Legacy Giving Options
Leave a Bequest
When you make the SMGH Foundation a beneficiary in your Will, your generosity will live on as a legacy for future generations. All it takes is a simple clause in your will. In addition, a tax receipt for the full amount of your donation will be issued and may offset capital gains or other taxes payable to lessen the financial cost of your estate.
Life Insurance Policy
Naming the SMGH Foundation as beneficiary of a new or existing Life Insurance Policy is a great way to make a substantial donation for the relatively low cost of premium payments. You can also donate a policy you already own, just make SMGH Foundation the beneficiary.
Endowment
You can also create an Endowment with the SMGH Foundation. By donating a substantial gift of cash or assets an endowment fund can be created in your name, the endowment is invested and the income from the investment is used to support the greatest need at SMGH, or you can request it to be used for specific needs close to your heart.
RRSP or RRIF
Another way to establish legacy giving would be to naming the SMGH Foundation as a beneficiary of your RRSP or RRIF. When naming SMGH Foundation as the beneficiary of your RRSP or RRIF you can retain ownership of the Funds, receive a tax receipt for the full amount donated, avoid probate fees and reduce your overall estate taxes. This can have a tremendous impact for the SMGH Foundation and the hospital.
Charitable Annuity
You can also create a Charitable Annuity, A charitable gift annuity is a contract between a donor and a charity with the following terms: As a donor, you make a sizable gift to the SMGH Foundation using cash, securities, or possibly other assets. In return, you become eligible to take a partial tax deduction for your donation, plus you receive a fixed stream of income from the charity for the rest of your life.