“A legacy gift is about imagining a world that isn’t there yet—and then making it so.”— Carolyn Fredenburg, Canon Moore Society Member
Wills & Bequests
By designating Moorelands Community Services as a beneficiary in your will, you can support us in a way that might not have been financially possible during your working or retirement years. A bequest is a revocable gift that can be amended at any time. Charitable gifts made in a Will are deemed made in the year of death.
Tax Credits for Legacy Gifts
The charitable tax credit is therefore received by the estate and can offset any tax owing from the estate. If you are about to draft a Will or make changes to your current Will, your lawyer can include a bequest to Moorelands Community Services. You can leave a specific amount, a particular asset, a percentage of the value of your estate or the residue of your estate after all other bequests have been made.
Gifts of Life Insurance
Giving a gift of life insurance is a wonderful way to show you care. This type of gift often allows a person of modest means to make a donation much larger than they might have been able to make during his or her lifetime. Instead of contributing annually to Moorelands, a donor directs funds to insurance premiums on a policy in Moorelands name. As such you would receive a charitable receipt for each premium payment made. A gift of this type generates immediate and future tax relief for a donor and does not diminish your estate.
Transferance of Ownership
You can transfer ownership of an existing policy to Moorelands. Donors considering the transfer of a life insurance policy should obtain professional advice concerning the income tax consequences of such a transfer.
You can take out a new policy, making Moorelands Community Services the owner and/or beneficiary. If Moorelands is named both the owner and beneficiary, you will receive a charitable receipt for paid premiums; if Moorelands is named beneficiary only, your estate will receive a charitable receipt for the full value of the gift.
Other, more complex legacy gift options include:
- Charitable Gift Annuities
- Gifts of Shares and Securities
- Charitable Remainder Trusts
- Gifts of Real Estate
- RRSPs or RRIFs
For further information on a legacy gift, please contact Maureen Lewis in confidence at (416) 466-9987 ext. 307 or e-mail email@example.com
Complete Your Gift & Recognition Information Form
Legacy giving is proactive philanthropy. It is thoughtful and deliberate, designed not to fix something, but to make things possible.
Their Future is YOUR Legacy—Suggested Clauses for Your Will:
1. Principal: Unrestricted Use: Specific Bequest
To pay to Moorelands Community Services, charitable registration #11923 0241 RR0001, Toronto, Ontario the sum of $_______ to be used for such purposes for the benefit of Moorelands Community Services as the Board of Directors may from time to time determine.
2. Principal: Precatory:
To pay to Moorelands Community Services (charitable registration #11923 0241 RR0001), Toronto, Ontario the sum of $_____________ without imposing any restrictions upon this bequest, it is my wish that it be used for ______________________ under the direction of the Board of Directors.
3. Principal: Designated Use:
To pay to Moorelands Community Services (charitable registration #11923 0241 RR0001), Toronto, Ontario the sum of $___________ to be used for ___________________________________________.
4. Income: Unrestricted Use:
To pay to Moorelands Community Services charitable registration #11923 0241 RR0001, Toronto, Ontario the sum of $___________ to be kept invested for a minimum period of ten years from the date of receipt of the gift and the income from which sum is to be used for such purposes for the benefit of Moorelands Community Services as the Board of Directors may from time to time determine.
5. Power to Vary Purposes Clause: It is recommended that this clause be included wherever possible. Saying that, we will always strive to honour your will and intent.
“If in the opinion of the Board of Directors of Moorelands Community Services (charitable registration #11923 0241 RR0001) should it become impossible, inadvisable or impracticable to apply the said fund (principal or income) for the said purposes, or if The Board is of the opinion that part of the said fund (principal or income) is not required for such purposes, the Board shall use the said fund (principal or income) or such part thereof in such manner as in its discretion may seem to the best advantage of Moorelands Community Services for other purposes consonant with the spirit and intention of this gift.”