What is Planned Giving?

Planned giving allows you to design a gift that will realize your charitable aims while maximizing tax and other financial benefits.

Types of planned gifts:

Bequests By Will

In your will you may choose to bequest cash, securities, property and annuities to the Foundation after other bequests and debts have been paid. This is a flexible and practical way to provide financial resources to Kootenay Lake Hospital.

Gifts of Life Insurance

When you make the Kootenay Lake Hospital Foundation beneficiary of a life insurance policy, you will receive a charitable tax receipt for each premium paid. When you pass away, the Foundation will receive the insurance proceeds. Your gift will help reduce estate administration fees and taxes on your estate.

Gifts In Kind  & Donations of Publicly Traded Securities

When you make a gift in kind of property such as securities or mutual funds you receive a tax credit based on its fair market value at the time of the donation. Although you must also report any resulting capital gain or loss on the disposition if your gift is a publicly traded security or a mutual fund investment, the taxable capital gain owed is significantly lower.  Publicly traded securities (shares, bonds, and mutual funds) that are donated “in kind” to registered charities are subject to a capital gains inclusion rate of 0%, effectively eliminating the tax on capital gains resulting from such gifts. Charitable donation receipts will be issued based on the market value of the donated security at the time of the gift.

The right gifting strategies for you must always begin with a comprehensive look at your overall financial situation. To make sure your charitable donations bring maximum benefit to the charities of your choice and to you, talk to your financial advisor.

Posted on by bryna.