A Planned Gift Can Be a Lasting Legacy
Planned giving is an opportunity to leave a lasting legacy that will have a positive impact on the lives of children, families and their communities for years to come.
What is a legacy gift?
This is a gift to a charity or non-profit organization in your Will. It can take the form of property, cash, or a percentage or your total estate. Legacy gifts play a key role in supporting charitable organizations on an ongoing basis, and provide tax benefits.
Charitable bequests, also know as legacy gifts, can be designated in two ways. You can leave a lump-sum cash amount to an organization of your choice. These gifts are given separately when you pass away, and are not included in your residual estate (everything that's left after debts/taxes are paid and specific gifts are distributed).
OR
You may choose to leave a percentage of your residual (remaining) estate to a charity. The organization will receive the cash value of the distribution you gave them from your overall estate.
While a cash gift will remain constant over time, a percentage of your residual estate can grow over time, resulting in a higher potential gift to the charity of your choice.
How to add charitable gift in you Will:
- Name the residue of your Estate in whole or as a proportion using percentages. The residue is what remains after taxes, administrative expenses and your heirs have received their specific gifts or proportion. An advantage is that as your circumstances change, your Will does not have to be altered, as the proportion remains the same. Sample wording: "I bequeath the residue of my Estate (or _____ % of the residue of my Estate) to The Angel Foundation for Learning."
- Another way is to name a specific amount. Sample wording: "I give $_____________ to support the work of The Angel Foundation for Learning"
A word about specific designations:
If you wish to designate to a specific fund administered by The Angel Foundation for Learning, please consider the following wording in order to ensure your legacy is realized, should that program no longer be in existence at the time the bequest is realized:
"If through the passage of time, a designated Angel Foundation for Learning program is no longer in place, I give permission to alter the terms of my Will to adhere as closely as possible to my original wishes; or in the event that this is not possible, please direct my gift to the area of greatest need."
Currently, the existing funds/programs of The Angel Foundation include:
- Social Work Emergency Fund (Covers basic and essential needs such as food, clothing, accommodation, as well as funeral costs)
- Family Support for Extreme Needs (This fund is available for TCDSB students whose families, due to exceptional and sometimes catastrophic circumstances, require financial assistance and/or other support to promote their health and well-being.)
- AFL Learning Camp Fund (provide students facing financial challenges the opportunity to participate in summer camp activities including after school sports activities for students that would otherwise not be able to afford the costs of these programs.)
- Reliable Life Fund (Emergency source that provides money for a student's medical necessities that may be the result of a schoolyard accident or other medical requirements, where the family is not able to provide the necessary funds to meet the student's needs. This would include things such as hearing aids, eye glasses and Epi-Pens)