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Charitable Life Insurance - Bequeathing a life
insurance policy in your Will
You can purchase a policy in your name; name
your estate as the beneficiary; and in your will, designate
that the Foundation will receive the proceeds of
the policy. You will not receive a receipt for income tax purposes for the premiums;
a tax deduction may be available for your estate. Your accountant or financial
advisor can give you advice about the maximum amount allowable for income tax
purposes for this type of gift.
If you own the policy, with your estate named as beneficiary,
you may choose to have your donation be placed with other
unrestricted donations for the general use of the Foundation.
Or you may decide that you wish your donation to be placed
with one or more of the named
funds available with the Foundation.
You may decide that you wish your donation to be placed
with one or more of the named
funds available with the Foundation.
With a minimum death benefit of $10,000, you could create
a new fund, to be named by you, for a specific purpose.
Your gift also entitles you to become
a member of the Heritage Club.
The Foundation will need a copy of your bequest or letter
of intention. As well, The Foundation will need you to
complete direction documents, to comply with income tax
regulations and to ensure that your specific wishes are
recorded.
To join the Heritage Club by giving a life insurance policy
in your Will, please complete following:
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