Leave a LegacyYou can leave a lasting legacy with your final wish
With your future support, we can continue to operate the shelter and provide vital programs and services. Surprisingly, this final gift can also be a practical addition to a financial or estate tax plan. There are a number of types of bequests that we accept, and you should speak to your financial advisor about the options that work best for you.
A charitable bequest is simply a distribution from your estate to a charitable organization through your last will and testament. There are different kinds of bequests. For each, you must use very specific language to indicate the precise direction of your assets, and to successfully carry out your final wishes. In any charitable bequest, be sure to name the recipient accurately. A bequest to “The SPCA” might go to any number of charities, when you meant it to go to the Red Deer & District SPCA to support your community.
There are a few types of charitable bequests, for example:
- General Bequests are legacies left to certain people or causes that come from the general value of the estate, and are made by designating a specific dollar amount, a particular asset or a fixed percentage of your estate to the cause of your choice.
- Specific Bequests are made when a particular item or property is bequeathed for a designated purpose.
- Residuary Bequests are made when you intend to leave the residue portion (any left over property) of your assets after other terms of the will have been satisfied.
- Contingency Bequests allow you to leave a portion of your estate to a particular charity if your named beneficiary does not survive you.
A gift of life insurance is made when you name a charitable organization of your choice as the beneficiary. This means that you control the policy, and the organization would receive the insurance proceeds upon death.
RRSPS or RRIFs
Gifts of retirement plans are made when you name a charitable organization of your choice as the beneficiary. This means that upon your death the organization would receive the proceeds and you’re estate will receive a charitable receipt. This receipt will counterbalance your final tax return, transforming any final tax liabilities you have when you die into a charitable gift.
Charitable remainder of trusts
A gift of trust is made when you decide to make a charitable organization of your choice the secondary beneficiary to an irrevocable trust. The primary beneficiary (or the income beneficiary) includes you, and if applicable, your spouse. Throughout your lifetime or for a stated period of time you will receive a predetermined amount of the trust; upon death the charitable organization of your choice will receive the remainder of the trust.
A gift of real estate is made when you leave property, buildings, land, or a place of residence that you own to a charitable organization of your choice. This type of gift can be given immediately or specified in your will. You will receive a charitable tax receipt to be used in your final income tax return.
If you have questions, or would like to speak to someone about your legacy gift options, please call 403-342-7722.
Tara Hellewell, Executive Director (ext.204)
Julie Brewster, Development Coordinator (ext.207)