Legacy Giving goes by many names: planned giving, estate giving or legacy giving. It refers to the forethought and action of a donor to make a gift to charity that will either be realized at a future date or through the donor’s estate.
While donors make gifts to charity all the time, the significance of a Legacy Gift is the planning involved in making it happen. A donor making a Legacy Gift will generally need to involve professionals such as lawyers, accountants or financial planners, to structure the gift. As well, as a donor, you may choose to involve the charity ahead of time to make the gift.
While leaving a Legacy Gift can result in a larger gift than a donor can make in their lifetime, a Legacy Gift can be of any size or amount. A Legacy Gift can also be designated to a specific program or endowment fund.
There are many giving options and the one best suited to your needs can be determined with help from your professional advisors.
Some of the most common gift options include:
Bequests
A charitable bequest is the distribution of assets from your estate to a charity through your Will. There are different kinds of bequests and each has specific language to be used. You will need to specify the George Brown College Foundation as the recipient of your gift. You can designate a specific dollar amount, a specific item or a residual portion (what is left over) of your estate after the other terms of your Will have been completed.
Annuities
You can enter into a contract with the George Brown College Foundation. A large contribution can be given immediately (and invested) in exchange for a guaranteed lifetime income. Upon your death George Brown College Foundation would receive the remainder of the original contribution and the estate would receive a charitable receipt for that amount.
Securities
You may choose to transfer securities or have the securities cashed out and the cash value donated to the George Brown College Foundation.
Life Insurance
You may identify a charitable organization as the beneficiary of an existing, or new, life insurance policy.
RRSPs or RRIFs
You may choose to include the George Brown College Foundation as the beneficiary of your retirement plans.
Real Estate
Or you may choose to leave your primary or secondary residence, property, land or buildings to the George Brown College Foundation.
Remember...
Talk with your family and friends about your will. It is highly recommended that every donor speaks to one or more professional advisors before making a Legacy Gift. Contact us at the Foundation to let us know of your gift so that we can demonstrate our appreciation in your lifetime.
If you are considering making a gift of life insurance or a bequest and would like to discuss how to best create and structure it, please contact:
Gabriella Goutam
Development Officer, Annual Giving
George Brown College Foundation
Phone: 416-415-5000 x3289
Fax: 416-415-5011
Email: gabriella.goutam@georgebrown.ca
