Choosing the Right Planned Giving Options
A Gift in Your Will
Family: the cornerstone of our communities and the reason Ronald McDonald House Charities Newfoundland and Labrador exists. A planned gift provides an enduring way for you to help keep families close during one of the most difficult times of their lives – the illness of a child. It also can have tax benefits in the present and for your estate.
LEAVE A LEGACY
Naming RMHC Newfoundland and Labrador as a beneficiary in your will is one of the simplest legacy giving options available to you.
One option is to designate donations may be made in your memory. Friends and family can express their condolences by making a gift to Ronald McDonald House in your honour. RMHC will inform your family of the gifts that have been made to RMHC. Donors will receive a tax-deductible receipt. Consider choosing RMHC Newfoundland and Labrador as your charity of choice when doing your long-term estate planning.
Another way to make a contribution is to designate a percentage of what is left of your estate or assets after other gifts or debts have been paid. This is known as a “residual gift”. You can leave a residual gift to RMHC Newfoundland and Labrador by asking your lawyer to add some simple wording to your will. This will not impact the gifts you leave to your loved ones.
You can also opt to leave a fixed sum of money to charity in your will, known as a “specific gift”. You can leave a specific gift to RMHC Newfoundland and Labrador by asking your lawyer to add some simple wording to your will. This will not impact the gifts you leave to your loved ones.
GIFT OF RRSP, RRIF OR PENSION
Donations of RRSPs, RRIFs and pensions can be made now or as part of your estate. The amount which can be receipted and tax benefits vary depending on which option works best for you. Please consult your financial advisor to learn more about your options.
DONATION OF PROPERTY
If you’re wishing to make a legacy gift, another option is a gift of property. This can include both real estate and personal items of value such as jewelry and antiques. Gifts of property are receipted at appraised fair market value. We recommend you seek the advice of your lawyer prior to leaving your gift.
You can also choose to leave a legacy by naming RMHC Newfoundland and Labrador as the beneficiary of an existing or new life insurance policy. A gift of life insurance can be made in three ways:
- Transferring a fully paid existing policy
- Signing over a partially paid policy
- Purchasing a new policy and making RMHC Newfoundland and Labrador the owner and beneficiary
One of the benefits of making a gift of life insurance is tax relief in the present and for your estate. Specific tax benefits and the amount receipted depend on which of the above options you choose. Please consult your financial planner to figure out which option is best for you.
GIFT OF SECURITIES
A gift of securities is another method of planned giving that has both great benefit to the families who stay with us and your taxes.
When you transfer stocks, bonds, mutual funds and other publicly traded securities to RMHC Newfoundland and Labrador, you’ll receive a tax receipt for their value and avoid paying capital gains tax.
We recommend you consult your financial advisor when planning any legacy gift. You may also wish to ask your financial advisor about charitable gift annuities.
CONTACT US ABOUT MAKING A LEGACY GIFT
If you have chosen to include RMHC Newfoundland and Labrador in your will or have any questions, please let us know. We would love to have an opportunity to personally thank you for your contribution and show you the impact your gift will make first-hand by scheduling a time to have you visit Ronald McDonald House.
Please note that we recommend you consult a professional legal advisor when planning or updating your will.
Your gift will have a lasting impact on the lives of the sick children and their families who stay with us. It will allow us to continue providing families with an affordable and comfortable home away from home while caring for their sick child.
Please contact Christine Morgan, Director of Development & Communications, with any questions you may have about making a legacy gift by email or by phoning 709-733-5071.
We recommend you discuss your legacy giving options and plans with your lawyer and/or financial advisor.
The information found on this webpage is for informational purposes only. It is not intended as a substitute for professional advice and assistance from your lawyer, financial advisor or tax consultant.