Ensure That The Music Continues – Leave A legacy!Posted on April 25, 2014 | News & Press
You Can Ensure A Future With Music!
The values that you uphold can do much to shape the lives of those who come after you. One of the best ways is to make a Legacy Gift through your will or estate plan to Amabile Choirs of London, Canada to ensure that world-class music is a part of the world that your children and grandchildren will inherit.
What is a Legacy Gift?
A legacy gift is a planned future donation to a charity, given through a will bequest or other form of designation. It is a decision that each person makes in their own financial planning process, taking into account their charitable wishes and values. Gifts can also be made in other ways such as making Amabile Choirs of London, Canada a named beneficiary of a life insurance policy, RRSP or RRIF. For some, it is a way to ensure their memory lives on. For others, it is a way to ensure that Amabile Choirs of London, Canada is able to continue to make music.
Charitable Will Bequests
Bequests are gifts made through your Will. You can leave a specific amount of money, a piece of property or a portion of your estate residue. Since you can claim up to 100% of your income on your final tax return and carry back any excess to the previous year, the tax relief created by an estate gift can be significant. And remember that a surprisingly small amount can make a lasting difference in the world.
There are lots of Benefits!
Reduced taxes – Amabile Choirs will issue an official receipt for the full value of the Will Bequest to your estate. This receipt can then be used to reduce the tax payable on your final return.
Flexible and revocable – A charitable gift can be made for any amount and is revocable at any time should your financial situation change.
Leave a lasting legacy – Your charitable gift will make a real difference to ensure that great voices can continue to make world-class music, leaving a lasting legacy for you, your family or anyone you wish to honour.
Is it complicated to do?
A Will bequest can be as simple as a sentence or two naming Amabile Choirs of London, Canada in your Will or adding a codicil to your existing Will, designating a specific dollar amount, a particular asset or a fixed percentage of your estate to Amabile Choirs.
What Do I Have To Do?
Consider your gift carefully – The government recognizes the value of charitable donations and provides tax benefits for those who give. Planned charitable giving involves evaluating various options for giving gifts of cash, securities, real estate or any type of personal or cultural property to a registered charity, now and in the future. You can make such a donation at any time and you will receive a donation receipt equal to the cash value or the fair market value of your donation.
Talk To Your Advisors! – Because different options for giving have different tax implication we recommend that you consult your financial advisor to pick the method that will be most beneficial to you. Gifts both large and small are important — legacy giving is not just for the wealthy. Everyone who supports Amabile Choirs of London, Canada is at a different stage of his or her life and able to give at a different level. Whatever your specific situation may be, there is a legacy giving option that suits your circumstances.
Needs Do Change Over Time – The most flexible wording is to leave your gift “to Amabile Choirs of London, Canada for its general purposes.” As our choirs’ needs change from year to year and technology impact our future needs, it is appreciated if an “undesignated” gift can be made. If restrictions are placed on your gift, they should be made generally and with some flexibility or an “out” clause, should the need no longer exist at the time of your death. Sadly, there are many examples where funds are tied up for “small pox research” for example – a need that no longer exists.
Tell the important people in your life – Plan your gift in consultation with your lawyer or financial and/or tax advisor. They will know the right way to ensure that your wishes are carried out and your gift is passed along to Amabile Choirs of London, Canada. Make sure that your family members are aware of your intentions so they too can support the achievement of your charitable goals.
Planned gifts made to the Amabile Choirs of London, Canada will outlast your lifetime and touch the lives of future generations. Click here to print this page, so you’ll have it handy when you consult with your professional advisor