Estate Planning
| GNGH Foundation 5546 Portage Road Niagara Falls, ON L2E 6X2 T: 905-358-4900 E: gnghfoundation@niagarahealth.on.ca |
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If you intend to leave a gift to the GNGH Foundation
through your estate (also known as making a
bequest), the only way your gift will become a reality
is if you have a valid will. Without a will, you lose
control over your property on the date of death --
your property and finances are settled according to
federal and provincial laws, whether or not they
coincide with your wishes or those of your family.
Generally speaking, bequests may be made in a few
different ways:
through your estate (also known as making a
bequest), the only way your gift will become a reality
is if you have a valid will. Without a will, you lose
control over your property on the date of death --
your property and finances are settled according to
federal and provincial laws, whether or not they
coincide with your wishes or those of your family.
Generally speaking, bequests may be made in a few
different ways:
| Only 40% of Canadians, who are of legal age, have a valid will. Do you? |
| While the GNGH Foundation is grateful for contingent bequests they will not qualify a donor as a member of the Heritage Society. |
- A general bequest is usually for a certain amount for the charity’s use. For example: I give
$100,000 cash to the GNGH Foundation. Or I give $100,000 cash to the GNGH
Foundation to be used in areas of greatest need.
- A contingent bequest will result in a gift to a charity only if a certain event(s) occur. For
example: In the event that my wife does not survive me, I give $25,000 to the GNGH
Foundation.
- A residual bequest is a gift of a
portion or all of whatever is left in the
estate after taxes, debts, burial and
other bequests have been distributed.
For example:
- I give 10% of the residue of my
estate to the GNGH Foundation.
- A word of caution, residual bequests
can be difficult to value and therefore
may not provide your estate with the
tax benefits you intended. Remember,
the value to be determined is on the
date of death AND the residue can
consist of a “basket” of things left in
the estate. For example, securities,
cash and real estate. It is vital to use
wording that eliminates hard to value
items from being included in the estate.
- A restricted bequest is similar to the general one except that the funds are to be used for
specific purposes. For example: I give $10,000 to the GNGH Foundation for dialysis
equipment used at the Greater Niagara General.
- A specific bequest gives a stated amount of cash or property. For example: I give 500
shares of ABC Corporation to the GNGH Foundation. An important point to note is that
specific bequests are paid before residual ones. Therefore, it is more likely that the GNGH
Foundation will receive a specific bequest over a residual one.
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It is always recommended that you and/or your lawyer consult with the GNGH Foundation staff at the
time you are completing your will. You will want to ensure that you properly identify the Foundation as
the Greater Niagara General Hospital Foundation. Gifts that go directly to the Greater
Niagara General hospital bypass the Foundation's ability to write a charitable tax receipt and may
mean that your gift does not go towards your intended goal.
Choose your wording carefully in your will when designating your gift. Equipment needs often change
or technological advancements are made that could render your gift to a specific piece of equipment
as something that is obsolete. In today's world, people are mobile -- making a gift to a specific
member of the medical team may mean your gift leaves the region if that person moves to a new locale.
Also, be sure you know where you want your gift to go. For example, if you wish to support "cancer
treatment", you need to decide whether you want your money to go towards the national cancer
organization or its provincial affiliate or towards equipment used by the hospital in your region that is
used to diagnose and/or treat cancer. To determine this you need to understand whether your gift is
going to support education, research or treatment.
Or, better yet, leave your funds designated to an area of greatest need. That allows the GNGH
Foundation to identify equipment that is most critical to the operation of the hospital at the time when
your gift is received and is the most efficient way for the Foundation to work with your gift.
Remember, if you list the Greater Niagara General Hospital Foundation as beneficiary of your will,
insurance policy or registered retirement plan let us know, it qualifies you as a member of the
Heritage Society. There are many benefits to the Heritage Society, contact Brian at the GNGH
Foundation for details or for assistance when developing your estate plan.
time you are completing your will. You will want to ensure that you properly identify the Foundation as
the Greater Niagara General Hospital Foundation. Gifts that go directly to the Greater
Niagara General hospital bypass the Foundation's ability to write a charitable tax receipt and may
mean that your gift does not go towards your intended goal.
Choose your wording carefully in your will when designating your gift. Equipment needs often change
or technological advancements are made that could render your gift to a specific piece of equipment
as something that is obsolete. In today's world, people are mobile -- making a gift to a specific
member of the medical team may mean your gift leaves the region if that person moves to a new locale.
Also, be sure you know where you want your gift to go. For example, if you wish to support "cancer
treatment", you need to decide whether you want your money to go towards the national cancer
organization or its provincial affiliate or towards equipment used by the hospital in your region that is
used to diagnose and/or treat cancer. To determine this you need to understand whether your gift is
going to support education, research or treatment.
Or, better yet, leave your funds designated to an area of greatest need. That allows the GNGH
Foundation to identify equipment that is most critical to the operation of the hospital at the time when
your gift is received and is the most efficient way for the Foundation to work with your gift.
Remember, if you list the Greater Niagara General Hospital Foundation as beneficiary of your will,
insurance policy or registered retirement plan let us know, it qualifies you as a member of the
Heritage Society. There are many benefits to the Heritage Society, contact Brian at the GNGH
Foundation for details or for assistance when developing your estate plan.
| The above are examples of donations. The GNGH Foundation will gladly accept gifts of any size. |
| Charitable Number: 11923 5885 RR0001 Webmaster |