Help to Secure Western's Vision for Tomorrow
If you are 65 years or older, have a desire to create a legacy at Western, but still need the income from your assets, it may make sense to incorporate a charitable gift annuity as part of your estate plan. A charitable gift annuity can allow you to give a gift, save tax, and increase your income. When you establish a charitable gift annuity, you secure a guaranteed stream of income for life while also providing important support for Western.
How it works
- You make an irrevocable contribution of $10,000 or more for a gift plus annuity.
- Part of the funds, as determined by you and Western (minimum 25 per cent), becomes an immediate gift to Western.
- The remaining funds are used by Western to purchase an annuity from an insurance company to meet the gift annuity income obligation to you.
- The annuity income will depend on your age and the size of your contribution.
- We would be pleased to work with you on designating the gift portion to a specific area of interest to you.
- Gifts that meet minimum requirements may be used to establish named endowment funds. These continue to provide support for Western in perpetuity.
The Benefits to you
- Increased Income -- The rate will likely be significantly higher than what you are receiving from your fixed income investments such as a GIC.
- No Management Required - The annuity requires no management on your part. You do not have to watch investments, interest rates, maturity dates and so forth. Your payments are sent to you automatically and regularly.
- Guaranteed Income for Life - The annuity is guaranteed; it will continue as long as you live, no matter what happens to the economy or interest rates.
- Spouses can Benefit -- If you're married, you may choose a joint-and-survivorship annuity that continues as long as either spouse lives.
- Tax Free Income - Depending on your age, you may get a special bonus at tax time; all or a sizeable portion of your income will be tax-free.
- Donation Receipt - You will receive a donation receipt for the amount of the gift portion to Western, which will result in a tax credit.
- Realize a Dream - You will get the satisfaction of achieving a philanthropic goal and benefiting Western during your lifetime.
Create Your Legacy
To ensure that your particular needs are met and that your wishes are honoured, you should consult your life insurance agent and any other pertinent advisors. You should also contact Gift Planning Office to let us know about your intentions. Not only can we assist you in making sure things move along smoothly, we also need to discuss how you would like the eventual proceeds from your insurance policy put to use. It is also important for us to know whether you wish to be recognized for your contribution or prefer to remain anonymous.
If you have made arrangements to make a planned gift to Western, we request that you send us a completed Statement of Intent (8K PDF) form so that we may ensure proper administration of your gift.
