Planned gifts can transform future

Renew - Hazel Gibson cheque - feature dc15

Stephanie Donaldson, rector’s warden of St. John’s-by-the-Lake, Grand Bend, presents cheques to Bishop Bob Bennett and Canon Paul Rathbone to establish two endowments funds from the bequest of Hazel Gibson. See her story at the end of this article.

Renew is an initiative to build the financial and spiritual health of our Huron family, to focus on mission and ministry, and to identify needed resources to make our visions and dreams a reality. A planned gift may be transformational for you and the Church.

A planned gift can be given through a gift of cash, stocks and securities, a trust, a will bequest, a life insurance policy, or other financial instrument that can be directed to your parish or the Diocese of Huron.

It is important to remember that such vehicles for giving, as well as the associated tax benefits, can change from time to time. We encourage you to share this information with your family and legal and financial advisers to garner their advice about what would be best suited to the needs of you and your loved ones, before deciding upon any course of action.

Estate gifts by will bequests

Preparing a thoughtful will allows you to use the accumulated wealth of your lifetime to help strengthen the church and church community that you have lived in and believed in during your lifetime. In your will you may leave gifts of cash or cash equivalents, publicly funded securities including segregated or mutual fund units, proceeds from retirement plan accumulations, gifts of real estate, or gifts of other property.

The benefits of leaving a bequest in your will is that it is entirely revocable during your lifetime, you receive a donation receipt for use in final income tax return against 100 per cent of taxable income, all the while providing for a gift that will benefit your church or the diocese financially in the future.

Gifts of life insurance

Life insurance is a practical and easy way to make a significant donation to a charity. You may give a whole policy, some term policies and many group insurance policies. Life insurance allows you to make a large gift when you have limited resources. Insurance gifts are often given by younger people or those who no longer need the insurance. If the ownership is transferred to the charity, annual donation receipts are issued for premiums paid.

Gifts of appreciated securities

Donations can be made of publicly listed shares, shares of a Canadian public mutual fund corporation, and shares of widely held Canadian mutual fund trusts.

The government has made gifts of appreciated securities that are publicly listed free from capital gains, thus reducing the cost of charitable giving and providing a benefit for tax planning purposes.

You will receive a receipt for the market value of the security on the day the gift is received by the diocese. Securities can be given during your lifetime or through your estate in a bequest.

Gifts of real estate

A gift of real estate can enable a donor to make a larger charitable gift to the diocese or their church than if it were a cash gift. If given in a bequest, it can reduce estate taxes.

A gift of real estate could be a principal residence, cottage, commercial property, farmland or unused land. The property could be given immediately if you no longer require use of the property or the property may be retained and could be left in the form of a charitable remainder trust. The donor would receive a receipt for the fair market value, and if there are capital gains on the property sale, they could be offset by the donation receipt.

Charitable remainder trusts and gifts of residual interest

Charitable remainder trusts will be of interest to those donors who have significant assets and wish to continue the income from the assets for their or their heirs’ lifetime and are interested in giving the remainder to the diocese or their church.

Gifts of residual interest are similar but refer to gifts of real property, such as an art collection, a principal residence, or vacation home where the donor will retain the use of the property during their lifetime or that of a specified heir, and afterwards the property will be gifted to the diocese. This would appeal to those who would wish to continue to enjoy property or an art collection but would like to make a gift of the residual interest.

The donor receives a receipt for the current value of the remainder interest and retains the income generated. Probate fees are eliminated if trust is established during the lifetime of the donor.

A planned gift provides opportunities for those who wish to financially support the important ministries we are called to while offering significant tax advantages for you and your family.

You may wish to direct your planned gift to your own parish or to one of the diocesan priories, such as curacies, episcopal ministry, lay and clergy training, Huron Church Camp or to both parish and diocsean priorities.

For more information talk to your lawyer or financial adviser or contact Heather Moller at [email protected] or 519 434 6893, ext 228.

One woman’s bequest blesses two ministries

Hazel Gibson loved her church and her meaningful relationships with past bishops.

When Hazel passed away, she left a significant bequest to St John’s- by- the- Lake, Grand Bend.

In celebration of the interests and memories of Hazel, a Diocesan Episcopal Ministry Endowment and a Perpetual Ministry Endowment, which will support pastoral ministry in Grand Bend, have been established.

Hazel’s generosity has not only enabled a future of possibilities for the church of tomorrow, but also inspired us to ask the question: What might our gift be to the future church?