Bayshore's Healthy Tomorrows
The Saugeen Memorial Hospital Foundation is excited to be part of the Bayshore Healthy Tomorrow's planned giving promotion. On behalf of our foundation, we wish to sincerely thank Bayshore Broadcasting for their groundbreaking offer of planned giving promotions for the benefit of all of the participating local hospital foundations.
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.
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.”
Life Insurance Gifts - ensuring care for tomorrow through planned giving
A gift of life insurance is a simple and easy way to ensure healthy tomorrows for future generations through the purchase of new medical and diagnostic equipment for your hospital.
How You Benefit
Simple and Convenient: The transaction is simple. Your life insurance professional can advise you on the type of policy and options to best suit your needs and complete the paperwork.
Inexpensive: A way to make a larger gift than you might otherwise be able to, without depleting your current assets now or your Estate later.
Save taxes: Enjoy immediate tax relief with charitable tax receipts for future premiums OR tax relief for your Estate for the full policy proceeds upon your death.
Preserve your estate: The value of your Estate is not diminished because of the gift.
No Probate, Legal or Trustee Fees: Life insurance is not subject to probate or delays in settlement. The full proceeds are payable directly to the Foundation upon your death.
Peace of Mind: Plan, arrange and announce your gift, knowing it will occur just as planned. The Foundation has no involvement in your Estate. Your gift cannot be contested by heirs.
Recognition: The Foundation can thank and recognize you now for your future gift. You may also remain anonymous if that is your wish.
There are a number of ways to use life insurance to make a gift:
You can take an existing policy that has finished serving its original purpose and simply have the ownership and beneficiary designation transferred to the Saugeen Memorial Hospital Foundation. This designation cannot be changed. A charitable tax receipt will be issued for the value of the policy at the time of transfer. Future premium payments also qualify for charitable tax receipts.
You can purchase a new life insurance policy to give. Name the Foundation as both owner and beneficiary. You continue to pay premiums and receive a charitable tax receipt for these payments. Again, the ownership and beneficiary designation cannot be changed.
You can name the Foundation as the beneficiary of a new or existing policy and retain ownership of it. You may change the beneficiary designation at any time in the future. In this case your Estate will receive a charitable receipt for the full amount of the policy proceeds upon your death. This can help offset income taxes payable by your Estate.
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.
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
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.