSDS as the beneficiary of all, or a percentage of your estate after all debts, taxes, administrative expenses and specific/legacies bequests have been paid. Because this type of gift leaves a percentage rather than a fixed amount to Central West Specialized Developmental Services inflation will not reduce the value of your gift.
Specific/Legacy Bequests designate an exact dollar amount, percentage or particular asset, such as the stock of a certain company, to be donated to Central West Specialized Developmental Services.
Contingent Bequests take effect when you name CWSDS as an alternative beneficiary. Your gift is given to CWSDS only if other beneficiaries in your Will pass away before you. Your legal advisor can help you prepare a Will that addresses your individual wishes and requirements.
Donate In Honor
If you would like to make a donation to honor someone special, their birthday, a thank you gift, or to mark an important occasion, we can help and are very grateful for your kindness. Many people make a donation to Central West Specialized Developmental Services in memory of a loved one or colleague/friend and we will be happy to accept your donation as above and let their family know that the donation has been received.
Click the ‘in honor’ or ‘in memory’ button on our DONATE page and we will send a card to you, or to them on your behalf. There is a section for you to write a message so that we can follow your instructions. You will receive a charitable tax receipt for all donations over $20,000.
Gifts of Retirement Plan Savings (RRSP & RRIF)
Making a gift of your retirement plan savings – RRSPs or RRIFs – can help you reduce the taxes on your estate and protect its value for your heirs. It also enables you to make a significant impact on the work of CWSDS.
If you are not survived by a spouse and you have no dependent children or have already made arrangements for your dependent children, leftover retirement funds can make an excellent charitable gift because of the resulting tax credit will help to make up for the taxes otherwise payable on the transfer or distribution.
Gifts of Life Insurance
A gift of life insurance allows you to make a significant donation to CWSDS at a relatively low cost while protecting the value of your estate for your heirs and possibly saving on taxes.
Option 1: Name Central West Specialized Developmental Services as Policy Owner and Beneficiary
When you name CWSDS as the owner and beneficiary of a new or existing policy, you’ll receive a donation receipt for the current value, if any, of the policy today (known as the ‘fair market value’). Also, you will receive donation receipts for the premiums you continue to pay.
Option 2: Name Central West Specialized Developmental Services as Beneficiary only
When you name CWSDS as a beneficiary only, you continue to retain the ownership rights of the policy and at your death, your estate will receive a donation receipt for the full value of the insurance benefits paid to CWSDS.
Charitable Gift Annuities (CGA)
A Charitable Gift Annuity (CGA) offers you a way to increase your income, reduce your taxes and make a substantial gift to CWSDS. CGAs deliver both a gift to the Agency and a guaranteed income for life to you as a donor. The annuity rate (your guaranteed income) will be based on the age of each beneficiary, but will often be higher than the investment return you would have otherwise received on the donated assets. In addition, a significant portion of your annuity income payments – in some cases 100% – will be payable to you tax-free.
Gifts of Property
A gift of property, also called a ‘gift-in-kind’, refers to donations of such tangible assets as real estate, special collections, cultural property and works of art.
A gift of property may be kept and used by CWSDS or it may be sold. The donation receipt is issued for the fair market value of the donated property determined by appraisal. Please note that these gifts require CWSDS approval in advance of acceptance.
Gifts of Charitable Remainder Trusts (CRT)
A Charitable Remainder Trust (CRT) is a deferred giving arrangement under which you would transfer property (cash, appreciated securities, or real estate) to a trustee. You (and/or other beneficiaries) would retain the right to the income from the trust either for life or specified term of years. Central West Specialized Developmental Services will receive whatever remains in the trust after that specified term or after the death of the last beneficiary, whichever has been agreed to in the trust documents.
Donors who establish a CRT will receive a generous donation receipt today for the present value of their gift (the ‘charitable remainder’) which CWSDS will receive when the trust terminates.
Why Your Donation is so Important
Your gift to CWSDS will allow us to help contribute to the community by enhancing the quality of life and empowering the lives of our neighbours, friends and family members who live with a developmental disability.
100% of your donation will be used to create opportunities and options to enrich the lives of our community members living with a developmental disability. Programs, services, equipment, job and skills training are some of the ways your donation is used.
The foundation for a strong and thriving community exists when all people have the ability to enjoy meaningful and inclusive lives. Through the generosity of people like you, our work makes a difference in the lives of the people we support in our community.