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Charitable Bequests
What is a Charitable Bequest?
A bequest or gift by Will is the simplest way of making a gift to your local hospital Foundation. It is a convenient and effective way for you to leave a lasting legacy or to honour the memory of a loved one. A bequest also ensures that our health care professionals are able to continue to provide the best care to their patients for generations to come.
What are the Benefits?
Convenient – A charitable bequest can be made no matter how old you are and in any amount that you wish.
Simple – A charitable bequest is easy to arrange. Simply instruct your lawyer to include a bequest to the Foundation in your Will.
Cost-effective – Your gift is given from your assets and hence, your present income will not decrease.
Tax Advantages – A charitable bequest is a highly effective way to reduce Estate taxes. The Foundation will issue a charitable bequest for the full value of your bequest. This receipt will be used to reduce the tax payable on your final tax return. If your bequest exceeds 100% of your net income, the excess may be carried back to the previous tax year.
Flexible – Your bequest can be for a specific amount, a percentage of your Estate, or the residue of your Estate (a gift after your debts, taxes and specific legacies have been paid).
Control – You retain use of all of your assets for the duration of your lifetime.
Peace of Mind – You can make changes to your Will at any time.
How Do I Make a Bequest?
Making a bequest is simple. If you have already prepared your Will, your lawyer can update it by adding a supplementary paragraph, describing your gift intentions.
If you have not yet prepared a Will, we recommend that you do so! This is an important “first step” to ensure that your intentions for your Estate are documented and that your family and loved ones will be properly cared for.
You may make a specific bequest, which means that you designate a specified amount to the Foundation; or you may make a residual bequest, which means that you designate all or a percentage of the remaining portion of the Estate to the Foundation after specific legacies, debts, taxes, and administrative expenses have been paid.
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Sample Wording for Your Will
The following are examples of language that you might consider for leaving a bequest to the Foundation.
Specific Bequest - Unrestricted Use
“I give to the Saugeen Memorial Hospital Foundation Inc., the sum of $______ to be used for such purposes for the benefit of the Foundation as its Board of Directors may from time to time determine.”
Residual Bequest – Unrestricted Use
“I give to the Saugeen Memorial Hospital Foundation Inc., the sum of $______ the whole of the residue (or a percentage of the residue) of my estate to be used for such purposes for the benefit of the Foundation as its Board of Directors may from time to time determine.”
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About the Saugeen Memorial Hospital Foundation
The Saugeen Memorial Hospital Foundation is a registered charity that raises funds to support the purchase of medical equipment for the Southampton Site of Grey Bruce Health Services. A Board of Directors comprised of volunteers from the Community governs the Foundation.
The legal name of the Foundation is the Saugeen Memorial Hospital Foundation Inc. Our charitable registration number is BN 88959 9825 RR0001.
Questions?
If you have questions about giving through your will, please contact the Foundation office. All discussions are confidential.
Saugeen Memorial Hospital Foundation Inc.
Phone: (519)797-3230 + ext. 3230 Fax: (519)797-1247
Email: info@smhfoundation.ca
This information is not intended to serve as legal or financial advice. While we welcome the opportunity to assist you in making a Planned Gift, the Foundation encourages you to seek the opinions of your personal legal and financial advisors in matters related to your estate.
We wish to acknowledge that the wording on this page was shared with us by the Foundation team in Owen Sound.
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